Letv Sports, the sports affiliate of Chinese online video streamer Leshi Internet Information & Technology Corp., has raised a hefty 800 million yuan (US$128.8 million) Series A funding, valuing the video-streaming business at 2.8 billion yuan (around US$451.1 million).

This round went through A and A+ periods, luring investments from two of the richest men in China. Wanda Investment, the venture capital fund supported by Chinese billionaire Wang Jianlin, leads in period A, and Alibaba’s Jack Ma-backed Yunfeng Capital leads in A+ financing, followed by Fortune Link, Prometheus Capital and funding from numerous individuals.

Following this deal, the stock ownership structure of Letv Sports has restructured its shareholder structure, with Leshi Internet Information and Technology Corporation’s stock dropping to 10% and Lele Interactive becoming the new majority shareholder.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.