LeEco Unit Leshi Scraps Plans to Issue Bonds

By Reuters | Updated: 9 June 2017 11:27 IST

Click Here to Add Gadgets360 As A Trusted Source

Highlights

LeEco's Leshi has scrapped plans to issue CNY 2 billion worth of bonds
No reason given for the cancellation by the Leshi Internet
In May, LeEco said it will cut over 300 jobs at its US business

Leshi Internet Information & Technology, a listed unit of Chinese conglomerate LeEco, has scrapped plans to issue CNY 2 billion ($294 million) worth of bonds.

Leshi Internet Information & Technology Corp Beijing's update on its bond issue plans were posted on the Shenzhen stock exchange website, with no reason given for the cancellation.

In its prospectus issued in September last year, Leshi said proceeds of the bonds, with maturities of up to five years, would be used to boost the company's working capital.

Company executives were not immediately available for comment.

Leshi's parent LeEco, founded by Chinese entrepreneur Jia Yueting, has been suffering a cash crunch due to its heady expansion from video streaming to TV sets, smartphones, sports and even electric vehicles in a little over a decade.

In May, LeEco said it will cut over 300 jobs at its US business, amounting to almost three-quarters of its local workforce, as it streamlined global operations in response to a shortage of cash.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: LeEco, LeEco CEO Stepdown, Jia Yueting, Mobiles, Home Entertainment, Entertainment, Transportation, Apps, Android, LeEco Cash Crunch, LeEco Job Cuts

Uber Woes Mount Ahead of Workplace Probe Report

LeEco Unit Leshi Scraps Plans to Issue Bonds

Related Stories