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LeEco appoints new APAC president, secures US$600 million new funding

LeEco, a leading global internet and technology conglomerate, has appointed a new top executive for Asia-Pacific region while receiving major financial support from investors.

LeEco announced in its press statement that 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.
On the financing front, 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, the statement said.
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, the statement added.

Published : November 16, 2016

By : The Nation