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October 24, 2016
Luo Yonghao had a vision when he founded Smartisan in 2012: China was ripe for a home-made smartphone that was so beautifully and artistically crafted that it could rival Apple Inc’s iPhones and Samsung Electronic Co.’s Galaxy.
Four years later, and after burning through 300 million yuan of investors’ funds, the reality hasn’t quite lived up to the vision for the former English teacher and Internet celebrity, who has no manufacturing experience. He’s sold 1 million of his cheapest phone, an 899 yuan ($140) model with modest specifications called the U1, reporting a 600 million yuan loss in the 18 months since the start of 2015. Read more…
Source: South China Morning Post