China's Cash-Strapped LeEco in Talks To Gain $1.4 Billion From Investor (reuters.com) 15
China's cash-strapped LeEco said it is in talks to secure 10 billion yuan ($1.4 billion) from an unidentified strategic investor, but the announcement was seen as insufficient to dispel concern over the high-tech conglomerate's financial health. From a report on Reuters: Led by tycoon Jia Yueting, LeEco expanded aggressively into electric and driverless cars and smartphones after making its name in video streaming, but last month warned staff it was facing 'a big company disease' after growing too fast and in too many directions left it short of funds. LeEco is still finalizing details of the investment, according to a filing by its Shenzhen-listed unit Leshi Internet Information and Technology. Leshi said it would extend a trading halt on its stock but the halt would not exceed 10 days. Following its admission of a cash crunch, LeEco said soon after that it had secured commitments for $600 million to support its automotive unit and other high-tech businesses.
Why is this on Slashdot? (Score:1)
How is this news for nerds? Why is this on Slashdot? This is a site for nerds, who sit in their parents' basements all day watching Star Track. Of course, there's no money in that, so the reads of this site have no reason to care. I doubt there will be many comments, because most of the nerds are busy watching Star Track Voyager. Watching Captain Jane Way on TV is as close to contact with a female as most of the readers will ever achieve. Don't distract them with stories about money!
Re: (Score:2)
This is a site for nerds, who sit in their parents' basements all day watching Star Track.
Is that astronauts racing each other during EVAs or people on the ISS running on treadmills? Either way, sounds pretty boring.
RIP Vizio (Score:2)
Re: (Score:2)
Really? I had to mainboard go bad on my Vizio TV. When the guy showed up and popped the back off I was astonished to find the mainboard was simply stuck to the back of the LCD panel with packing tape.
unidentified strategic investor? (Score:2)
I get the feeling that the Chinese government is this "unidentified strategic investor" because they are pushing for cleaner alternatives and they like to control everything, especially their citizens. They may want to remain anonymous because they know they are not trusted in other countries.
I could be totally wrong because it's an educated guess.
Most of those Stanford schooled... (Score:2)
Most of those Stanfort schooled Chinese execs of public companies has less financial literacy than an average American housewife.
A "Harward grad" Liu Erh-fei who was to run CIC joint fund with Blackrock, for example did only 1 year single ECON course at Harward, but claims to have their MBA, and yes, the major shareholder and a boardmember of the fund was to be a wife of Hu Bing - a China Investment Co.'s chairman who did 2 year agricultural college.
Re: Most of those Stanford schooled... (Score:2)
If you interested how the story ended: once Blackrock lamers finally found out where the winds are blowing, they bailed out of the enterprise, and CIC dumped their shares overnight at retail brokerage.
google/Apple needs to buy FF. (Score:2)
OTOH, if Apple or Google buy this, they can start car production within a year, and have their sofware on it.