HomeOut of the choke! After failure in the US, LeEco receives billionaire investment

Out of the choke! After failure in the US, LeEco receives billionaire investment

LeEco raised more than $ 6 billion to take its products to the United States, but the plans were unsuccessful, and the brand had to leave the field without profit enough to crush the loans made. Since then, the manufacturer faces financial difficulties and its founder had the goods blocked by the Chinese court and was listed as a defaulter.

But it seems that now the company has a chance to get out of the heat. Yesterday it was reported that the company received an investment in the amount of CNY 15.04 billion (over $ 2.2 billion) from real estate developer Sunac China Holdings. With this, Sunac will be acquiring shares in three divisions of the manufacturer of smartphones.

It means that the total investment will be divided into three – about $ 918 million will be invested in LeEco’s Internet Information and Technology Division; nearly $ 160 million will be invested in Leshi Pictures, LeEco’s film production company; and the rest will go to one to Leshi Zhixin, LeEco’s online technology and video company.

Sunac said the enhanced partnership with LeEco will allow both companies to cooperate in areas such as smart hardware, real estate and smart homes. He also highlighted industrial real estate as an area for greater cooperation.

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Samuel Afolabi is a lazy tech-savvy that loves writing almost all tech-related kinds of stuff. He is the Editor-in-Chief of TechVaz. You can connect with him socially :)

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