China’s LeEco streaming movies provider to invest about $100bn in Russia – EWDN, Kommersant

LeEco, China’s Netflix-like provider of streaming movies, plans to establish a presence in Russia this summer and to initially invest a minimum of $100m into the Russian market, according to the East-West Digital News (EWDN) website and Russin business daily Kommersant.

LeEco, which also produces electronic devices, will compete in the Russian market with Netflix, a US company which is present in 130 countries and launched business in Russia in January 2016, and with Russian firms such as Amedia TV, Ivi+ and Tvzavr, EWDN said in a statement.

Kommersant, citing Shenzhen Stock Exchange data, put LeEco’s capitalisation at $17bn. The newspaper said the company had revenues of about 13bn yuan ($2bn) for last year.