LeEco unit Leshi hopes ‘new’ name will help deliver a fresh beginning
The main listed unit of LeEco now proposes calling itself ‘New Le Shi Information&Technology Corp’, which it claims better reflects a strategy which is based on smart TVs
After building a new management team and rewriting its strategy, Shenzhen-listed video content company Leshi internet Information&Technology is now proposing changing its name, in a final effort to distance itself from its founder Jia Yueting, the head of cash-strapped LeEco.
The main listed unit of LeEco now proposes calling itself “New Le Shi Information&Technology Corp”, a barely changed name which it claims better reflects a strategy which is based on smart televisions, according to a company statement on Wednesday.
Jia resigned from all posts at Leshi in July, with new investor Sunac China’s chairman Sun Hongbin taking over as Leshi’s new chairman.
“The new name is a clear signal the company wants to put the cash woes of its founder Jia Yueting behind it and move into a new era,” said Hu Jiaming, a Shanghai-based analyst with Capital Securities.
Sun poured 15 billion yuan (US$2.25 billion) to bail out Jia’s LeEco group of companies, despite Jia remaining a major shareholder in Leshi.