Xiaomi Asks by Coolpad Subsidiary for Patent Infringement Ahead of Its Blockbuster IPO: Chinese smartphone maker Coolpad Group says its unit has to ask the three group firms of Xiaomi, which is last week filed for a Hong Kong IPO that can be worth up to $10 billion roughly Rs. 67,000 crores, for a patent Violation.
Xiaomi Asks by Coolpad Subsidiary for Patent Infringement Ahead of Its Blockbuster IPO
Coolpad says in a statement late on Thursday its subsidiary, Yulong Computer Telecommunication Scientific Shenzhen Company is filing a lawsuit against Xiaomi Telecom Technology Company, Xiaomi Technology Company, and Xiaomi Factory Company in a court in the Jiangsu province for using its patent without authorization.
Yulong demanded that the Xiaomi companies should immediately stop production and sale of some smartphone models, including the Mi MIX2, Coolpad says.
Yulong had filed a similar legal case against Xiaomi in a Shenzhen court in January.
It is because the intellectual property protection environment in China improved that Cool pad launched the lawsuit in January this year.
Cooling pad’s global chief patent officer Nancy Zhang tells a press conference on Friday, denying they were timing with the Xiaomi’s upcoming IPO.
Xiaomi last week filed its IPO plans, which can be the most substantial listing globally in almost four years.
Coolpad has alleged that Xiaomi violated its patented multi-SIM card design and other technology relating to a user interface.
It demands that Xiaomi compensates it for losses due to the alleging infringement, though Zhang is declining to give a figure.
In a statement, Xiaomi says it has to request patent authorities to invalidate patent rights that are the subject of the lawsuit filed in the Shenzhen.
It says will fully cooperative in the investigation by authorities on the matter.
Coolpad, a Shenzhen-based smartphone maker founded 25 years ago, was once a unit of Jia Yueming’s LeEco conglomerate, which was struggling financially over the past year and a half. LeEco sold off all its interest in Coolpad in January.
Coolpad shares have suspended since the year March 2017. It was unable to report its 2017 annual result on time and only just filing its 2016 annual report last month after repeating delays due to the audit problems.
It is reporting a loss of HKD 4.38 billion for the year 2016 versus a profit of HKD 2.32 billion in the year 2015.
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