New Leshi Smart Home, an affiliate of China-based consumer electronics producer LeEco, has raised RMB3bn ($477m) from investors including several corporates, China Money Network reported today.
Real estate developer Sunac China, internet group Tencent, retailer Suning and e-commerce firm JD.com provided approximately $318m of the funding and the rest came from convertible note financing, according to local media reports, though the news remains unconfirmed.
Formerly known as Leshi Zhixin Electronic Technology, New Leshi Smart Home produces smart, internet-connected televisions under the brand name of LeTV Super TV.
LeEco retains a 40.3% stake in the company, but has pledged 34.9% to Sunac and investment firm Tianjin Jiarui Huixin Enterprise Management and the remainder to unnamed banks and financial trusts, according to China Money Network.
Tencent took part in the round weeks after it signed a commercial agreement with LeEco that enabled the latter to supply media content owned by Tencent in return for a slice of the resulting membership and advertising revenue.
Sunac, Tencent, JD.com and Suning had previously combined in January this year to pay $5.4bn for a 14% stake in Dalian Wanda Commercial Properties, the subsidiary of conglomerate Dalian Wanda now known as Wanda Commercial Management Group.