Coolpad Appoints Letv’s Chief As Executive Director

Chinese smartphone maker Coolpad has appointed Jia Yueting, chairman and general manager of Letv.com, and Liu Hongwei, vice chairman and deputy general manager of Letv.com, as executive directors, effective immediately.

According to the company, Jia and Liu signed three-year service contracts with Coolpad, starting from August 17, 2015. Both of them will receive CNY1 million fixed annual salaries.

Coolpad Group announced in June 2015 that the company sold 780.38 million shares at the price of HKD3.508 per share to Leview Mobile, Letv's subsidiary registered in Hong Kong.

Later that month, Jia also confirmed that Letv's subsidiary invested HKD2.73 billion, which was about CNY2.2 billion at the time, in acquiring an 18% stake in Coolpad, making it the second largest shareholder of the smartphone company.