Letv secures funds for cloud computing

shanghaidaily.com

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s