YotaPhone producer sells 65% stake in bid to crack China

The  Hong Kong- based REX Global Entertainment Holdings has bought a 65% stake in Yota Device, whose double-screened Yotaphone marked Russia’s first foray into the global smartphone market, for $100m. Launched in 2013, the YotaPhone has an LCD screen on one side and an e-ink screen similar to a Kindle on the other.
  Its new owners would be investing $50m in developing a third-generation model, Yota’s chief executive Vladislav Martynov said, adding that REX’s  knowledge of the Chinese market would help boost sales there.
 The YotaPhone was publicly endorsed by both Prime Minister Medvedev (an early user) and President  Putin, who gave one of its handsets to China’s President Xi Jinping when they met in Beijing last year. YotaPhone 2 was launched across Europe, Asia and the Middle East in 2014 with a retail price of around $500, and went on sale in China in May through online outlets for about $240.