Letv ends up No.1 stakeholder in Yidao
Print Edition
LESHI Internet Information and Technology Corp, also known as Letv, said yesterday that it became the largest shareholder of Yidao Yongche, an Uber-like car-hailing service provider in China, as it drives its cross-industry expansion into the automotive sector.
Letv, a leading smart TV and online video vendor in China, said it acquired 70 percent of Yidao through its electric vehicle business unit.
After inking cooperation deals with Astin Martin and BAIC Motor and investing in charging pole infrastructure company DZ, the Yidao investment meant Letv now has a footprint in the Internet-based smart electric car industry, including research and development, manufacturing, sales, auto-network, charging infrastructure, after-sales and car sharing.
But both sides didn’t reveal the investment figure.
Letv jumped 9.07 percent to close at 53.14 yuan (US$8.37) on the ChiNext growth-enterprise market in Shenzhen.
Yidao, founded in 2010, offers car-hailing services in 77 major Chinese cities and 24 overseas cities like New York, Tokyo, Sydney, London and Vancouver.
But Yidao is facing keen competition from rivals like Didi Kuaidi, whose investors include Alibaba and Tencent, and Uber China, analysts said.
In April, Letv debuted its first smartphone as part of the company’s ambition to establish an eco-system covering online video, TV, smartphone and cars, said Jia Yueting, CEO of Letv.
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