China Baoli Technologies Holdings Limited has entered into a term sheet to form a joint venture (JV) with Coolpad Group Limited. The JV company will be located in Shenzhen, China, and will engage in the research and development, distribution and sale of dual screen mobile handsets in China. Under the terms of the transaction, the JV company will be incorporated with a share capital of CNY 200 million ($29.94 million), which will be contributed in cash by installments by China Baoli and Coolpad in proportion to their respective shareholdings in the JV.

The JV will be held as to 51% by China Baoli and 49% by Coolpad. The transaction will provide an opportunity for China Baoli to leverage on its experience and capability of Coolpad and development of its mobile technology businesses.