Coolpad Group's board of directors says it received a notice from controlling shareholder Data Dreamland, which sold an 18% stake in Coolpad to Letv's subsidiary Leview Mobile HK Limited on June 27, 2015.
Data Dreamland agreed to sell 780.38 million shares, which accounts for 18% of total issued equity of Coolpad, at the price of HKD3.508 per share. On the completion of the transaction, Data Dreamland will keep 881.96 million Coolpad shares, which account for 20.3% of total issued equity, and the company will no longer by the controlling shareholder.
Public files showed that Data Dreamland sold the shares to Leview Mobile HK Limited, Letv's subsidiary registered in Hong Kong. The deal values at HKD2.73 billion, which is about CNY2.18 billion.
Coolpad reportedly has advantages in research and development, traditional manufacturing, and sales channels. It can help the Internet giant seize more of the mobile Internet portal market.