One of China's leading online video companies, LeTV revealed its plan to invest $775 million (4.8 billion yuan) in Hong Kong to further expand its growing market in the mainland.
A broad collection of video content will be offered by the company upon the expansion, LeTV said in a statement, adding that it has closed TV content supply deals with giant broadcasting firms like BBC and Sanlih Entertainment Television.
Aside from BBC and Sanlih, LeTV also earned the movie rights from Chinese companies Golden Scene, Pegasus, China Star Entertainment, Celestial Movies, Orange Sky Golden Harvest, Fortune Star Entertainment and My Way Film, American entertainment website Variety reported.
"LeTV is also in keen discussions with major Hollywood studios to purchase copyright of their films and TV dramas. Additionally, LeTV is currently advancing a scheme for local drama production in Hong Kong, with a plan to shoot five Hong Kong dramas that cater to local audience preferences," said the online video company in a statement.
A customer service, hotline center operation as well as an e-commerce operation systems will also be launched by the company.
Aside from providing online video service in China, LeTV also delivers world-class smart products like tablets, TVs, cinema equipment, computers, electric cars and smartphones.
LeTV's operating system LeOS mobile is considered as “the first systematic content and service operating system in China," as it combines the company's services, contents, applications and devices, enabling customers to experience an extraordinary one-stop Internet experience.
LeVision Pictures, on the other hand, one of the largest and most successful film companies in China which produced the American ensemble action film “Expendables 3,” is also owned by LeTV.