LeTV Sports gets EPL rights for Hong Kong

At the same time, the company also needs huge cash flows to pursue its sports ambitions. In May this year, it raised 800 million yuan ($125.5 million) as funding from Wanda Investment, the venture capital fund supported by Chinese billionaire Wang Jianlin, and Alibaba's Jack Ma-backed Yunfeng Capital, valuing the video-streaming business at 2.8 billion yuan and setting a record for fundraising in the Chinese sports industry.

Huang Jinyang, an EPL viewer in Shanghai, believes the emergence of a new player and distributor like LeTV Sports in the TV market is a good thing as it allows content owners to distribute to a mass audience without huge investments on cable TV networks.

"The broader picture may not be very clear so far, but there is a possibility that customers could actually benefit from the latest deal," said Huang.