Leshi Internet, the major listed unit of debt-ridden Chinese technology conglomerate LeEco, reached a deal with its unlisted parent as it seeks to overcome an Rmb 6.7 billion $1 billion debt mountain.
The move is the latest twist in an Icarus-like downfall of LeEco, which once aspired to be a Chinese tech giant combining the best of Tesla, Apple and Netflix but found itself in a cash crunch as it struggled to fund its ambitious expansion.
In a statement on Tuesday night, Leshi said it expected to receive Rmb1.37 billion under a share transfer agreement with another LeEco subsidiary. The company's statement...
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