Leshi says 0 mln of debts due this year; shares slump by limit

Updated 2018-02-06 14:12:06

Leshi Internet said about 5.62 billion yuan (0 million) of its debt falls due by the end of this year, almost two-thirds of the company's total loans and liabilities, sending its shares down for a ninth day.

This is the first time the video-streaming company, which is battling the fallout from a severe cash crunch at its founder Jia Yueting's technology conglomerate LeEco, has provided an estimate for its debt in 2018.

Earlier, the company had said that a part of its total loans and financial liabilities of 9.29 billion yuan would be due this year, without giving any further details.

Leshi shares plunged by the daily limit of 10 percent on Monday. Nine days of declines, since the stock resumed trading in January after a nine-month suspension, have knocked 37.5 billion yuan off the company's market capitalization, which stands at 23.7 billion yuan.

At its peak in 2015, Leshi was valued at 153 billion yuan.

Just last week, Leshi warned that it expected a loss of 11.6 billion yuan for 2017, more than five times its combined profits since listing on the Shenzhen stock exchange in 2010, due to the ongoing crisis at LeEco.

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