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.
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.
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? [source]