Taiwan-based Compal Electronics has bought a 2.15% stake in Leshi
Zhixin, the smart TV unit of Chinese smartphone maker LeEco, for RMB700
million (US$101 million), valuing the company at RMB32.5 billion (US$4.7
billion) pre-money. Compal Electronics is already a parts supplier to
LeEco.
After completion of the deal, Zhixin's registered capital will reach RMB327 million (US$47 million), with LeEco remaining the controlling shareholder, holding 38.5% of the company.
Last month, Chinese electronics firm Truly Electronics, another supplier of LeEco, acquired a 2.3% stake in Zhixin for RMB720 million (US$104 million). Its shares will be diluted to 2.2%. Chinese insurer Huaxia Life also invested RMB400 million (US$58 million) in Zhixin in January, acquiring a 1.13% interest. Its shareholding will be diluted to 1.0%.
Last November, Compal announced that it was changing its shipping policy on parts to LeEco as the Chinese company owed RMB1.79 billion (US$260 million) in unpaid receivables, including RMB919 million (US$133 million) up to 180 days overdue. LeEco reportedly made the necessary payments later that month.
To cover a shortage of cash, LeEco has completed a number of fundraising rounds in the past few months. LeSEE, LeEco's electric car affiliate, received US$1.08 billion from a number of investors last September, including Lenovo. Two months later, LeEco raised a US$600 million round from a dozen prominent entrepreneurs who were classmates with LeEco founder Jia Yueting at the Cheung Kong Graduate School of Business.
In January this year, the company received RMB15.04 billion (US$2.18 billion) from property developer Sunac China Holdings, and earlier this month, it sold a 50% stake in a Shanghai property to Sunac.
Zhixin had RMB4.8 billion (US$700 million) in assets and RMB202 million (US$29 million) in liabilities as of December 31, 2015. It recorded sales of RMB8.6 billion (US$1.25 billion) and RMB731 million (US$106 million) in net loss in 2015.
After completion of the deal, Zhixin's registered capital will reach RMB327 million (US$47 million), with LeEco remaining the controlling shareholder, holding 38.5% of the company.
Last month, Chinese electronics firm Truly Electronics, another supplier of LeEco, acquired a 2.3% stake in Zhixin for RMB720 million (US$104 million). Its shares will be diluted to 2.2%. Chinese insurer Huaxia Life also invested RMB400 million (US$58 million) in Zhixin in January, acquiring a 1.13% interest. Its shareholding will be diluted to 1.0%.
Last November, Compal announced that it was changing its shipping policy on parts to LeEco as the Chinese company owed RMB1.79 billion (US$260 million) in unpaid receivables, including RMB919 million (US$133 million) up to 180 days overdue. LeEco reportedly made the necessary payments later that month.
To cover a shortage of cash, LeEco has completed a number of fundraising rounds in the past few months. LeSEE, LeEco's electric car affiliate, received US$1.08 billion from a number of investors last September, including Lenovo. Two months later, LeEco raised a US$600 million round from a dozen prominent entrepreneurs who were classmates with LeEco founder Jia Yueting at the Cheung Kong Graduate School of Business.
In January this year, the company received RMB15.04 billion (US$2.18 billion) from property developer Sunac China Holdings, and earlier this month, it sold a 50% stake in a Shanghai property to Sunac.
Zhixin had RMB4.8 billion (US$700 million) in assets and RMB202 million (US$29 million) in liabilities as of December 31, 2015. It recorded sales of RMB8.6 billion (US$1.25 billion) and RMB731 million (US$106 million) in net loss in 2015.
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