LeEco plans strategic restructuring: reports

Updated 2017-05-22 09:01:24 Global Times

Le Holdings Co, also known as LeEco, said on Sunday that it will shift focus to strategic restructuring after having taken risky moves last year without sufficient resources, according to media reports.

LeEco's co-founder Jia Yueting has announced that he will resign from the general manager position of Leshi Internet Information & Technology Corp, LeEco's online video distribution services, news site 163.com reported on Sunday.

Jia also noted that its seven major businesses are equally important. If necessary, the company will consider selling equity to enhance its competitiveness and the company does not have to be the controlling shareholder in such cases.

In March, the technology conglomerate raised nearly .2 billion from new investors including property developer Sunac China Holdings, Reuters reported.

LeEco has been struggling with cash shortfalls after expanding too fast, media reports noted.

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