LeEco | Pixr8 News

2Jan By reutersNo Comments

CHINA

LeEco Founder Defies China Return Order, Stays In U.S. For Car Fundraising

The founder of debt-laden tech conglomerate LeEco has defied orders from Chinese regulators to return to the country before end-2017, saying he needed to stay in the United States as a fundraising for his electric car startup was making progress. The Beijing branch of the China Securities Regulatory Commission (CSRC) issued a notice last week ordering LeEco CEO Jia Yueting to return to China to sort out a mounting debt pile linked to his firms and protect investors’ rights. Jia said in a statement that he had asked his brother, Jia Yuemin, to meet the regulator face-to-face last Friday to provide a report after the notice was issued. “I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” he said in the statement that was posted on his official WeChat ...

26Dec By reutersNo Comments

CHINA

Pressure Of Debt Piles Up On LeEco’s Jia Yueting, Summoned To China

China’s securities regulator has formally ordered the founder of indebted tech conglomerate LeEco to return to China and sort out a mounting debt pile linked to his firms, ramping up pressure on the head of the embattled entertainment-to-autos group. The Beijing branch of the China Securities Regulatory Commission (CSRC) said in a notice late on Monday that LeEco Chief Executive Jia Yueting must return to China before Dec. 31 to “fulfill his obligation” and protect investors’ rights. LeEco, an entertainment, electronics and electric vehicles group founded by Jia, has struggled to pay its debts after rapid expansion into multiple sectors sparked a cash crunch, a plunge in the shares of a listed unit and led to multiple defaults. The watchdog said it had previously asked Jia to retu...

LeEco Says Not Exiting India But Confirms 85% Layoffs

4Mar By PriyankaNo Comments

News

LeEco Says Not Exiting India But Confirms 85% Layoffs

Chinese handset maker LeEco today refuted reports of winding up its India operations but admitted that it has undertaken an "optimisation exercise" in the world's second largest smartphone market. "India is one of the most strategic markets for LeEco and hence no exit plan... (the company) has recalibrated and reimagined its business in India since last year and taken a number of steps to ensure that the scale of operations is in sync with resources," LeEco India said in a statement. Reports said the company has laid off 85 per cent of its staff in India and may shut its operations here. Top executives Atul Jain (COO smart electronics business) and Debashish Ghosh (COO Internet applications, services and content) have also reportedly quit. "As LeEco India transits to a more...

China Tech Giant LeEco in Talks on $1.4 Billion Funding

29Dec By reutersNo Comments

CHINA, FUNDING

China Tech Giant LeEco in Talks on $1.4 Billion Funding

Cash-strapped Chinese technology conglomerate LeEco is in talks on securing a 10 billion yuan (USD1.4 billion) deal with an unnamed strategic investor, its listed unit said. Leshi Internet Information and Technology said in a filing to the stock exchange late Wednesday that its parent company had signed a framework agreement with the investor and the two sides were still discussing the final details. It did not disclose the identity of the investor, but the China Business News cited a source familiar with the situation as saying that it was an insurance company. LeEco has been expanding aggressively in a range of businesses including online entertainment, electric and driverless cars and smartphones, but the firm's billionaire chief executive Jia Yueting warned staff last month that ...

LeEco Like Xiaomi Will Assemble smartphones in India, Invests $7 Million

31Aug By AdityaNo Comments

News

LeEco Like Xiaomi Will Assemble smartphones in India, Invests $7 Million

Joining peers such as Xiaomi, Vivo and Gionee, Chinese handset maker LeEco will assemble its smartphones in India, investing Rs 50 crore in the facility. Set up in partnership with Compal Electronics, the facility in Greater Noida will have an initial capacity of 60,000 units a month. This will be ramped up to 2,00,000 by the end of December. "We have partnered with Compal for the facility and will start with the assembly of Le2. We will invest Rs 35 crore to start with and have earmarked another Rs 12-15 crore for the ramp-up," LeEco COO Smart Electronics Business Atul Jain said. He added that the facility, spread over 2,00,000 sq ft, will provide jobs to nearly 200 people. "India will be a global export hub... We are already there in China, Hong Kong and will soon star...

Beijing Based LeEco Launches Driverless Electric Concept Supercar

21Apr By AnkitaNo Comments

CHINA

Beijing Based LeEco Launches Driverless Electric Concept Supercar

Chinese technology company LeEco today unveiled what it claimed to be the world's first driverless electric concept supercar. The company, which has an aggressive strategy for Indian smartphone space, also launched three smartphones, Le 2, Le 2 Pro and Le Max 2, and two premium televisions Le Super 4X50 and Pro/X50. The LeSEE supercar encompasses a unique internet design, with a large and flamboyant LED screen. The car works on the idea of "inter-connection" and offers fully-automatic driving functions. It can also learn on its own with facial recognition, emotion recognition, system recognition and path recognition. The company did not share details of the car with regard to commercial launch, time and money invested in developing and price tag, among others. All it said was it w...

Chinese Company LeEco Will Provide Mid Day Meals To Indian Childrens

23Feb By PriyankaNo Comments

News

Chinese Company LeEco Will Provide Mid Day Meals To Indian Childrens

In a gesture befitting a socially conscious corporate, LeEco, the internet and technology conglomerate has joined hands with Akshaya Patra to support a mid-day meal for two children for every Le Superphone sold (Le 1s and Le Max) on LeEco Day on February 25, 2016. The initiative is part of a program that helps Akshaya Patra feed over a million children, who have the zeal to learn and the potential to contribute to India's social and economic development. LeEco, which recently entered the Indian market has become consumers' favourite brand in a short span of time. Having created a flurry of industry records with its Le Superphones, the corporate's LeEco Day with its bounty of benefits and offers worth Rs. 8 crores, is touted as one of the largest and most attractive shopping carnivals...