LeEco cash crunch eases with share transfer

Cash-strapped Chinese internet giant LeEco may be a bit calmer today, as the company announced that it has completed the share transfer of its listed arm Leshi Internet to real estate titan Sunac China Holdings Ltd., local media is reporting (in Chinese).

With the completion the share transfer formalities, LeEco has sold 171 million shares, or 8.56% of the arm’s total equity, for 6.04 billion RMB.

This is just one of the three parts in an RMB 15 billion funding program by Sunac. According to the funding deal inked in January, Sunac has agreed to pay 7.95 billion RMB for a 15% stake in the company’s television unit Leshi Zhixin, and 1.05 billion RMB for 33.5% of film production unit Le Vision Pictures, in addition to this one.

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