LeEco founder absent from shareholders’ meeting -

LeEco founder absent from shareholders’ meeting

Credit: shanghaidaily.com

  • About: 2 months ago
  • 5 views

THE founder of debt-laden LeEco, Jia Yueting, didn’t attend a shareholders’ meeting of its listed subsidiary, Leshi Internet Information & Technology Corp, held yesterday in Beijing.

The 15-minute meeting was held without any interactive communications with Leshi’s shareholders on site. Leshi has been suspended from trading with unresolved debts and other problems.

Leshi posted a loss of about 640 million yuan (US$92.8 million) in the first half, a reversal from a profit of 280 million a year ago, the Shenzhen-listed firm said during the weekend.

Leshi and its new investor pleaded with suppliers and investors for “more time to repay debts and a rebound in business,” which needs capital and patience.

In January, cash-strapped LeEco secured a US$2.2 billion investment from a group led by property developer Sunac China Holdings.

“It’s good business. We need more time and maybe some finance,” Sunac Chairman Sun Hongbing said at the meeting, as quoted by media.

Sun was referring to listed Leshi’s business in online video, film production and smart TV. It doesn’t include LeEco’s ambitious electric car business.

Jia, who is now in the US, quit as chairman of Leshi Internet to become chairman at LeEco’s car unit. He’s still the controlling shareholder of LeEco.

His resignation came after asset managers sought to pull investment after a Shanghai court granted China Merchant Bank Co’s request to freeze US$182 million in assets due to late interest payments.



Follow Us on Twitter

Related stories with LeEco founder absent from shareholders’ meeting

Supreme's Banner Has Allegedly Been Stolen From Its NYC Store -World News
Supreme's Banner Has Allegedly Been Stolen From Its NYC Store 2 months ago
An image of what may be the Supreme NYC banner made its way onto a Facebook group over the weekend. Allegedly stolen from the Lafayette storefront, an account by the name of Zoe Godz posted the image of the banner for sale for $666 USD on the Facebook gro
Mississippi State lands commitment from 5-star forward Reggie Perry -World News
Mississippi State lands commitment from 5-star forward Reggie Perry 2 months ago
It’s only Monday, but Reggie Perry probably made the week for Mississippi State coach Ben Howland. In fact, Howland may not be able to wipe the smile off his face through the month of the July. The Bulldogs received the news from the 5-star prospect
Faraday Future Makes a High-Profile Hire From BMW -World News
Faraday Future Makes a High-Profile Hire From BMW 2 months ago
Troubled electric car company Faraday Futures makes another high-profile hire from BMW. In 2015, the Chinese-backed, yet US-based Faraday hired Richard Kim, the ex-BMW designer … The article Faraday Future Makes a High-Profile Hire From BMW appeare
President Trump Shakes Up Legal Team, But Not Strategy -World News
President Trump Shakes Up Legal Team, But Not Strategy 2 months ago
Morning Must Reads: July 17
The Absolute Best Memes From the Game of Thrones Premiere -World News
The Absolute Best Memes From the Game of Thrones Premiere 2 months ago
Warning: This post may contain spoilers for Game of Thrones. The first memes from Game of Thrones’ seventh season are here. The epic show returned Sunday night and was filled with the usual brooding conversations and standard dark themes. Luckily, t
Florida WR Antonio Callaway reaches plea deal stemming from May drug incident -World News
Florida WR Antonio Callaway reaches plea deal stemming from May drug incident 2 months ago
The Gators’ top offensive weapon finally has closure in relation to his May 13 citation for marijuana. On Monday, Florida star receiver Antonio Callaway pled no contest to possession of paraphernalia and was fined $301, Alachua State Attorney Bill
Doctors Remove 27 Contact Lenses from Woman’s Eye -World News
Doctors Remove 27 Contact Lenses from Woman’s Eye 2 months ago
Birmingham, England — A doctor recently found 27 contact lenses “lost” in a 67-year-old woman’s eye while preparing her for cataract surgery, according to a write-up in the British Medical Journal. According to the report, the woma
The Internet Got Strong Harry Potter Vibes From This Game of Thrones Scene -World News
The Internet Got Strong Harry Potter Vibes From This Game of Thrones Scene 2 months ago
British stars appearing in both Game of Thrones and the Harry Potter movie franchise has become the most English tradition since strawberries and cream, so the idea of the popular HBO fantasy series referencing the wizarding world is music to fans’
Small businesses on Amazon sell 40M items on Prime Day, up from 20M last year -World News
Small businesses on Amazon sell 40M items on Prime Day, up from 20M last year 2 months ago
Amazon today announced that small businesses and entrepreneurs sold more than 40 million items on Prime Day this month, which was up from 20 million last year. The 2X spike during the company’s third annual online shopping bonanza was highlighted in
U.S. Business Travelers More Likely To Drive Than Fly to Meetings -World News
U.S. Business Travelers More Likely To Drive Than Fly to Meetings 2 months ago
It can be easy to forget that most U.S. business travelers aren't road-warriors hitting multiple cities in a week. Sometimes we fixate too much on those who travel the most instead of the majority, who spend a day or two visiting clients or potential cust
Suspected LeT operative arrested from Mumbai Airport -World News
Suspected LeT operative arrested from Mumbai Airport 2 months ago
A suspected Lashkar-e-Taiba operative, Salim Mukim Khan, who was absconding for the past nine years, was nabbed from Mumbai Airport, an official said here on Monday.
Dominion Diamond gives nod to sweetened $1.2 billion cash takeover offer from WashCorps -World News
Dominion Diamond gives nod to sweetened $1.2 billion cash takeover offer from WashCorps 2 months ago
TORONTO — Dominion Diamond Corp. says it’s accepting a US$1.2-billion friendly cash takeover offer from The Washington Companies. The privately held Montana-based company is offering US$14.25 per share for all shares of Dominion Diamond, which is