Leshi Internet, a leading video streaming service provider in China, recently disclosed that it must repay a substantial sum of money - approximately two-thirds of the total debt owed. This comes amidst financial crisis at its sister company LeEco.
The amount Leshi Internet is required to pay back amounts to 5.62 billion RMB (about $890 million) by the end of this year. The debts stem from Jia Yueting’s failure to provide funding after borrowing against Leshi Internet shares to fuel LeEco’s overambitious expansion strategy.
Leshi Internet owes a total of 9.29 billion yuan (about \(1.45 billion) in debt, and the company expects a loss of 11.6 billion RMB (approximately \)1.8 billion) for 2017 due to the fallout from LeEco’s financial problems.
In an unusual turn of events, Jia Yueting was publicly ordered by the China Securities Regulatory Commission’s Beijing branch in December last year to return to China and deal with debts owed by LeEco. His assets were also seized by a Beijing court.
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