LeSee Supercar set to profit from new funds

Chinese internet company LeEco announced another round of funds on Jan 15, with a minor portion to be injected in LeSee Supercar project. The intelligent car business will receive a part from the 1.8 billion yuan that jointly invested by Jia Yueting, founder, chairman and CEO of LeEco, together with his related investment firm Leran Investment Management and Hua Insurance.

"Everything was ready except capital,... and now the capital is no longer an issue," Jia said at the news conference. He?reiterated that the company will not involved in the property business.

Real estate tycoon Sunac China Holdings made an investment of 15 billion yuan into LeEco's other business than LeSee Supercar. Through this investment Sunac would acquire 8.61 percent stake in LeEco's Shenzhen-listed unit Leshi Internet Information and Technology Corp. Sunac also plans to acquire a 33.5 percent stake by investing $1.15 billion in LeEco's television hardware subsidiary Leshi Zhixin Electronic Technology.

Sunac China Chairman Sun Hongbin said, "The company believes that the investment will bring a better return on capital for the company and will have greater room for cooperation with Leshi in the field of industrial real estate, and will also bring continued benefits to the further growth of the company's property business."