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Financially troubled LeEco to get 16.8-billion-yuan investment
   2017-01-14 11:10:08    CRIENGLISH.com      Web Editor: Zhang Xu

CEO of Chinese tech company LeEco Jia Yueting speaks at the launch event, in San Francisco, the United States, on Oct. 19, 2016. Chinese tech company LeEco released a wide array of smart devices and unveiled its internet ecosystem consisting of platform, content, apps and connected smart devices at "Ignite the Eco World" event in San Francisco on Oct. 19, 2016. The company said it has officially launched its innovative ecosystem model in the United States.[Photo: Xinhua]

Chinese technology company LeEco has received a 16.8 billion yuan (2.4 billion USD) investment, mostly from property developer Sunac China Holdings, according to a statement on LeEco's official website on Friday.

The investment will come just in time as the first capital investment should arrive on Monday, the same day LeEco's stocks will resume trading after they were suspended on December 7 due to the company's financial difficulties.

Sunac plans to invest 15 billion yuan (2.17 billion USD) while another two investors, Huaxia Insurance and Leran Investment, plan to invest 1.8 billion yuan (261 million USD). LeEco will get the first 7.1 billion yuan (1.03 billion USD) from the investors on Monday when LeEco's stock resumes trading. The investors will then pay 6.04 billion yuan (876 million USD) in the next five business days.

LeEco said that Sunac's investment would help solve LeEco's financial problems once and for all. LeEco's CEO Jia Yueting said in last November that his company was facing financial difficulties due to the rapid pace of growth in various businesses, but later LeEco announced it had secured commitments for 600 million USD to support its embattled automotive unit and other high-tech areas.

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