Chinese Internet video company Letv.com has announced that it will invest about CNY6.3 million to set up wholly-owned subsidiaries in Hong Kong and Taiwan to expand the overseas market and improve its visibility.
Letv.com held the 28th meeting of its first board meeting on May 30, 2011, and the company reportedly approved the plans for setting up wholly-owned subsidiaries in Hong Kong and Taiwan.
Its Hong Kong subsidiary will be temporarily named "Le Shi Internet Information & Technology (Hong Kong) Limited", with registered capital of USD800,000 and an operating period of ten years; while its Taiwan subsidiary will be temporarily named "Le Shi Internet Information & Technology Limited", with registered capital of NTD5 million and an operating period of 20 years. Both of the two subsidiaries will focus on the Internet video business on PCs, mobile terminals, and TV terminals.
Letv.com said that the establishment of the subsidiaries aims to raise the company's visibility and influence, to introduce its products to the overseas market, and to further promote the growth of its overall business and revenue.