China Bridge Capital, a Beijing-based investment firm with RMB4.8 billion (US$690 million) under management, continues to dump shares of Leshi Internet Information & Technology Corp. (Beijing), the listed unit of troubled Chinese technology conglomerate LeEco.
The investment firm, once the second largest shareholder in Leshi after founder Jia Yueting (pictured), sold more than 60 million shares during the first quarter of 2017. The divestment comes as LeEco continues to face an intense liquidity crisis caused by the company over-leveraging itself to fund aggressive expansion into multiple business sectors.
Jia Yueting, founder of Leshi and head of LeEco, has used 98% of his 43.9 million Leshi shares as collateral to borrow money in order to fuel LeEco's expansion. LeEco, which owns 11.9 million shares of Leshi, has also used all of its...
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