Leshi Zhixin

Leshi Zhixin Electronic Technology (Tianjin) Co., Ltd., also known as LeTV Zhixin, was a Chinese television manufacturing company associated with Le.com, the technology and media group also known as LeTV and LeEco. Its consumer television products were marketed under the Leshi SuperTV name, linking hardware sales with the broader Le.com ecosystem of internet video, digital content, and connected-device services. The company became strategically significant within Le.com’s hardware expansion. Rather than operating only as a conventional television assembler, Leshi Zhixin was presented as part of an ecosystem-oriented model in which connected televisions served as an access point for online content and related services. The available historical record, however, provides substantially more information about ownership and capital transactions than about the company’s product specifications, retail footprint, manufacturing facilities, or operating performance. At the end of 2015, Leshi Zhixin announced an agreement to subscribe for new shares in TCL Multimedia Technology Holdings, a subsidiary of TCL Corporation. The transaction was valued at HK$2.27 billion at HK$6.50 per share and was completed on 11 May 2016 through Leshi Zhixin’s Hong Kong subsidiary, Letv ZhiXin Investment (HK) Limited. The investment gave Leshi Zhixin a 20.09% interest in TCL Multimedia according to the referenced company history, making the television manufacturer both an operating business and a participant in a wider television-industry corporate relationship. Leshi Zhixin’s ownership changed substantially in January 2017. Sunac China participated through Tianjin Jiarui Huixi, an investment vehicle connected with Tianjin Yingrui Huixi. Tianjin Jiarui acquired stakes from Le.com and from Xinle Asset Management Tianjin, an employee-ownership-related private-equity vehicle, and also subscribed for newly issued shares. After the transaction, Le.com remained the largest shareholder with 40.3118%, while Tianjin Jiarui held 33.4959% and Leshi Holding Beijing held 18.3805%. Smaller holdings were attributed to Xinle Asset Management, LeRan Investment, Hua Insurance, and other investors. The transaction also gave Tianjin Jiarui the right to nominate one of three directors. Further capital activity followed in 2017. Leshi Zhixin and Le.com reached an arrangement with Truly International Holdings concerning a capital increase. The originally described arrangement would have given Truly a 2.3438% stake for RMB720 million, but after legal mediation the arrangement was revised so that Truly would hold 2.6667% for an initial partial investment of RMB240 million. In December 2017, the company changed its Chinese name to Xin Leshi Zhijia Electronic Technology (Tianjin) Co., Ltd., reflecting a rebranding toward a new Leshi smart-home identity. The referenced record also states that, as of 20 December 2016, Leshi Holding Beijing had pledged all of its Leshi Zhixin shares to China Minsheng Trust. This detail illustrates the financing pressure and complex collateral arrangements surrounding the company during the period of Le.com’s wider financial difficulties. The supplied sources do not establish the company’s current ownership, current trading status, executive team, website, or whether the Leshi SuperTV business continues under the same corporate entity. Those matters therefore remain unresolved in this dossier.

Leshi Zhixin was a Tianjin-based Chinese television manufacturer connected with Le.com, also known as LeTV or LeEco. The company’s television business was marketed through the Leshi SuperTV brand. Its role within the Le.com group was associated with the group’s strategy of combining consumer electronics with internet content and connected services, although the available reference material does not provide a full account of its manufacturing operations, distribution network, product catalogue, or financial performance. The company’s most documented early strategic move was its investment in TCL Multimedia Technology Holdings. In late 2015, Leshi Zhixin announced that it would subscribe for newly issued TCL Multimedia shares for HK$2.27 billion at HK$6.50 per share. The transaction was completed on 11 May 2016 through Letv ZhiXin Investment (HK) Limited, a Hong Kong-incorporated subsidiary. The referenced history records Leshi Zhixin as holding 20.09% of TCL Multimedia after the investment. This transaction connected the Le.com television business with a major established television and electronics group. Ownership became more complex in January 2017. Tianjin Jiarui Huixi, a company connected to Sunac China through Tianjin Yingrui Huixi, acquired part of Le.com’s interest for RMB2.302 billion and acquired a further holding from Xinle Asset Management Tianjin for RMB2.648 billion. Tianjin Jiarui also subscribed for 10% newly issued shares for a combined RMB3 billion in share capital and premium. After these transactions, Le.com held 40.3118%, Tianjin Jiarui held 33.4959%, and Leshi Holding Beijing held 18.3805%. Xinle held 1.9777%, while the remaining interests included LeRan Investment at 4.0434% and Hua Insurance at 1.1310%, alongside other shareholders. Tianjin Jiarui received the right to nominate one of three directors. The 2017 ownership changes occurred against the background of financial strain affecting the broader Le.com group. The reference record further notes that Leshi Holding Beijing had pledged all of its Leshi Zhixin shares to China Minsheng Trust as of 20 December 2016. This pledge is relevant to understanding the company’s financing context, but the available material does not establish whether it resulted in a change of control or enforcement of the collateral. In February 2017, Le.com and Leshi Zhixin entered into an arrangement with Truly International Holdings for a capital increase. The initially described terms would have resulted in Truly holding 2.3438% for RMB720 million. After legal mediation, the arrangement was revised to provide Truly with 2.6667% for an initial partial investment of RMB240 million. The available source does not provide a complete account of the final capital structure after all related transactions. In December 2017, the company changed its Chinese name to Xin Leshi Zhijia Electronic Technology (Tianjin) Co., Ltd., translated in the reference material as New Leshi Smart Home Electronic Technology (Tianjin) Co., Ltd. The change suggested a stronger smart-home orientation, but the supplied material does not document a specific product launch or a subsequent corporate history under the new name. Current ownership, management, operating status, and the continued use of the Leshi SuperTV brand remain unclear.

