Some time ago LeEco bought controlling stake and very fast informed that they will work on new phone togather.
Now we have some additional information:
Name: Cool 1
dual rear camera
4GB RAM
two Android versions: EUI i CoolUI (both based on Androidz 6.0)
fingerprint scanner under rear camera
Snapdragon 820 (speculation)
64GB internal storage (speculation)
5.5″ screen with 2K resolution (speculation)
3050mAh battery (speculation)
If all speculations come true we will get quite nice high-end model.

Source: gizmochina