LeEco says 2016 sales will more than dou­ble

China Daily (Canada) - - LIFE - By MASI masi@chi­nadaily.com.cn

Chi­nese in­ter­net firm LeEco said on Wed­nes­day its 2016 rev­enue will more than dou­ble to ex­ceed 50 bil­lion yuan ($7.38 bil­lion), as the firm works hard to ease in­vestors’ con­cerns that its over-ex­pan­sion ef­forts will af­fect the cash flow of its listed arm and drag down its long-term growth.

Jia Yuet­ing, CEO and founder of LeEco, said the Bei­jing-based firm’s profit will also rise sig­nif­i­cantly next year, driven by the rapid growth of its video-stream­ing and TV busi­ness.

He­made­thecom­mentsa­tan in­vestor con­fer­ence in Bei­jing, af­ter shares in its listed arm Leshi in­ter­net In­for­ma­tion and Tech­nol­ogy Corp de­clined in the past few days amid con­cerns over its fi­nan­cial health.

“We will ad­dress the cap­i­tal is­sues in three to four months,” Jia said. The Chi­nese bil­lion­aire ad­mit­ted on Sun­day that LeEco’s global ex­pan­sion has gone too far, putting big pres­sure on its lim­ited cap­i­tal and or­ga­ni­za­tional ca­pac­i­ties.

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