男友太凶猛1v1高h,大地资源在线资源免费观看 ,人妻少妇精品视频二区,极度sm残忍bdsm变态

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Companies

Tightening cash flows compound Leshi's debt woes

China Daily | Updated: 2018-02-06 11:06
Share
Share - WeChat

Leshi Internet Information and Technology, the listed arm of technology company LeEco, expects 5.62 billion yuan ($894 million) of debts to mature this year. The debts were only a part of the company's total unpaid liabilities from financing and loans worth 9.29 billion yuan as of the end of last year, according to a statement issued by Leshi.

"If the company's business volume fails to rebound to the previous level, the cash flow will tighten further, which will put us under pressure to repay the debts," Leshi said. The company also warned investors of the risks.

The statement came after the company's shares traded in the Shenzhen Stock Exchange dropped by the 10-percent daily limit on Monday for eight straight days. Before the slumps, it had suspended trading since April last year due to capital restructuring.

But the plan was dropped due to financial woes of LeEco, which was in deep water as aggressive expansion into electric cars and other markets resulted in a rapid buildup of debts. It expects about 11.6 billion yuan in net losses for last year, due to the ongoing crisis at LeEco.

Founded in 2004, LeEco started as a Netflix-style video streaming service provider, but it rapidly grew into a tech heavyweight with a presence in smartphones, TVs, sports, media and electric cars, but ran into a cash crunch since late 2016 after expanding too fast. Leshi used to be the main listed unit of the conglomerate.

As the listed arm of Chinese internet conglomerate LeEco, the company which went public in 2010 and had made profits in the seven consecutive years, expects a loss of 11.6 billion yuan for last year.

Leshi said its largest shareholder Jia Yueting and related LeEco units owe it 7.5 billion yuan, but LeEco disputes the figure, saying it only owes Leshi 6 billion yuan, 3 billion yuan of which it has arranged to repay soon.

It also said in an investor briefing in January that it is seeking to acquire equity stakes in the car businesses of Jia to ensure the units repay the outstanding debt they owe it.

It said the move is an effort to resolve the financial strain and supply chain problems it faces, with stakes sought in Faraday Future, Lucid Motors and LeSEE, among others.

Debt-laden Jia, who has stepped down as chief executive of Leshi, remains the company's largest shareholder with a 25.67 percent stake. Jia is focusing on LeEco's automobile unit and struggling to raise capital to fund a US-based electric car startup Faraday Future.

Currently, Sunac China Holdings Ltd, a Chinese real estate developer, holds 8.56 percent shares of Leshi, and the developer's founder and Chairman Sun Hongbin is the actual controller running Leshi.

Xinhua-China Daily

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 洛南县| 枞阳县| 五华县| 通海县| 县级市| 定西市| 凤台县| 曲麻莱县| 兖州市| 石林| 南陵县| 修水县| 吴忠市| 石屏县| 红桥区| 永康市| 岳阳市| 张家界市| 许昌市| 万源市| 连山| 扎鲁特旗| 江阴市| 泗阳县| 桓仁| 平利县| 南溪县| 沙洋县| 巩义市| 芜湖市| 离岛区| 元朗区| 万年县| 五大连池市| 措美县| 黎川县| 黄陵县| 卢氏县| 华阴市| 彭州市| 邵武市|