Rostec sold its stake in Yota Devices to a Chinese holding

It became known that Rostec decided to sell its 25.1% stake in Yota Devices, known for its YotaPhone smartphones. According to the Kommersant newspaper, the buyer was the Chinese holding China Baoli.It is reported that as a result of the deal, the largest shareholder of Yota Devices becomes China Baoli, whose stake will reach 65.1%. Despite the fact that the sale of shares is not yet closed, Rostec is not among the shareholders in the documents of the Chinese holding dated July 5. Recall that most recently China Baoli has published data on sales of the third generation YotaPhone. The smartphone has brought the company about $5.2 million in profit, but losses at the same time amounted to $ 15.1 million. However, the company's management believes that there is no cause for concern, and the brand just needs a little more time for recognition in the market. It is also reported that the company plans to distribute YotaPhone devices to customers of the Chinese state news agency - "Xinhua", which is part of the Ministry of State Security. If a corresponding agreement is reached, the state agency will distribute individual versions of YotaPhone devices to customers, as a platform for advertising and e-commerce. It is worth adding that the Russian market is not very interesting to the new investor. Thus, only about 2-3% of the volume of new YotaPhones will be supplied to Russia.