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Another Milestone! LeEco Expands into Finance Business

(Bangalore, March 30, 2016) The global internet giant LeEco reaches another milestone in building its disruptive ecosystems. On March 24, Chongqing LeEco Microcredit Co., Ltd. (hereinafter referred to as “LeEco Microcredit”) was officially established in Chongqing, China.
 
As one of its seven sub-ecosystems, LeEco’s internet finance arm previously maintained a low profile. As a pioneer of the industry, LeEco Microcredit will get LeEco’s first finance license, further expand its business in internet finance, and lead the industry into a new ecosystem era.

“LeEco Microcredit would strictly observe the laws and regulations, strengthen risk management, and combine supply chain finance, consumer finance, auto finance and microfinance with different approaches like B2B (business to business), C2C (customer to customer), online and offline, internal and external ecosystem,” said Wang Yongli, Senior Vice President of Le Holdings (Beijing) Co. Ltd and CEO of LeCredit. “LeEco Microcredit aims to be a leading comprehensive supplier of internet financial credit assets, and make contributions to Chongqing’s finance industry and LeEco’s ecosystem business model.”



In August 2015, LeCredit, the internet finance arm of LeEco, was officially established after persons in charge were in place. The work on payment license, microfinance license and LeCredit platform was conducted first together with the financial information platform, asset management and other relevant licenses. License applications for private banks, insurance (property insurance, life insurance and health insurance) and credit investigation are also being carried out actively.
 
LeEco entered an agreement with Chongqing government to cooperate on cloud computing, big data, intelligent terminal manufacturing, and internet finance, etc. in September 2015. As an important part of this cooperation, LeEco invests RMB 300million (approximately 3 billion INR) to set up LeEco Microcredit, which would vigorously develop industrial chain finance and consumer finance services with support of Chongqing, the finance center of the upper reaches of the Yangtze River.


Le Cloud, the cloud computing and data processing subsidiary of LeEco, also benefits from this cooperation. At the beginning of March, Le Cloud has finished round A financing led by Chongqing Strategic Emerging Industries Equity Investment Fund which holds 16.67% of Le Cloud’s shares.

About LeEco: LeEco, formerly known as Letv, is a global pioneering internet and technology company with multiple internet ecosystems across content, devices, applications and platforms. Founded in November 2004 by Jia Yueting and Liu Hong, LeEco employs more than 10,000 people and is the world’s first video company to go public with a market capitalization of more than $12 billion USD. Headquartered in Beijing, China, it has regional headquarters in Hong Kong, Los Angeles and Silicon Valley.

 
 
With disruptive innovation as the guiding principle, LeEco is engaged in myriad businesses, spanning Internet TV, video production and distribution, smart gadgets and large-screen applications to e-commerce, eco-agriculture and connected super-electric cars.  The company also has one of the world's largest content libraries which includes movies, TV dramas, entertainment shows, sports and music, which can be viewed on LeEco devices like Superphones and Super TVs. Breaking the barriers of industries, LeEco provides personalized products and services for an enhanced user experience at disruptive prices.
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