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Deal set to lift LeEco’s cash flow
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LESHI Internet Information & Technology Corp, LeEco’s listed subsidiary, will spend 3 billion yuan (US$453 million) to acquire part of its parent company’s investment and finance business.
The deal may help debt-ridden LeEco improve cash flow and diversify Shenzhen-listed Leshi’s portfolio away from smart TV and online video business, industry insiders said.
The finance assets include online payment, licenses of fund, insurance and finance leases, and other online finance business, which are valued up to 3 billion yuan, Leshi said in a statement to the Shenzhen Stock Exchange.
Early this month, China’s court blacklisted two non-listed subsidiaries of LeEco after they defaulted in clearing payments to their suppliers.
LeEco has been facing a financial crisis since last year.
The company’s founder, Jia Yueting, resigned as chairman in July but he’s still LeEco’s controlling shareholder.
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