LeEco Puts Coolpad Under Its Belt: Becomes Largest Shareholder

by Habeeb Onawole 5

Chinese media giant, LeEco has bought more stake in Coolpad Group Limited becoming the company’s largest shareholder. LeEco which used to have 18% of the total stakes after injecting about $350 million into the ODM back in 2015 have now bought an additional 11% stake putting them in the controller’s seat.

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LeEco has mentioned that this new development will not affect the operations at Coolpad but will see both companies partnering on future projects. The acquisition will possibly favour LeEco a lot as Coolpad is one of the largest ODMs (original design manufacturers) in China with clients like India’s Micromax, therefore reducing manufacturing costs for future phones.

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LeEco has teased a couple of posters which might be hinting at a new product in the not too distant future or a different thing entirely. We can’t say for now. But we’ll let you know once we get more details.

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Big Question: Since LeEco now has control of Coolpad, what happens to the latter’s offshoot phone company, Ivvi?