China’s Leshi Internet says $890 million of debts due this year

Beijing. February 6. Silkroadnews - China’s Leshi Internet says $890 million of debts due this year, Euronews reports.
“China’s Leshi Internet said about 5.62 billion yuan (£630 million) of its debts would be due by the end of this year, or almost two-thirds of the company’s total loans and liabilities,” the report said.
This is the first time when the company, which main activity is video streaming, provided an estimation of its debt in 2018.
Earlier, the company said that a part of its financial obligations of 9.29 billion yuan ($1.5 billion) would be due this year, not disclosing any other details.
Shares of Leshi fell 10% on Monday, completing the nine-day decline observed since the stock trading was resumed in January after a nine-month suspension. The fall reduced the company’s market value by 37.5 billion yuan to 23.7 billion yuan. At its peak in 2015, Leshi was estimated at 153 billion yuan.
Last week, Leshi said it expected a loss of 11.6 billion yuan for 2017, more than five times its total profit since it entered the Shenzhen Stock Exchange in 2010, due to the ongoing crisis at LeEco.
LeEco was once a competitor to Netflix-to-Tesla in China, but from the end of 2016 it faced a financial crisis after a too rapid growth. Leshi used to be the main listed unit of LeEco corporation.
Currently, Leshi, using help of its second largest shareholder Sunac China, is trying to distance itself from the LeEco brand.
Leshi says that its largest shareholder Jia and related units of LeEco owe it 7.5 billion yuan. LeEco disputes the figure.
Sunac shares also fell by as much as 6%, behind almost 2% of the base index.