LeEco says it's near investment of .44 bln

Updated 2016-12-29 10:01:40 Global Times

Chinese technology company LeEco, which has been reportedly facing concerns over its financial situation, is close to securing an investment deal worth more than 10 billion yuan (.44 billion), the company said on Wednesday.

LeEco has signed a framework agreement on cooperation with a "strategic investor," who has made an "earnest payment of a certain amount," LETV, the listed unit of LeEco, said in a statement to the Shenzhen Stock Exchange.

However, "relevant parties still need further consultation in order to formally sign the agreement," and the company will continue the suspension of its shares, the statement said. It did not disclose details of the strategic deal.

LeEco's shares have been suspended since December 15, following a drop of more than 40 percent in the five months through December 11.

CEO Jia Yueting previously admitted that the company had been facing cash flow pressure.

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