Chinese telecommunications equipment company Coolpad Group has announced that it is forming a new venture with China Baoli Technologies Holdings Limited. The aim of the new partnership is to develop a new smartphone with a dual-screen that supports both color and e-ink screens.

The Coolpad Group will own 49 percent of the stake in the newly formed venture, while China Baoli Technologies will own the remaining 51 percent stake. The new venture has a registered capital of RMB200 million (roughly $30 million). The newly formed joint venture will not be affiliated with Coolpad, but will be an independent and wholly separate venture.

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China Baoli has the exclusive promotion and sales rights over Russia's dual-screen smartphone YotaPhone in China. The new deal with Coolpad Group is seen by many as an attempt by China Baoli to make a foray into manufacturing and selling its own products rather than relying on its global partners. Meanwhile, the deal with China Baoli would further diversify Coolpad's portfolio which now includes the dual-screen smartphone market.

According to China Tech News, Coolpad Group recently released a report revealing the company's revenue performance for the first half of the year. Coolpad Group reported that it's operating revenue amounted to around $680 million in the first half of 2016. This represents a year-on-year decrease of around 39 percent.

Coolpad Group said that the decrease in revenue stems from the restructuring of the group's business unit and the stiff market competition in the Chinese smartphone market. The company noted that the loss was also due to the sales of several rights, as well as business interests within the group.

TagsCoolpad Group, china, Baoli, China Baoli Technolgies, Smartphone, dual-screen smartphone