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Another hurdle is a curfew that was placed on Bogota and neighboring cities on Nov 22.

Another Chinese smartphone maker Oppo said the market demand is not as pessimistic as many had expected.

Any cash from the asset sale will go to its 200-plus creditors, in addition to the payment of wages, litigation claims and legal fees. Other unsecured creditors include marketing company Palisades Media (.7 million), David Boies' law firm Boies, Schiller and Flexner (.7 million), Viacom (.6 million) and Sony Pictures Entertainment (.7 million).

Another industry organization, the China Association of Automobile Manufacturers, had the same estimate. Its executive vice-president Fu Bingfeng told Reuters that the fall could reach 10 percent in the first half of the year.

Another responder, representing computer and electronic products companies, said, "Tariffs continue to be a strain on the supply chain and the economy overall."