Corporate Valuations - News China’s LeEco in talks with strategic investor to raise $1.4 bn



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China’s LeEco in talks with strategic investor to raise $1.4 bn


Date: 29-December-2016

China s cash-strapped LeEco said it is in talks to secure 10 billion yuan ($1.4 billion) from an unidentified strategic investor, but the announcement was seen as insufficient to dispel concern over the high-tech conglomerate s financial health. Led by tycoon Jia Yueting, LeEco expanded aggressively into electric and driverless cars and smartphones after making its name in video streaming, but last month warned staff it was facing a big company disease after growing too fast and in too many directions left it short of funds.Following its admission of a cash crunch, LeEco said soon after that it had secured commitments for $600 million to support its automotive unit and other high-tech businesses.

 
 
 
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