Fresh blow to China's troubled tech giant LeEco
The Chinese smartphone-maker Coolpad has unexpectedly warned of a sales slump, causing its shares to fall by nearly 10%.
It blamed tougher economic conditions and "fierce competition in the domestic smartphone market" for its troubles.
The news is a fresh blow to its biggest shareholder LeEco, which had recently increased its stake in the business.
Earlier this month, one of LeEco's co-founders warned of its own financial problems following a push into the US.
Partnership phone Coolpad's stock dropped to a four-year low after it announced that sales had fallen by 43% over the... read more
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