Thu, Dec 8, 2016 | updated 03:15 PM IST

LeEco announces two major developments; hires new APAC President, secures USD 600 million funding

Updated: Nov 15, 2016 16:57 IST

New Delhi [India], Nov 15 (ANI): Leading global internet and technology conglomerate LeEco announced two major developments on Tuesday after swiftly implementing its upgraded strategy as it appointed Anthony Gao (Gao Jun) as the new President LeEco APAC while receiving major financial support from investors.

Anthony Gao (Gao Jun) will assume the position of President of LeEco APAC, concurrently the Chief Executive Officer of LeEco Hong Kong.

Responsible for operational management and meeting various business targets, Gao will report directly to 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.

He 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.

In another development, LeEco announced securing a USD 600 million of funding from major Chinese institutional investors, where half of the funding will be transferred to LeEco within this November, and remaining will support its Global and electric vehicle business.

LeEco is undergoing a series of strategic and organizational 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.

"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 Co-Founder and Vice Chairman LeEco, Hank Liu Hong. (ANI)