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Japanese smartphone giant FCNT, which officially declared bankruptcy in May this year, has signed an agreement to transfer its smartphone business to Chinese PC giant Lenovo, and is expected to complete the transfer procedures within this month
Japan's Kyodo News agency reported on January 1 that FCNT has signed aontract to transfer its mobile phone business, including smartphones, to China's Lenovo Group and is expected to complete the transfer process within this month.
The transfer of FCNT will reportedly include the sale, repair and related services of mobile devices such as smartphones, and will be taken over by Lenovo's FCNT LLC.
On May 30, FCNT, a smart phone manufacturer independent of Fujitsu Group, issued a press release announcing that it had applied to the Tokyo District Court for the application of Japan's Civil Reproduction Law (Bankruptcy Law) on the day of press release, and accepted it on the same day, and will start bankruptcy protection procedures. In addition to FCNT, REINOWA Holdings, FCNT's parent company, and Japan EMSolutions (JEMS), a smartphone manufacturing subsidiary, filed for bankruptcy at the time.
FCNT is a separate smartphone manufacturer from the Fujitsu Group that sells arrows branded smartphones. Since its inception in 2000, Fujitsu Connected Technologies, the predecessor of FCNT, has been providing mobile terminal planning, development, sales, maintenance, and social networking services for the elderly.
Market research agency IDC Japan released a survey report on August 31 that pointed out that in the second quarter of 2023 (April-June), Japan's domestic smartphone shipments fell 11.7% from the same period last year to 7.24 million, shrinking for the fifth consecutive quarter. Among them, FCNT smartphones shipped 570,000 units and ranked fourth with a market share of 7.9 percent. The top three manufacturers are Apple (45.9%), Google (15.4%) and Samsung (8.0%).
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