October 20, 2015 / 4:53 AM / 2 years ago

China's Yidao Yongche says LeTV unit to invest $700 mln in firm

BEIJING, Oct 20 (Reuters) - China ride hailing app Yidao Yongche said that a unit of Beijing-based technology company LeTV will invest $700 million in the firm in return for a 70 percent stake, according to an e-mailed statement on Tuesday.

LeTV, which includes Shenzhen-listed Leshi Internet Information and Technology Corp. Beijing, earlier on Tuesday said that it planned to acquire the stake, becoming the controlling shareholder, without disclosing the size of its investment.

Reporting by Paul Carsten & Beijing Newsroom; Editing by Nick Heath

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