• 2017

  Sunac China-linked investment and ownership restructuring

  [1]Leshi Zhixinen.wikipedia.org

  Tianjin Jiarui Huixi acquired interests from Le.com and Xinle Asset Management Tianjin and subscribed for new Leshi Zhixin shares, becoming the second-largest shareholder after Le.com.

• 2017

  Revised Truly International capital increase

  [1]Leshi Zhixinen.wikipedia.org

  After legal mediation, the proposed investment by Truly International was revised to an arrangement described as a 2.6667% stake for an initial RMB240 million investment.

• 2017

  Corporate name change

  [1]Leshi Zhixinen.wikipedia.org

  The company adopted the Chinese name Xin Leshi Zhijia Electronic Technology (Tianjin) Co., Ltd., emphasizing a new Leshi smart-home identity.

• 2016

  TCL Multimedia transaction completed

  [1]Leshi Zhixinen.wikipedia.org

  The investment was completed on 11 May 2016 through Letv ZhiXin Investment (HK) Limited. The referenced history records a 20.09% interest in TCL Multimedia.

• 2015

  Agreement to invest in TCL Multimedia

  [1]Leshi Zhixinen.wikipedia.org

  Leshi Zhixin announced plans to subscribe for new TCL Multimedia shares for HK$2.27 billion at HK$6.50 per share.

A Le.com-associated connected-television manufacturer that combined television hardware with an internet-content and smart-home ecosystem proposition.

• Smart television

  Leshi SuperTV

  Leshi SuperTV was the consumer-facing television line produced by Leshi Zhixin. It represented the company’s connected-device proposition, in which television hardware was associated with Le.com’s online video and digital-content ecosystem. The supplied reference identifies the brand and product category but does not provide reliable model names, launch dates, technical specifications, pricing, or current availability.

• 2017

  Accept Sunac China-linked ownership investmentM&A

  Background

  The Le.com group pursued a major ownership and financing restructuring for Leshi Zhixin.

  Action taken

  Tianjin Jiarui Huixi acquired stakes from Le.com and Xinle Asset Management Tianjin and subscribed for 10% newly issued shares. Le.com remained the largest shareholder after completion.

  Aftermath

  The post-transaction holdings described in the reference were Le.com 40.3118%, Tianjin Jiarui 33.4959%, and Leshi Holding Beijing 18.3805%, with smaller interests held by other investors.

  Reported acquisition and subscription amounts. RMB2.302 billion, RMB2.648 billion, and RMB3 billion respectively for the described transactions (January 2017)

  Source

• 2017

  Revise Truly International capital increaseOther

  Background

  Leshi Zhixin and Le.com arranged a capital increase with Truly International Holdings, but the terms were subsequently subject to legal mediation.

  Action taken

  The revised arrangement described in the reference provided Truly with a 2.6667% interest for an initial partial investment of RMB240 million.

  Aftermath

  The supplied material does not establish the complete final capitalization or longer-term effect of the arrangement.

  Initial partial investment. RMB240 million (2017)

  Source

• 2017

  Adopt a new Leshi smart-home corporate identityStrategy

  Background

  The company changed its Chinese corporate name during a period of ownership restructuring and financial pressure within the wider Le.com group.

  Action taken

  In December 2017, it changed its Chinese name to Xin Leshi Zhijia Electronic Technology (Tianjin) Co., Ltd.

  Aftermath

  The name change indicated a smart-home positioning, but the supplied sources do not document its operational consequences or subsequent brand development.

  Source

• 2015

  Subscribe for new TCL Multimedia sharesM&A

  Background

  Leshi Zhixin sought to deepen its position in the television sector through an investment in TCL Multimedia, a subsidiary of TCL Corporation.

  Action taken

  It agreed to subscribe for new TCL Multimedia shares for HK$2.27 billion at HK$6.50 per share. The transaction was completed in May 2016 through a Hong Kong subsidiary.

  Aftermath

  The referenced history records Leshi Zhixin as holding 20.09% of TCL Multimedia. No further outcome is established in the supplied material.

  Subscription value. HK$2.27 billion (Announced in late 2015; completed on 11 May 2016)

  Source

1. 1Leshi Zhixinen.wikipedia.org