(Yicai Global) Sept. 25 -- Leshi Internet Information & Technology (Beijing) Co. [SHE:300104] (LeTV) plans to purchase LeEco's financial business sector Lefinance Management (Beijing) Co. The acquisition price will likely be no more than USD455.24 million (CNY 3 billion).

Lefinance will become a wholly-owned subsidiary of LeTV Zhixin Electronic Technology (Tianjin) Co. after the transaction, LeTV said yesterday. The parties are still negotiating trading terms such as the price.

Lefinance's business is centered on online payment, trading and asset management, and has obtained licenses for commercial factoring, equity crowdfunding, fund sales and other activities. It is applying for licenses for private banking, brokering and lease financing.

LeTV said that after a series of adjustments in the first half, it has set the big-screen internet home entertainment business and smart televisions as its core. After buying Lefinance, it intends to combine financial products with the entertainment and video business to provide users with high-quality internet financial services.

LeEco was in financial crisis at the end of last year. Sunac China Holdings Ltd. [HK:1918] Chairman Sun Hongbin replaced LeEco founder Jia Yueting as the chairman of the group on July 21 this year. He has worked on a series of reform measures. LeEco is selling its unlisted assets to pay off its huge debts.