Loss likely for Coolpad this year

Updated 2016-11-22 12:39:24 Shanghai Daily

Smartphone vendor Coolpad, a subsidiary of LeEco, said yesterday that it may lose a record HK billion (7 million) in 2016 because of lower sales and fierce competition in China.

The loss would be a reversal from a net profit of HK.3 billion last year, Coolpad said in a statement to the Hong Kong stock exchange.

Coolpad's shares tumbled more than 10 percent to close at 91 Hong Kong cents yesterday, losing about half of HK.90 when LeEco acquired Coolpad in June.

The shares were also downgraded by researchers including UBS from HK.20 to 90 Hong Kong cents yesterday.

Coolpad, which depends on distribution channels of telecommunication carriers, posted a slump of 43 percent year on year in sales in the first 10 months of this year, according to the statement.

It would take at least one or two years for Coolpad to regain growth in the market, Liu Jiangfeng, Coolpad's CEO, said in an interview in September.

Coolpad will develop phones with technologies "not seen elsewhere" in China, such as dual screen, multi-camera and virtual reality, said Liu, a former senior executive at Huawei.

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