Sun, Apr 23, 2017 | updated 03:34 PM IST

LeEco CEO Jia Yueting becomes chairman of major smartphone maker Coolpad

Updated: Aug 09, 2016 11:13 IST      
LeEco CEO Jia Yueting becomes chairman of major smartphone maker Coolpad
New Delhi, Aug.8 (ANI): Internet and technology conglomerate LeEco announced that its Founder, Chairman and Chief Executive Officer Jia Yueting has become the Chairman of the Board and the Nominating Committee of the leading smartphone maker Coolpad on August 5th. This is after LeEco turned into the largest shareholder of Coolpad on June 17th, with a total of 28.9 percent stake of Coolpad.

With strong technology capacity and wide user base from Coolpad, LeEco is set to further revolutionize the smartphone market with its unique "ecosystem" business model, where multiple products and services ranging from smartphone to electric car are interconnected.

On Monday (August 8th), Coolpad's stock price spiked over 20% compared with that of August 5th, thanks to the news.

LeEco's Founder, Chairman and Chief Executive Officer Mr. Jia Yueting

"LeEco+Coolpad" is expected be the black horse of the saturated global smartphone market this year with an estimated sales of 50 to 60 million units, becoming one of the top four players in the industry in China among companies such as Huawei, OPPO and Xiaomi. It plans to become the NO.1 smartphone supplier in 2017 with an annual sales of 100 million handsets. Both brands have strong presence in India where Coolpad is already a household name in smartphone and LeEco is welcomed for its smartphone and smart TV products as well as its heavy investments in the country," said Yueting.

This move came after LeEco bought 11 percent share of Coolpad with HK$1.047 billion (US$135 million) in June this year in addition to a HK$2.74 billion (US$353 million) purchase of 17.9 percent shares last June. With a total of 28.9 percent stake in Coolpad, LeEco has become the sole controlling shareholder of the company.

Jia said LeEco and Coolpad will adopt a dual-brand strategy, where the two brands co-exist and target at different market segments. The two will also collaborate extensively in resources sharing, business development as well as technology research. The dual-brand strategy will be applicable to LeEco and VIZIO as well for the development of TV ecosystem, following the US$2 billion acquisition of the pioneering American TV manufacturer on July 26th.

Coolpad's technologies and patents will speed up LeEco's global expansion while LeEco's ecosystem of "platform, content, hardware and application" will be available to existing Coolpad users that are as many as 100 million.

Since its entrance into smartphone market last April, LeEco redefined the industry with its ecosystem business model that incorporate multiple devices, rich content library and varied internet services. It has sold more than 2.3 million units of Superphones in China this June, increased by 0.3 million from the previous month. It has also sold 700,000 units after its expansion to the Indian market six months ago, achieving multiple records in the industry in India.

Jia took over after the stepping down of Guo Deying, the founder of Coolpad who led the company to become a leading smartphone brand. Coolpad was once the No.2 in market share in China and has built a strong arsenal of technologies and patents.

The first product of the collaboration will be a new handset designed for the youth generation and will be announced on August 16th in Beijing. (ANI)

New Delhi [India], Apr. 23 (ANI-BusinessWireIndia): We welcome the PMO's intervention on the National Medical Device Policy (NMDP). We are thankful that the Government has acknowledged the importance of FDI (Foreign Direct Investment) in this sector and is now further consolidating the gains it has already made in this regard post bringing the FDI on automatic route. We are also hopeful that before the finalisation of the NMDP, MedTech associations like Medical Technology Association of India (MTaI) are also consulted.

Full Story >>

Jakarta [Indonesia]/Bangkok [Thailand]/Singapore City [Singapore], April 22 (ANI): Japan's Shimizu Corporation has a history of over 200 years in building safe and reliable infrastructure, protecting these structures against natural disasters, and promoting the concept of environmental sustainability.

Full Story >>

New Delhi [India], Apr 22 (ANI): eShopbox an end to end ecommerce service provider has now on-boarded with Affiliate fulfillment program of all three major ecommerce players like Amazon, Flipkart and Snapdeal.

