Chinese technology tycoon and the founder of LeEco, Jia Yueting, has thoroughly cleared up his stake in the Coolpad Group which he had previously bought for 30 billion yuan (US$4.62 billion), The Paper reported.
Coolpad Group said in an announcement that Leview Mobile HK Ltd. has sold its 551 million shares in the company to Zeal Ltd., a Caymans-incorporated holding company, without disclosing further financial details of the deal.
According to the Cyber Search Centre of the Integrated Companies Registry Information System, Leview Mobile HK Ltd. is affiliated with Jia. The company owns Leshi Mobile Intelligent Technology Ltd., which is the operator of LeTV smartphones.
A week earlier, Jia’s wife Gan Wei said on social media that they had sold their 897 million share stake in the Coolpad Group at a price of HK$0.9 dollar per share.
The selling price saw a 25% premium, compared to Coolpad’s closing price that day, HK$0.72 dollar per share. However, it was a huge loss of 65%, compared to Jia’s original purchase price.