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LETV has raised 1 billion yuan (US$153 million) to finance its cloud-computing business — a key part of the firm’s eco-system covering Internet video, smart TV, smartphone and new-energy cars, the Shenzhen-listed firm said yesterday.Letv, listed on the Nasdaq-style ChiNext market, will use the funds to invest heavily in cloud computing to support online video and virtual reality services and overseas expansion.
A Chongqing city government fund invested the 1 billion yuan for a 16.7 percent stake in Letv’s cloud-computing subsidiary, whose registered capital rose to 7.9 billion yuan, Letv said in a statement to the Shenzhen Stock Exchange.
Chongqing’s investment will also enhance the market position of Letv in the west China market, the company said.Letv’s cloud-computing business is set to cover several billion users globally and about 100,000 enterprise users in the broadcasting, education and sport industries.
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