Apr. 19 (NBD) -- Leshi Internet Information & Technology Corp (Leshi) announced Wednesday in a filing that it has almost accomplished the goal of raising no more than 3 billion yuan (477.5 million U.S. dollars) for its smart TV unit New Leshi Zhijia Electronic Technology (Tianjin) Limited (New Leshi Zhijia), which is in line with its expectation.

Notably, Chinese technology giants Tencent and JD.com are among its new investors.

In fact, as of March 29, Leshi has just raised about half of the targeted amount, partly completed by converting debts into equity. During that period, New Leshi Zhijia's valuation was lowered by 3 billion yuan (477.5 million U.S. dollars) to 9 billion yuan (1.4 billion U.S. dollars). 

However, in less than a month, affiliates of Tencent Holdings, JD.com Inc, TCL Corp and Suning.com have agreed to each invest 300 million yuan (47.7 million U.S. dollars) in New Leshi Zhijia, according to Leshi's filing released Wednesday.

After the deals are closed, Leshi's holding in New Leshi Zhijia will be diluted to around 33.46 percent from 40.31 percent, but it will remain as the biggest shareholder.

At present, New Leshi Zhijia is the most valuable asset of Leshi. The new funds will help with a capital shortage at the company and boost operations. But challenges still remain. Leshi said in its response to the Shenzhen Stock Exchange that the smart TV maker is facing strong pressure from both traditional TV manufacturers and Internet firms as well as competition from potential newcomers. Meanwhile, fluctuations in raw material prices and severe operating environment also add to its operational woes.

Email: tanyuhan@nbd.com.cn