10 billion strategic investment for Le.com

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On Dec 28th, it was announced by Le.com that they, together with Jia Yueting and Leshi Holding (Beijing) Co., Ltd, had signed a strategic cooperation framework agreement with strategic investors, involving a sum of over 10 billion RMB.

According to the announcement, all parties have agreed on key elements such as the scope of cooperation, modality for cooperation, investment scale and so on. Meanwhile, strategic investors have paid a specified sum of money as deposit, which shows their full sincerity in the cooperation. After they sign the strategic cooperation Agreement, related parties still have a further consultation period before signing the formal cooperation agreement.

In accordance with the half-yearly report released by Le.com in 2016, the gross revenue of the company has reached 10.063 billion RMB, an increase of 125.59% on the same period last year. In other word, the strategic investment has exceeded the half-yearly gross revenue of Le.com. 

The announcement also stated that LeTV’s stock will be suspended from this morning (Dec 29th), which, in principle, will last for no more than 10 trading days.

Source: Beijing Times and Xinhuanet

Proofread by Sean O Diobhilin

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