Coolpad R&D complex 'idle for almost a year'

Updated 2017-11-21 11:02:16 Global Times

Xi'an Coolpad Telecommunications Equipment Co, the research and development (R&D) center of Coolpad Group, has reportedly not been in operation for almost one year, according to media reports on Sunday.

Coolpad, a Chinese smartphone maker that is part of the cash-strapped LeEco technology conglomerate, has encountered uncertainty in its pro-jects in Xi'an, capital of Northwest China's Shaanxi Province, National Business Daily reported.

Located in the Xi'an information port project, formerly known as the Xi'an Yulong Coolpad industrial park, and valued at 600 million yuan (.35 million), the site has been dormant for months, the report said.

Coolpad reported a loss of HK.2 billion (7 million) for 2016.

On August 15, the company sent a notice to the Stock Exchange of Hong Kong saying its current operations had not seen improvement, the report added.

The disclosed project plan for the Xi'an facility stated there was to be one building and seven plants. In 2016, the major part of the building was near completion but construction of the seven plants had not started, the report said.

One employee from the branding department of Coolpad Group said the project's abandonment was connected with demolition work.

So far, the company has finalized a contractor for further construction and more development work will be conducted in the center.

The unidentified employee stated that Coolpad would retain its business in Xi'an, adding that details on the business lines for Xi'an Coolpad Tele-communications Equipment Co are yet to be defined.

Meanwhile, the board of directors of Coolpad has seen some changes, a notice on the company's official website said.

LeEco founder Jia Yueting resigned as the chairman of the board on November 17.

Coolpad's performance has been affected by LeEco's fund problems. LeEco became Coolpad's largest shareholder on June 17, 2016.

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