Jia Yueting, CEO of letv.com, one of China's major online video websites, declared on his Sina Weibo Monday that Innovation Works, founded by Kai-Fu Lee, has completed the process of investing in one of the company's subsidiaries.
Letv.com has not disclosed details of the investment, but an earlier announcement from the company said it hopes to raise investments of between 500 million yuan ($80 million) and 1.5 billion yuan in one or two years.
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