YotaPhone is now predominantly Chinese and will be delivered to customers of the state news agency Xinhua.
Chinese holding China Baoli acquired 25.1% stake in Yota Devices, the manufacturer of the smartphone YotaPhone. According to the Hong Kong Stock Exchange, in the documents of July 5, Rostekh is no longer listed as a shareholder, instead of the Russian state corporation, Trinity World Management is listed, which has already agreed to sell its stake for $60 million.
According to Kommersant, China Baoli will become the largest shareholder of Yota Devices with a share of 65.1%. Reported that the deal has not yet been closed. According to the results of the first quarter of this year, Yota Devices was valued at $ 239 million. However, do not forget that the manufacturer owes $73.8 million to China Baoli. This was caused by losses for previous periods and unsuccessful sales of Yota 3, the proceeds of which amounted to just over $5 million.
Despite this, the leadership of China Baoli still sees potential in Yota Devices. The Chinese holding plans to supply YotaPhone to the public sector. In particular, at the moment, negotiations are underway with the information agency of China Xinhua on the supply of special versions of smartphones for customers and the creation of a platform for advertising and commerce.
The ex-head of Yota Devices, Vladislav Martynov, who previously sold his stake and became a shareholder of China Baoli, said that it allows the sale of its shares, but wants to wait for the next generation of smartphones Yota. According to him, the company “did not have enough time and funding to keep YotaPhone 3 Russian … and became a mass product.” He compared YotaPhone to the first model of BlackBerry devices, which was also not as successful as the following ones.
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Rostech is No Longer Involved in the Creation of YotaPhone
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