Embattled Leshi, ‘China’s Netflix’, says it may have lost US$1.8 billion in 2017

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Leshi Internet Information and Technology, or, the Shenzhen-listed arm of embattled Chinese conglomerate LeEco, said it may have lost 11.6 billion yuan (US$1.83 billion) in 2017 as subscription and advertising revenues fell.
The video streaming company, once dubbed “China’s Netflix”, made a profit of 554.7 million yuan a year earlier, but has struggled along with its parent company LeEco after an over-aggressive expansion plan left the group cash-strapped. Various other…

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