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Leshi delays resumption of trading on ChiNext

chinadaily.com.cn | Updated: 2017-10-11 15:07


Leshi Internet Information & Technology Corp, Beijing, LeEco's video-streaming arm, will continue to remain suspended on ChiNext, China's NASDAQ-style board, the listed company announced on Monday.

Around six months ago, on April 17, the company stopped its stock trading on ChiNext.

According to Shenzhen Stock Exchange rules, listed companies on ChiNext cannot suspend their stock trading for more than six months unless significant, unprecedented matters or cross-border transactions are involved.

Therefore, Leshi said in its statement that since the company cannot release its significant and unprecedented restructuring plan before Oct 16 this year, the company decided to delay its stock trading resumption.

The listed company's restructuring plan started on Dec 5, 2015. According to the plan, Leshi will acquire 100 percent shares of Le Vision Pictures, a filmmaking arm of LeEco.

But after LeEco's financial crisis erupted last year, the plan's future is uncertain.

On a previous statement released on Sept 27, the company said its name will be changed to New Leshi Information & Technology Corp, Beijing, but the stock code of the company will remain 300104.

Caixin, a financial media outlet, citing an official at Shenzhen Stock Exchange, said it is unclear when Leshi will resume trading, but the bourse and related regulators will urge the company to release its restructuring plan and resume trading as soon as possible.

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