Le Corporation, a Hong Kong-registered subsidiary of China’s LeEco group, has filed a winding-up petition with the High Court.
LeEco has been fighting off creditors for more than a year since overextending itself with a rash of overseas acquisitions and expansion moves. Co-founder Jia Yueting last year admitted that the group had pursued growth over profitability, as it diversified from streaming video and cellphones into smart TVs and electric cars.
Earlier this month, Jia’s name appeared on China’s national credit risk database. The group is also reported to be trying to sell its Beijing headquarters.
Another Hong Kong-based subsidiary, LeSports HK, posted a notice on Facebook saying that it was not affected by Le Corporation’s problems. LeSports HK carries NBA basketball and English Premier League soccer.
Hong Kong film distributor Sundream Motion Pictures and newspaper Hong Kong Economic Times are among the companies that have sued Le Corporation to recover unpaid monies.
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