LeEco has halted trading of shares until further notice as of today. LeEco is a company comprised of a few different properties, one of which is Lei Shi Internet & Technology, the company whose shares on the Shenzhen stock market have been paused while LeEco looks to make some changes to the company as a whole. LeEco has not opened up about what these changes would be exactly but they did use the term "restructuring" and mentioned that changes would be rather significant, and they reportedly plan to make the details of the adjustments public this Wednesday although a specific time was not mentioned.
LeEco's challenges financially are nothing new as they have been open and public about the difficulties they have been facing since the decision to acquire VIZIO for $2 Billion, a deal which has now reportedly been called off because of the financial struggles that LeEco has been dealing with. With the shares for Lei Shi Internet & Technology now having been suspended this is simply the latest development in what seems to be an increasingly troubled time for the Chinese corporation, having cited over-expansion as the main result for their cash flow problems that have led the company to make some of these harsher decisions.
It's unclear what all of these changes mean for LeEco in the future or how the adjustments that they plan to make soon will alter their presence in the U.S. and elsewhere, if at all, though it's likely that LeEco isn't making any decisions without having put plenty of thought into the direction they plan to take moving forward, especially now. That said, whatever LeEco's future plans are, they will end up including the task of finding a new person to take over the role of Senior Vice President & Global Head of Corporate Finance, as the previous finance chief Winston Cheng, reportedly left LeEco over the weekend. LeEco has their hands in more than a few different markets, including TVs, media streaming content, as well as investments in Faraday Future, and of course smartphones, some of which are already available in the U.S. as of earlier this year.