Magazine article Screen International

China's LeTV to Raise $730M

Magazine article Screen International

China's LeTV to Raise $730M

Article excerpt

Online video company is working with partners including CITIC to enter retail and financial service industries.

Chinese online video company LeTV is planning to raise $731.5m (RMB4.5bn) from a pool of investors including CITIC Securities.

CITIC is planning to invest $81.3m (RMB500m) in LeTV as part of a strategic partnership between the two companies, according to a securities filing with the Shenzhen Stock Exchange.

The other investors include LeTV's parent company, Leshi Internet Information & Technology Corp, Beijing Lancapital Funds Management Co, Ningbo Jiyuan Fund and Beijing Jintai Zhonghe Investment. The investors will acquire 129.5 million of LeTV's A-shares in a private placement deal at RMB34.76 per share.

One of the few profitable online video sites in China, LeTV looks set to use its new war chest to expand into the internet finance business, as well as build out its bricks-and-mortar presence in mainland China.

Under a partnership programme dubbed LePar, LeTV plans to open 1,000 to 1,500 retail stores across China before the end of 2014. …

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