Cash-strapped Chinese technology conglomerate LeEco has secured a desperately needed investment of RMB15.04 billion (US$2.18 billion) from property developer Sunac China Holdings, the companies announced.
Trading in Leshi Internet Information's shares, which was suspended on December 6 last year, resumed today and is up over 4% to RMB37.30 apiece on the news as of 11am Beijing time.
The two parties said they are looking at partnering in intelligent hardware, real estate, smart homes and other areas, after the completion of the deal that connects an advanced technology player with a traditional property business.
The investment, which was inked after 36 days of hectic negotiations, came at a critical time after LeEco's founder and chairman, billionaire entrepreneur Jia Yueting, admitted that his sprawling business empire was facing ...
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