LeTV, China’s online video streamer eyeing on booming smartphone market, has acquired an 18% stake in smartphone maker Coolpad Group Ltd. with $2.73 billion HKD (about $350 million USD) through its smartphone business subsidiary Leview Mobile HK Ltd. This purchase will make LeTV the second largest shareholder of Coolpad, the company added.

Cooperation with Coolpad, which has around 5,000 patents related to mobile applications, telecommunications and dual SIM card technologies, will complement LeTV’s forces in smartphone manufacturing, R&D, sales channels and after-sales service. On the other hand, the rich video contents from LeTV will help Coolpad to accelerate its development.

In the meanwhile, the tie-up brings a dramatic turn to Coolpad’s partnership with Chinese software giant Qihoo 360, which has taken the cooperation with Coolpad as an important frontier to push forward its smartphone business.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.