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Chinese technology company LeEco has become the largest shareholder in Coolpad, another smartphone maker based in China, according to a press statement. Both LeEco and CoolPad have been selling smartphones in India as well.
LeEco became Coolpad’s largest shareholder after it purchased another 11 per cent of the latter’s shares, according to a deal announcement on June 17. LeEco bought 11 per cent Coolpad shares from Data Dreamland, the former largest shareholder of Coolpad for 1.047 billion HKD (US$135 million). LeEco now has total of 28.9 per cent of Coolpad’s shares.
LeEco is hoping this stake will help the two companies sell a lot more smartphones, and the company is looking at conservative sale estimates of 50 million to 60 million smartphones in 2016, and more than 100 million phones in 2017.
LeEco might also bring its ecosystem model with content to Coolpad’s smartphones. For LeEco, Coolpad comes with strong Research and Development (R&D) team as it has a 3000-strong team, and holds over 7000 patents, including more than 500 patents overseas. Coolpad has 7 major R&D centres around the world, according to the press statement.