The Hong Kong arm of beleaguered Chinese conglomerate LeEco has been ordered to close down. A Hong Kong court Wednesday ordered its winding up after an application last month. Staff in Hong Kong were made redundant in January.
The unit had been intended as LeEco’s Asia-Pacific headquarters in 2014, and was to have provided OTT content and services via Le Corporation. It spent heavily on movie and TV rights, and had been reported as building up $9 million (HK$70 million) of debt.
Its creditors included Hong Kong film distributor Sundream Motion Pictures and newspaper Hong Kong Economic Times, which it had used for marketing.
LeEco group’s other Hong Kong company,LeSports HK said that the wind up of Le Corporation will have no impact on its operations. LeSports HK will continue to carry sports content including English Premier League soccer and NBA basketball games.