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China tech

Chinese video platform Leshi delisted after string of losses

Diversification strategy backfired on tech group

Jia Yueting, co-founder of the Chinese tech group that includes Leshi, poses for a photo after a 2016 Reuters interview.   © Reuters

DALIAN, China -- Chinese video-streaming company Leshi Internet Information & Technology said Thursday that it had been delisted from the Shenzhen Stock Exchange.

The move came after the company booked an annual loss for three consecutive financial years.

Founded in 2004, Leshi has struggled with cash flow problems after seeking to diversify its business profile. Parent group LeEco's finances took a turn for the worse around 2016 when founder Jia Yueting, once hailed by some as the "Steve Jobs of China," announced a move into electric cars.

Leshi's total debt reached 20.8 billion yuan ($2.9 billion) as of March 31.

The company's strength lay in its video-streaming of sports. Leshi also found some success in sales of its own-brand televisions and smartphones.

After Leshi's delisting, Nikkei Inc. removed the company from its Asia300, an exclusive list of the biggest and fastest-growing companies from 11 economies across Asia.

Hong Kong-based trading house Li & Fung will also be removed from the Asia300 on May 27 following its move to go private.

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