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Online streaming service Leshi struggles to turn itself around

Once-hot Chinese company logs nearly $300m net loss as diversification backfires

LeEco unveils an all-electric concept car in 2016. The group's diversification strategy ran into headwinds.   © Reuters

DALIAN, China -- Video streaming service Leshi Internet Information & Technology is struggling to regain its financial footing as an ill-conceived push to diversify has left the company with a negative net worth.

The owner of a Leshi smart TV store on the outskirts of the northeastern Chinese city of Dalian stares at his unsold inventory and muses that he can no longer keep the store open. There are no customers in his 30-sq.-meter shop.

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