Letv rises 10% on Coolpad stake
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.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.