Leshi predicts 11.6 bln yuan loss for 2017

Updated 2018-01-31 09:09:05 Xinhua

Leshi Internet Information and Technology, the listed arm of technology conglomerate LeEco, expects about 11.6 billion yuan (1.84 billion U.S. dollars) in net losses last year.

The net loss for 2017 includes operation loss, bad debt provision for account receivable and provision for impairment of long-term assets, the Shenzhen-listed firm said in a statement Tuesday.

Leshi attributed its operation loss to the financial strain of related parties, liquidity issues, shrinking advertisement revenue and rising financing costs.

The company saw its shares plummet by the daily limit of 10 percent for five consecutive days since it restarted trading last week.

The plunge came after a suspension from April last year when the company said in a filing on the Shenzhen Stock Exchange that it was contemplating capital restructuring.

The planned deal to acquire a film arm from the troubled LeEco was finally dropped due to LeEco's financial woes.

The company warned investors of risks in light of its current operation.

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