LeSports CEO expects series C round of funding

Le Sports recently completed a series B  round of funding.  It raised $1.23 billion (RMB8 billion), valuing LeSports  at  $3.3 billion (RMB21.5 billion).

In financial terms, LeSports promised the investors that by Late 2018 it would preferably go public in the  mainland Chinese stock market, offering an exit system for current investors .

But before Le Sports’ IPO, CEO Lei Zhenjian expects to have a series C  round of funding. The sum it would raise is as yet unknown.

Lei said state capital and private capital were both involved in LeSports’ series B round of funding, which shows they have a strong belief in the sports industry.

Lei also said that given that RMB is the main currency in Le Sports’ operation, it would prefer to go public in  the Mainland stock market.

Lei was asked whether LeSports needs a third funding round as there is  still a two-year  timeframe  before it  goes public. He said he expects there will be a series C funding round, but it hasn’t been decided yet  when this would happen nor the sum involved.

Source：ET Net

‍‍Proofread by John Devlin.‍‍