LeEco gets US$2.4b
Print Edition
CASH-STRAPPED LeEco has received 16.8 billion yuan (US$2.4 billion) in funding and investments from real estate developer Sunac China Holdings and other investors after selling stakes in its subsidiaries.
Sunac has agreed to buy an 8.61 percent stake in Leshi Internet Information & Technology, the video streaming business, for 6.04 billion yuan, as well as a 15 percent stake in LeEco’s film production unit, Le Vision Pictures, for 1.05 billion yuan, according to a filing to the Hong Kong stock exchange yesterday. Sunac will also acquire a 33.5 percent stake in LeEco’s television hardware subsidiary Leshi Zhixin Electronic Technology for 7.95 billion yuan, bringing the total amount invested by Sunac to 15 billion yuan.
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