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China tech

Streaming service Leshi poised for delisting as red ink mounts

Former Chinese tech darling struggles to recover from ill-fated expansion push

A LeEco phone on display during a media event in San Francisco in 2016: Leshi branched out beyond streaming into smartphones.   © Reuters

DALIAN, China -- Foundering Chinese video-streaming company Leshi Internet Information & Technology looks set to be delisted from the Shenzhen Stock Exchange as it nears a key deadline with no path to recovery in sight.

Leshi was suspended from the startup-focused ChiNext board on May 13, 2019, after reporting roughly 3 billion yuan ($423 million at current rates) in negative net assets for 2018. Exchange rules stipulate that the listing must be terminated if the company fails to recover within the following year.

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