Chinese tech giant LeEco co-founds new Internet finance company

LeEco, formerly known as LeTV or China’s Netflix, plans to establish a property insurance firm with seven Chinese partners, Chinese tech media TechWeb reports on Monday.

LeEco and Sinvo Group, a Chinese financial service provider, will each invest RMB 170 million (USD 25.8 million) in cash into the new company, making up 17% of registered capital. The other six partners will each invest RMB 110 million(USD 16.7 million), or 11% of registered capital.

The six partners include Shenzhen Clou Electronics, a Chinese high-tech company, leading Chinese real estate company Shanghai Shimao, and Shenzhen O-film Tech, a manufacturer and distributor of precision optoelectronic thin-film components.

According to a statement from Shenzhen Clou Electronics, the company will be named “Sinvo Property Insurance” and will feature total registered capital of RMB one billion (USD 150 million). The new business will cover vehicle insurance, household property insurance, freight insurance, liability Insurance, credit bond insurance, short term health and accident insurance, reinsurance of the insurance policies above, and other businesses that the China Insurance Regulatory Commission approves of.

Founded in 2004, LeEco is a market leader in the online video streaming business and now provisions a broader ecosystem of products including: smartphones, smart TVs, electric cars, VR headsets, and now Internet financial services.

(Top photo from Baidu Images. )

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