Leshi Internet says it must repay $890 million in debts by the end of 2018

LeEco founder Jia Yueting

Leshi Internet, one of China’s largest video-streaming services, disclosed that it must pay back 5.62 billion RMB (about $890 million) by the end of this year. Leshi Internet’s (also known as Le.com) heavy debts stem from a financial crisis at its sister company LeEco, both of which were founded by Jia Yueting. Jia resigned as Leshi Internet’s chief executive officer last year.

That amount represents about two-thirds of the total 9.29 billion yuan (about $1.45 billion) in debt Leshi Internet owes, which it says stems from Jia’s failure to provide funding after borrowing against Leshi Internet shares to fuel LeEco’s overambitious expansion strategy.

Leshi Internet shares resumed trading at the end of January, nine months after the company

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