Ambitious Chinese technology company LeEco added an 11 per cent stake in smartphone maker Coolpad, making it the largest shareholder in the firm with a 29 per cent interest.
LeEco, a relative newcomer to the smartphone market, acquired the additional stake for HKD1.05 billion ($135 million) from Data Dreamland. It purchased an 18 per cent stake in Coolpad for HKD2.73 billion last June.
According to TrendForce, Coolpad dropped out of the top 10 vendor rankings last year. In 2014 it had a 4.2 per cent share of global smartphone shipments.
LeEco, better known in China for its streaming video service, unveiled its latest “superphones” in April, the headline feature being the adoption of USB Type-C audio to deliver higher-quality than a traditional headphone socket.
At the same event the company also introduced an autonomous electric vehicle concept and VR headset.