LeEco CEO Jia Yueting now Coolpad chairman; Cool 1 coming August 16th

Jia Yueting, the founder, chairman and CEO of LeEco is now chairman at Coolpad, the company revealed today.

This bit of news comes days after LeEco bought another 11% stake in Coolpad to become the largest shareholder in the company with a total of 28.9% stake.

Along with that bit, LeEco had also announced the Cool 1 phone that was to take to the market very soon. It has now been learnt that the Cool 1 will be launched as early as 16th August.

The Cool 1 is an interesting phone, not only because it'll be a joint launch, but also for its specs. It's believed that the Cool 1 will have a dual-rear camera setup, and powerful internals including a Snapdragon 820 processor, 4GB of RAM, 64GB of ROM, and more. Also, it'll run LeEco's EUI. You can read more about the Cool 1 smartphone here.