DLA Piper represented Coolpad Group Ltd, a Shenzhen-based smartphone maker, on its  joint venture with Qihoo 360, the owner of China's second largest online search engine, which gives Qihoo a 45% stake and Coolpad a 55% stake in the JV. The parties agreed that the JV was valued at US$ 909.05 million, to which Qihoo 360 injected US$ 409 million in cash and Coolpad injected the assets for its Dazen business, which they launched in January 2014.

The joint venture, which was announced last December, closed at the end of last week and combines Qihoo 360's Internet and software knowledge with Coolpad's smartphone manufacturing experience, under the Dazen brand.

The DLA Piper team was led by Liu Wei (Partner, Hong Kong), Mike Suen (Partner, Hong Kong), David Cheng (Associate, Hong Kong), Stephen Peepels (Partner, Hong Kong) and Minxia Gu (Registered Foreign Lawyer, Hong Kong).

Mike Suen, Partner, said: "We are pleased to have successfully completed this transaction for our client Coolpad. Technology continues to be an exciting sector for us here at DLA Piper, and across Greater China generally. We look forward to seeing what the JV will accomplish."