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By Tang Ziyi / Dec 28, 2018 06:12 PM / Business & Tech

Smartisan, the phone-maker and creator of WeChat-challenging app Bullet Message, has raised market concerns that it is running out of cash.

The Daxing People's Court in Beijing has frozen Smartisan’s bank assets of 4.5 million yuan ($660,000), according to government-backed China Judgements Online. The judgment came after one of its business partners, acoustic technology company Sound Solutions International, filed an application last month accusing Smartisan of "transferring assets" and expressed concerns about the company defaulting on its debts.

Earlier this month the head of Smartisan, Luo Yonghao, stepped down as the legal representative of the company. Unconfirmed reports said the company was experiencing a capital shortage and was laying off employees.

Related: WeChat-Challenging Startup Returns to Apple Store

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