Innovation Works Invests in LeTV Smart TV
Financial Weekly, 9/24/12
Kai-fu Lee, chairman and CEO of Beijing-based incubator Innovation Works, has announced the company's investment in online video and Internet TV firm LeTV (Leshi) (300104.SZ). According to Lee, Innovation Works has agreed to invest a portion of the company's Android Platform and App Developer funds into LeTV's television business. LeTV recently announced the launch of a new smart TV product, the "LeTV Super TV."
According to LeTV, the company has already formed a subsidiary holding company responsible for LeTV television R&D. The product manufacturing rights for the "LeTV Super TV" have already been transferred to a separate OEM. LeTV has undertaken a commitment to invest between RMB 500 mln and RMB 1.5 bln into television manufacturing and development. As of June 2012, LeTV had capital reserves of RMB 2.4 bln and short-term debt obligations of RMB 4.7 bln. Accounts payable were RMB 3.2 bln, for an equity-debt ratio of 52%.
Editor's Note: For more background on this topic, please see "LeTV to Release Smart TV" MD 9/19/12 issue.
Keywords: VC TV set Kai-fu Lee television LeTV Innovation Works 300104.SZ smart TV Leshi funding
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