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TMCNet:  Innovation Works Invests in IPTV Subsidiary of Leshi

[November 13, 2012]

Innovation Works Invests in IPTV Subsidiary of Leshi

BEIJING, Nov 13, 2012 (SinoCast Daily Business Beat via COMTEX) -- Chairman of Leshi Internet Info. & Tech. Corporation, Beijing (SZSE: 300104) announced yesterday that Innovation Works had invested in one of its subsidiaries and became the shareholder of the latter.

However, the chairman declined to disclose specific investment amount and shareholding. A person familiar with the transaction disclosed that Innovation Works only took up a small stake in the subsidiary and that the transaction was negotiated a long time ago. Apart from capital investment, Innovation Works will also cooperate with the subsidiary, while Kai-Fu Lee, CEO of Innovation Works, will act as the consultant for Leshi super television project.

Established in August, 2012, the subsidiary announced this September that it would invest CNY 100 million in the coming year to launch IPTV (Internet Protocol Television).

Source: www.163.com (November 13, 2012)

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