After a two-year promising run in the market, Gionee's sub-brand IUNI has finally called it quits. The company has filed for bankruptcy. Its demise marks yet another promising startup unable to compete in the diluted smartphone market flooded with new devices almost every day.

IUNI was launched at about the same time OnePlus entered the market. Although the firm struggled for a while, the company made waves in the market with its unique combination of high-end specs and low pricing.

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Although IUNI only managed to release three smartphones, many analysts commended the firm for staying strong in spite being challenged by bigger companies. The company released the IUNI U2, IUNI U3, and the IUNI N1, according to TechPP. While these three devices did not enjoy major mainstream recognition, the company had a devoted group of followers.

According to Giz China, rumors that IUNI is closing down have been circulating in the tech community for quite some time already. Therefore, the company's recent announcement did not surprise many analysts.

IUNI's parent company Shenzhen Hing Wah Building Pericom Technology cited a drop in demand, managerial mistakes, and internal misunderstandings as some of the reasons for the company's closure.

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