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Tech
News18 » Tech
1-min read

LeEco Unit Leshi Scraps Plans to Issue Bonds

In May, LeEco said it will cut over 300 jobs at its US business, amounting to almost three-quarters of its local workforce.

Reuters

Updated:June 9, 2017, 11:57 AM IST
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LeEco Unit Leshi Scraps Plans to Issue Bonds
LeEco Plans Smartphone With 18:9 Aspect Ratio: Report (Representative Image: Reuters)
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Leshi Internet Information & Technology, a listed unit of Chinese conglomerate LeEco, has scrapped plans to issue CNY 2 billion ($294 million) worth of bonds.

Leshi Internet Information & Technology Corp Beijing's update on its bond issue plans were posted on the Shenzhen stock exchange website, with no reason given for the cancellation.

Read more: HTC U11 Flagship Phone Gets Listed on India Website, May Launch Soon

In its prospectus issued in September last year, Leshi said proceeds of the bonds, with maturities of up to five years, would be used to boost the company's working capital.

Company executives were not immediately available for comment.

Read more: 5 Best Budget Android Smartphones From Xiaomi

Leshi's parent LeEco, founded by Chinese entrepreneur Jia Yueting, has been suffering a cash crunch due to its heady expansion from video streaming to TV sets, smartphones, sports and even electric vehicles in a little over a decade.

Read more: OnePlus 5 Design With Dual-Camera Setup Revealed, to Launch on June 22

In May, LeEco said it will cut over 300 jobs at its US business, amounting to almost three-quarters of its local workforce, as it streamlined global operations in response to a shortage of cash.

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| Edited by: Krishna Sinha Chaudhury
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