Le Sports valued at $3.3b after white-hot raise

LeEco's sports arm exceeds expectations with its Rmb8 billion ($1.23 billion) Series-B round of funding, more than septupling its valuation in just 10 months.

Le Sports has raised a further Rmb8 billion $1.23 billion in private funding, valuing the sports arm of the Chinese online entertainment and technology group LeEco formerly known as LeTV at Rmb21.5 billion, the company said on Sunday.

Some 30 investors participated in the Series-B round of funding, among them HNA Capital, a private equity unit of the Chinese conglomerate HNA Group, beating expectations in one of the biggest ever capital raises seen so far in the country's sports industry.

“We didn’t plan to raise this much, Liu Hong, LeEco’s co-founder and vice chairman, told FinanceAsia in an interview on the sidelines of...

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