When two of the richest men in China invest in something, one would automatically know that it is going to be big and it is going to gain attention.

Various local and international media outlets are reporting that Alibaba's Jack Ma and Dalian Wanda Group's Wang Jianlin have helped raised 800 million Chinese yuan of series A funding for a sports-focused video streaming service in the mainland.

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The funding is estimated to be worth US$128.8 million, TechNode reported.

Through its new cash on hand, the Leshi Internet Information & Technology Corp. affiliate is expected to shift to an all-around sports service provider business model. LeTV Sports is believed to be preparing to offer features like smart hardware, value-added services, sports event management and content output.

TechNode reported that LeTV Sports has secured exclusive rights to some sports events and that it will give its users an option to choose between 6-way signal and 4-way interpretation.

Variety Magazine on May 13 reported that LeTV Sports has broadcast and media rights to 12 types of sports and 120 events, including China Women's Super League and Champions Cup.

Furthermore, it is reported that the new round of funding from Ma, Wang and other investors places LeTV Sport's value to approximately $451 million. Ma invested on the media company through his private equity firm Yunfeng Capital.

“The business model of Letv Sports accords to our philosophy of investment. We will help Letv Sports become a world-class enterprise by providing all sorts of support, not only in capital investment but also in fostering better company management, development strategies and brand building,” said Jessica Xia, Yunfeng Capital Manager, according to Variety.

Prior to LeTV's announcement of its expansion plans, both Chinese moguls Wang and Ma have been making news. Ma's Alibaba is in the midst of a legal battle with various luxury brand companies while the richest man in Asia, Wang, just announced a partnership with another property giant, China Vanke Co. Ltd.

TagsJack Ma, LeTV, Letv sports, Letv sports expansion, Letv Sports investment