Le.com raises RMB 16.8 billion

Le.com has managed to raise RMB 16.8 billion following its funding crisis. At the joint press conference with its strategic investment and cooperation partner held last Sunday, Le.com provided details of its fund-raising and its new financing programs. 

The newly raised 16.8 billion will basically meet Le.com’s staged needs for funds. According to Jia Yueting, 7 billion will be used for the operation of Le.com’s listed company system, and the remaining 10 billion will go to its non-listed assets. These include LeSports and Letv phone, to name just two. As well as this, the equity financing programs of its non-listed businesses are ongoing. A case in point is LeSports, which will soon kickoff its next round of equity financing and even go public. 

Le.com received the above investments from SUNAC and other investors. Jia Yueting reportedly nailed the RMB 15 billion fund-raising deal from SUNAC after a 6-hour meeting with Sun Hongbin, SUNAC’s Chairman and Executive Director. The deal will be delivered in several packages, including RMB 6.041 billion for Le.com’s 8.61% share, RMB 7.95 billion for Leshi Zhixin’s 33.5% share, after its additional offer, and another RMB 1.05 billion for Le Vision Pictures’ 15% share. 

Source: caijing.com.cn

Proofread by Sean O Diobhilin