Post by The Ultimate Nullifier on Jul 6, 2017 10:37:12 GMT -6
deadline.com/2017/07/leeco-jia-yueting-resigns-china-media-capital-raises-600-million-fund-unifrance-toubiana-president-1202124288/
ia Yueting, the founder of China’s cash-strapped LeEco, has stepped down as Chairman of the internet and technology giant’s main listed unit, Leshi Internet Information. The move comes amid mounting pressure on debt-laden LeEco. Assets connected to the company and valued at $182M were recently frozen by a Shanghai court while Jia’s own 26% holding in Leshi suffered the same fate. LeEco was China’s first publicly traded streaming video company and has aggressively made deals to expand into other businesses including content, consumer electronics and auto production. It backs Le Vision Pictures and owns Le Vision Entertainment. According to Reuters, Leshi said today that Jia will remain controlling shareholder without any role. Jia himself today made a public plea for patience, promising on social media to repay debt and reaffirming LeEco’s electric car commitment. “Please give LeEco some time, please give LeEco car some time,” Jia wrote on his Weibo and WeChat accounts. “We will pay back creditors, suppliers and any other debts.”
ia Yueting, the founder of China’s cash-strapped LeEco, has stepped down as Chairman of the internet and technology giant’s main listed unit, Leshi Internet Information. The move comes amid mounting pressure on debt-laden LeEco. Assets connected to the company and valued at $182M were recently frozen by a Shanghai court while Jia’s own 26% holding in Leshi suffered the same fate. LeEco was China’s first publicly traded streaming video company and has aggressively made deals to expand into other businesses including content, consumer electronics and auto production. It backs Le Vision Pictures and owns Le Vision Entertainment. According to Reuters, Leshi said today that Jia will remain controlling shareholder without any role. Jia himself today made a public plea for patience, promising on social media to repay debt and reaffirming LeEco’s electric car commitment. “Please give LeEco some time, please give LeEco car some time,” Jia wrote on his Weibo and WeChat accounts. “We will pay back creditors, suppliers and any other debts.”