LeEco Shares Suspended Ahead of Restructuring

2017/4/19 14:18:00 (Beijing Time)   Source:Variety    By:Patrick Frater

Shares in Le Shi Internet and Technology, one of the key companies in China’s financially-troubled LeEco cluster of linked entertainment and technology firms, were suspended on Monday.

In a statement the company said that trading of the counter on the Shenzhen stock market would remain halted until it made a unveiled a restructuring that would involve “major adjustments.” The company expects to detail the changes on Wednesday, along with publication of its overdue set of 2016 financial results.

Headed by Jia Yueting, Le Shi revealed in October last year that the group had run into financial difficulties as a result of over-rapid expansion.

Since that time it has raised new financing and halted some ventures. Last week it confirmed that it would not be going ahead with the $2 billion acquisition of U.S. smart television set manufacturer, Vizio.

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