Chinese Internet video group Letv signed an agreement with the municipal government of Chongqing and China Bridge Capital to build an industrial base in Chongqing.
The cooperation will include cloud computing, big data, smart device manufacturing, and finance. Letv said the detailed investment amount will be disclosed soon.
Letv's scope of business covers seven sectors: Internet technology, content, big screen, mobile phone, sports, automobile, and future Internet finance. The cooperation will include three of the seven sectors.
For Internet technology, Letv will establish an independent cloud company in Chongqing's Liangjiang New Area. The new company will focus on research and development, manufacturing, distribution, operation, and management work related to cloud computing and big data. The municipal government of Chongqing will promote cooperation between Letv's cloud company and Chongqing Broadcasting Group to integrate traditional radio and television with the Internet cloud video platform. At the same time, Chongqing will provide real estate to Letv's cloud company to build Letv cloud headquarters.
For smart devices, Letv will cooperate with Chongqing government in its super TV, super mobile phone, and Internet of Vehicles initiatives.
Letv will also set up a small loan company in Chongqing and team with China Bridge Capital to start a private equity fund. The Chongqing government will be responsible for preparation guidance and policy support.