Chinese video streaming company LeTV may lose its listing on the country’s stock market after accumulating significant debt, as major shareholder Jia Yueting pursues his dream of producing electric cars.

In its first 2019 shareholders meeting held on Tuesday in Beijing, Bai Bing, LeTV’s secretary of the board, warned that the company’s public listing is at risk of being suspended if it records negative net assets in its audited 2018 financial results.

The Shenzhen board-listed company reported total unaudited debt of RMB 12 billion (around $1.8 billion) in 2018, of which RMB 3.4 billion is owed to its suppliers. It also warned that it would be forced to delist after a year “if its 2019 annual report fails to meet regulatory demands,” (our translation) according to a notice released Monday.

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Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen