Leshi Cloud Secures RMB 1 Bln Series A Funding
DoNews, 3/03/16
Data processing and software development firm Leshi Cloud Computing, a subsidiary of Chinese online video and internet TV content provider Leshi Internet Information and Technology (LeTV) (300104.SZ), today announced completion of RMB 1 bln Series A funding led by state-owned Chongqing Industrial Investment Fund. Following this round of funding Leshi Internet's stake in Leshi Cloud will be diluted from 60% to 50% and Chongqing Industrial Investment Fund will control a 16.67% stake. The new funds will be used for product development, service optimization, talent recruitment, global business development, and marketing.
Leshi Cloud will expand its research and development, production, distribution, operation, incubation and management services for cloud computing and big data in Chongqing. Leshi Internet and the Chongqing municipal government will promote cooperation between Leshi Cloud, the Chongqing Broadcasting Group, and cable TV operator Chongqing Cable TV Network. The Chongqing government will provide support in areas including cooperative operations and broadband resources.
Keywords: Chongqing Industrial Investment Fund M&A Internet funding LeTV Chongqing Broadcasting Group Chongqing Cable TV cloud computing Series A 300104.SZ Leshi Internet LeTV Cloud government support
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