Le Sports hails RMB 1.2 bn investment

Caissa Touristic, a subsidiary of Chinese giant HNA Tourism, announced yesterday that it is planning to invest RMB 0.6 billion (US$9.204 million) in the Jiaxing Fund, which will be initiated by HNA Capital Investment Beijing and HNA Capital Group. There has been no official comment in terms of this news from Le Sports.

As stated in an official announcement, the Jiaxing Fund is going to put an RMB 1.2 billion (US$18.408 million) investment into Le Sports’ series B financing round, which is equal to a 5.85% stock.

According to earlier reports, Le Sports, the sports arm of LeEco, is expected to receive RMB 7 billion in this financing round, which will see its market value reach up to RMB 20.5 billion. It is reported that the main stock holders involved include LeEco’s chairman Jia Yueting, Lele Hudong Sports and Beijing Pengyi Asset.

Caissa Touristic was once a service provider for the 2008 Beijing Olympics and 2012 London Olympics. It is also a ticket reselling partner of the 2016 Rio Olympics.

Source: Travel Daily