日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

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

LeEco mired in financial crisis

By Ma Si | China Daily | Updated: 2017-07-12 07:50
Share
Share - WeChat

A visitor experiences LeEco's VR glasses at a US product launch in Los Angeles, California. [Photo/Xinhua]

Chinese actress Gan Wei is better known as the wife of Jia Yueting, founder of Chinese internet company LeEco, which was once a successful tech story but now faces a severe cash crunch.

Gan recently forwarded Jia a post on Sina Weibo, a microblog platform, which says that "Life may be fraught with hardships, but happiness should never be affected by that. Even if life is hard, I still love it."

Gan has been very supportive ever since Jia publicly admitted in November that the company's expansion efforts have gone too far and the troubled Chinese tycoon was bombarded with questions and doubts about his ambitious business plan and his ability to reinvigorate LeEco.

But the financial crisis may be far more severe than Gan and Jia had expected. The 21st Century Business Herald quoted a due diligence report from an undisclosed financial institution that said LeEco has seven business units which span smartphones, finance, sports and automobiles, but only its video-streaming unit and movie business are making money. The others are all in the red.

In the first three quarters of 2016, LeEco recorded 9.73 billion yuan ($1.43 billion) in losses, although its revenue stood at around 40 billion yuan, the 21st Century Business Herald said.

Smartphones are the biggest culprit, contributing 5.66 billion yuan in losses. Its sports and automobile units posted 2.63 billion yuan and 1.34 billion yuan in losses respectively, the report added.

LeEco was not immediately available for comment.

Almost at the same time, five investment funds, all investors in Leshi Internet Information and Technology Corp, the listed video-streaming unit of LeEco, lowered their valuation of Leshi's stock.

ICBC Credit Suisse Asset Management Co Ltd, for instance, lowered its valuation to 22.37 yuan per share. In comparison, Leshi stock closed at 30.68 yuan before its shares were halted from trading in April. The suspension continues. LeEco did not disclose when the shares will resume trading.

This equals Leshi shares declining to their 10 percent daily limit for three consecutive days, analysts said.

Shen Meng, director of boutique investment bank Chanson & Co, said LeEco has been suffering from a number of setbacks, which considerably diminished investor confidence.

Last month, Shanghai High People's Court froze 15.9 billion yuan worth of Jia's stocks in Leshi due to unpaid interest debt.

The ruling came as a China Merchants Bank branch applied for a property preservation order in June to block the 1.24 billion yuan of assets owned by Jia, his wife and three affiliated companies.

Shen said LeEco's cash flow problems were worsening, despite a 16.8 billion yuan investment from real estate developer Sunac China Holdings and others at the beginning of the year.

Partly as result of the mounting financial pressure, Jia resigned from all positions at the listed Leshi unit, stepping down as chairman, and left the board of directors.

Jia said he would focus on LeEco's automobile business, which is not listed. He would especially devote more time to Faraday Future, the US-based startup he personally backs.

But Faraday Future said on Tuesday that it halted plans to build a $1 billion factory in Nevada. "We are in the process of identifying a manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options," Faraday said.

Lu Zhenwang, CEO of the Shanghai-based Wanqing Consultancy, said it is highly difficult for Jia to succeed in the cash-intensive automobile sector, given LeEco's worsening financial risks.

"Producing cars is far more complicated than making smartphones. The faster an auto factory grows, the more resources firms will need to keep it running. It will take at least three to five years before enterprises generate any profit from a car factory," Lu said.

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: 热久久伊人 | 免费在线一区二区三区 | 亚洲第一久久 | 激情大乳女做爰办公室韩国 | 国产精品久久久久亚洲 | 777色狠狠一区二区三区香蕉 | 97在线观视频免费观看 | 锵锵锵锵锵锵锵锵锵好大好湿软件 | 777久久婷婷成人综合色 | 一区二区三区在线 | 日本 | 日韩精品免费在线视频 | 一区二区三区视频免费 | 谍影在线观看电视剧完整版 | 欧美亚洲理伦电影毛片在线播放 | 国产精品久久久久久亚洲伦理 | 国产三级网址 | 国产永久在线视频 | 亚洲3atv精品一区二区三区 | 亚洲欧美一区二区三区情侣bbw | 一区二区三区久久 | 欧美性高清视频免费看www | 久久亚洲天堂 | 欧美综合自拍亚洲综合百度 | 欧美日韩成人网 | 日韩国产一区二区三区 | 黄视频免费在线观看 | 色偷偷影院 | 在线观看亚洲网站 | 韩国美女丝袜一区二区 | 色妇影院| 亚洲欧美第一页 | 国产色拍拍视频在线 | 国产午夜福利视频一区二区32页 | 国产成人精品一区在线播放 | 免费男女视频 | 日本妇人成熟A片一区-老狼 | 亚洲日本一区二区三区 | 魔法骑士在线观看免费完整版高清 | 欧洲另类一二三四区 | 欧美艹逼| 亚洲婷婷综合网 |