Letv rises 10% on Coolpad stake
Print Edition
LETV jumped by the 10 percent daily cap on China’s ChiNext growth-enterprise market yesterday after Chief Executive Jia Yueting confirmed an investment in smartphone maker Coolpad.
Letv’s mobile subsidiary has bought an 18 percent stake in Hong Kong-listed Coolpad for HK$2.73 billion (US$352 million), according to Jia and Coolpad.
Letv’s share price jumped by the 10 percent daily cap to 51.80 yuan (US$8.36) compared with a 5.69 percent gain of the Shenzhen benchmark index.
“Coolpad’s strong smartphone research and manufacturing capabilities and Letv’s powerful eco-system will jointly push the development of the Chinese smartphone industry,” Jia said in his Weibo account yesterday.
Letv, which focuses on online video and smart TV and has 400 million users monthly, launched a smartphone in April to challenge rivals including market leaders Xiaomi and Huawei Technologies.
Coolpad, which sold about 50 million phones last year, has a strong market position and distribution channels. Letv aims to sell 3 million phones annually, analysts said.
Separately, Letv signed cooperation deals with Shanghai-based Winning yesterday on Internet medical services and health care, according to both parties.
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