Chinese-based technology company LeEco has had a pretty bumpy run as far as finances and funds are concerned; however, their recent joint venture may just be the thing they need to salvage 2016. Last Monday, LeEco revealed the product of its partnership with Chinese conglomerate Coolpad: the Cool S1.

Earlier this year, LeEco and Coolpad teamed up to produce the Cool 1 Dual and the Cool Dual Changer 1C. The Cool S1 is the latest addition to the power duo's lineup of smartphones and it has the double honor of being the company's new flagship phone, according to The Tech Portal.

In some ways, the Cool S1 specs are pretty similar to earlier phones under the LeEco-Coolpad partnership: a 5.5-inch full HD display and a Qualcomm Snapdragon 821 processor under the hood are just some examples. The Cool S1 also features a 16MP rear camera with auto-focus and an 8MP front camera with selfie sensor. The phone allows for 4K recording audio as well, courtesy of two front-facing speakers with Harman Clari-Fi audio technology.

Unlike the first two phones that offered three storage options, the new Cool S1 comes in just two storage configurations. According to Digital Trends, its available choices are the high-powered 64GB model with 6GB of RAM and the slightly lower 32GB with 4GB. The system and storage configuration --- packed with all the premium features mentioned here and more --- makes the Cool S1 seem like a pretty sweet deal, considering their retail price.

Which brings us to one of the best-selling points of Cool S1. It's a fully functional streamlined flagship smartphone with top-of-the-line tech and no shortage of processing power, retailing for less than $500. Right now, the 64GB model is priced at 3,200 Yuan ($460) and the 32GB model at 2,700 Yuan ($389).

Unfortunately, the Cool S1 is sold exclusively in China and nowhere else. There's also no word yet on whether or not LeEco and Coolpad are planning for eventual international distribution.