January 5, 2018 / 1:11 AM / 16 days ago

HK's Coolpad says major shareholder sells stake for $103 million

HONG KONG (Reuters) - Chinese smartphone maker Coolpad Group, part of the cash-strapped LeEco technology conglomerate, said top shareholder Leview Mobile HK Limited had sold HK$807.7 million ($103 million) shares, reducing its stake to 10.95 percent from 28.78 percent.

Leview Mobile has sold 897.4 million shares, or 17.83 percent of Coolpad, at HK$0.9 apiece to Power Sun Ventures Limited, resulting in the British Virgin Islands incorporated firm becoming the single largest shareholder, the Hong Kong-listed firm said in a filing late on Thursday.

It gave no details on Power Sun.

Data Dreamland Holding Ltd remains as the third-largest shareholder with 9.2 percent of Coolpad.

In November, Coolpad said Jia Yueting had resigned as chairman.

Jia, the high-profile founder of struggling Chinese tech conglomerate LeEco, has been placed on an official blacklist of debt defaulters, a further blow to a firm that had spent heavily to compete in areas from smart cars to online entertainment.

Reporting by Donny Kwok; Editing by Stephen Coates

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