<article>Hong Kong-based electronics firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Truly+Electronics" target="_blank">Truly Electronics</a> has acquired a 2.3 per cent stake in LeEco Zhixin Electronic Technology Co Ltd, a smart TV unit of Beijing-based technology company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=LeEco" target="_blank">LeEco</a>.</article>

Hong Kong-based electronics firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Truly+Electronics" target="_blank">Truly Electronics</a> has acquired a 2.3 per cent stake in LeEco Zhixin Electronic Technology Co Ltd, a smart TV unit of Beijing-based technology company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=LeEco" target="_blank">LeEco</a>.
The financially-challenged LeEco sold the capital stock while it seeks to modify operations as well as expansion, the China Money Network reported.
The latest investment &#8211; which values LeEco Zhixin at $4 billion post-money &#8211; will be made before April 2017 through three installments.
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LeEco will still remain as the biggest shareholder of Zhixin with a 39.4 per cent stake after the deal is completed.
Truly Electronics will become Zhixin&#8217;s fifth biggest shareholder. It is a Guangdong province-based electronics component manufacturer under Truly International Holdings.
Zhixin had $70 million in assets and $29 million in negative net assets as of December 31, 2015. The company recorded sales of $1.25 billion and $106 million in net loss in 2015.
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LeEco last month raised $2.18 billion from property developer Sunac China Holdings who also paid $140 million for a 15 per cent stake in LeEco’s film production unit, Le Vision Pictures, and another $1.16 billion for a 33.5 per cent stake in Zhixin via Jiarui Huixin. Sunac&#8217;s shareholding in Zhixin is now diluted to 32 per cent.
The troubled LeEco also sold last January a 1.13 per cent interest in Zhixin to Chinese insurer Huaxia Life for $58 million whose shareholding will be diluted to 1.1 per cent.
LeEco scored several fundraising rounds last year like in September&#8217;s $1.08 billion raise by its electric car affiliate LeSEE from a number of investors including Lenovo. In November, around a dozen former classmates of LeEco founder Jia Yueting at Cheung Kong Graduate School of Business invested $600 million in the company.
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HK's Truly Electronics acquires stake in LeEco's smart TV unit for $104m

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HK's Truly Electronics acquires stake in LeEco's smart TV unit for $104m

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