Full Story >>

New Delhi [India], Apr 22 (ANI-NewsVoir): Mindmine Summit, one of India's most influential ideas exchange platforms organized by the Mindmine Institute, an independent think tank set up by Hero Enterprise concluded its 11th edition in the national capital today.

Full Story >>

New Delhi [India], Apr 22 (ANI): The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organisation working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organisations including Department of Commerce, Ministry of Commerce & Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), organised the second edition of the India Expo Summit 2017 at the India Expo Centre and Mart, in Greater Noida, Uttar Pradesh.

Full Story >>

New Delhi [India], Apr 22 (ANI): Hotelbeds Group, a global bedbank and business-to-business provider of services to the travel industry on Friday announced plans for GTA to join its Bedbank business unit.

Full Story >>

New Delhi [India], April 21 (ANI-Businesswire India): Next week the United Nations Global Compact will bring together over 300 leaders from business, finance, civil society, Government and the UN in New Delhi for its flagship regional event Making Global Goals Local Business - India. Taking place on 26 - 27 April at the Le Meridien Hotel, the forum will focus on advancing responsible business practices and catalyzing innovative business models to meet the Sustainable Development Goals (SDGs) in India and across the world.

Full Story >>

Mumbai [India], April 21 (ANI-Businesswire India): The EDPMS (Export Data Processing and Monitoring System) which has been introduced by the Reserve Bank of India (RBI) to monitor payments against export bills requires all banks to report in this system details of the export proceeds realization pertaining to the shipping bills filed after February 28, 2014.

Full Story >>

Service charge not mandatory now: Centre

Updated: Apr 21, 2017 17:44 IST

New Delhi [India], April 21 (ANI): Approving the guidelines on service charge, the Centre on Friday announced that service charge is completely voluntary and not mandatory.

Full Story >>

New Delhi [India], Apr 21 (ANI): The Central Board of Direct Taxes on Friday announced the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY) open for declarations up to March 31.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's first unified technology based platform for startups IvyCamp has announced their partnership with leading corporates to offer the startups on its platform, complimentary and discounted packages for solutions that include technology credits, marketing, accounting, communication, and productivity solutions.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): Van Heusen, India's fashion forward power dressing brand from Aditya Birla Fashion and Retail Limited forayed into the Rs. 7000 crore men's Innerwear and Athleisure market in September 2016.

Full Story >>

New Delhi [India], Apr 21 (ANI-NewsVoir): NH Studioz, an initiative of Narendra Hirawat and Co. has successfully bagged the distribution rights of upcoming Bollywood movie Half Girlfriend.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading integrated mobility conglomerate Formula Group has launched Formula2Ride, an in-demand self-drive car rental service platform.

Full Story >>

New Delhi [India], Apr 21 (ANI): A division of United Technologies Corp., Pratt & Whitney has announced today the certification of its customer training center in Hyderabad by the Directorate General of Civil Aviation, which is the Indian civil aviation regulator.

Full Story >>

New Delhi [India], Apr 21 (ANI-BusinessWireIndia): Before the digital era began, home loan processing was very unpredictable. However, with digitization, a whole new world of instant credit and instant loans was formed.

Full Story >>

New Delhi [India], Apr 21 (ANI): India's leading mobile balance management app True Balance in its report has revealed that the amount of data re-charged in India has now skyrocketed over 1GB.

Full Story >>

Payworld making rural India digitally equipped

Updated: Apr 21, 2017 11:55 IST

New Delhi [India], Apr 21 (ANI): Use of cash does not need education or customization. Currency enjoys the advantage of being universally recognized and accepted from time immemorial. It is an advantage that will always remain.

Full Story >>

New Delhi [India], Apr 21 (ANI): A report published by the Internet and Mobile Association of India (IAMAI) and Nielsen ranked Delhi number one regarding overall Internet readiness, overtaking last year's winner Maharashtra.

Full Story >>

New Delhi [India], Apr 21 (ANI): Warehousing giant Embassy Industrial Parks on Thursday announced the construction of a grade 'A' quality industrial and warehousing facility in its newly acquired property in Gurugram, Haryana.

Full Story >>