(Yicai Global) Oct. 17 -- Smartisan Technology has dismissed media reports that the smartphone maker could disband after closing its unit in the Sichuan provincial capital of Chengdu.

"The dissolution of our Chengdu headquarters helps the integration of respective technical teams in Beijing, Shenzhen and Chengdu," the Beijing-based firm said on its Weibo account, adding that the company is still in good condition.

The handset maker, known for its hammer silhouette-style insignia, has secured eight rounds of financing since its establishment in 2012. Most recently, the firm won CNY600 million from Chengdu's municipal government in August last year.

Smartisan Technology has released seven smartphones in the past 4 years, though sales have been quite modest at around 3 million units, making the firm quite small compared with mainstream brands capable of selling tens of millions of units for one model alone.

China's mobile phone section has become increasingly concentrated over the past three years. The top five handset makers -- Huawei Technologies, Oppo Electronics, Vivo Communication Technology, Apple and Xiaomi -- have increased their market share from 60 percent in 2015 to 91 percent in 2018, leaving smaller and smaller space for minor brands to survive, the China Academy of Information and Communications Technology said in its statistics release.

Smartisan Technology has already begun to focus on other areas, and despite early momentum for new products such as Bullet Messenger, they have done little to help the company forge out new revenue streams.