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Global internet and technology conglomerate LeEco was recognized by Prestigious Business Award for its continuous strive for technological innovation.
LeEco's listed video streaming and TV subsidiary, Leshi Internet Information and Technology Corp., Beijing, has won the 'Top Technology Pioneer' award at the China Listed Company Leaders Summit 2016 in Chengdu, China.
"Traditional companies only innovate in their own areas of expertise, which cannot result in breakthroughs in a broader scope. Our ecosystem business mode can break the boundaries between industries and result in cross-industry innovations that can bring users the best experience," said co-founder and vice chairman LeEco, Hank Liu Hong.
LeEco adopts a unique "ecosystem" business model that includes several connected businesses from video streaming to mobile phone.
Commenting on LeEco and other nominees, the award committee said, "They achieved top industry positions with technology innovations. They are the true technology pioneers among listed companies."
Co-organized by prestigious media group National Business Daily (NBD) and Chengdu government, the summit awards leading companies listed on Chinese stock market. A highly competitive award, it chose LeEco from a final list of 30 companies from thousands of listed firms.
Currently, LeEco has applied for more than 11,000 patents globally, including more than 2,000 in user interface, more than 2,500 in hardware and more than 800 in electric vehicles. LeEco's own CDLA technology replaces the headphone jack on smartphone with USB port well ahead of Apple, which took the same path with its latest iPhone.
Liu also commented on the recent controversies over LeEco's financial difficulty caused by aggressive expansion and said it is a problem that many successful companies have faced before. He said LeEco has shifted its focus from capital-intensive growth and user acquisition to achieving positive cash flows and valuable customers.
After being successfully funded with USD 600 million earlier this month, LeEco is seeing great interest from additional investors, according to Liu.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)