LeEco secures US$600 million new funding; gets new APAC President
Chinese internet and technology conglomerate LeEco received a major financial support from investors. LeEco has secured a US$600 million of funding from major Chinese institutional investors today. The first half of the funding will be transferred to LeEco within this November and will support LeEco Global and LeEco’s electric vehicle business.
“Although there are doubts surrounding LeEco, true innovative entrepreneurs can see the investment value of LeEco and its enormous growth potential in the future,” said Hank Liu Hong, Co-Founder and Vice Chairman of LeEco.
LeEco has also appointed Mr. Anthony Gao (Gao Jun) as President of LeEco APAC and CEO of LeEco Hong Kong. Mr. Anthony Gao will be responsible for operational management and meeting various business targets, Gao will report directly to Mr. YT Jia, Founder and CEO of LeEco Global.
Before joining LeEco, Gao spent 17 years in Huawei in various senior executive positions including CEO of Huawei Device in China, President of Global Sales and Technical Service Department, and President of Global Strategy and Marketing Department.
Mr. Gao currently heads LeEco’s VR and AR company as well as MFL (Made for LeEco), LeEco’s initiative for open smart hardware ecosystem. His leadership in these businesses will remain.
LeEco is undergoing a series of strategic and organisational upgrades as it enters the second phase of its strategy, where the focus shifted from aggressive expansion to positive and sustainable growth and acquisition of high-value user.