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Former Leshi TV Unit Launches New Models in Comeback Attempt

By Hou Qijiang and Han Wei / May 08, 2019 03:13 AM / Business & Tech

Photo: IC Photo

Photo: IC Photo

Lerong Zhixin, a smart-TV manufacturer, unveiled two new models Tuesday, marking a comeback after a business interruption since 2016 amid the debt woes of its former controlling shareholder.

Lerong Zhixin, formerly known as Leshi Zhixin, was the main revenue source of debt-ridden Leshi Internet Information & Technology Corp., the Shenzhen-listed arm of the once high-flying technology conglomerate founded by fugitive businessman Jia Yueting. Last year, Leshi sold the controlling stake in Leshi Zhixin to property developer Sunac China Holdings Inc. to ease its capital crunch.

Leshi Zhixin was subsequently renamed Lerong Zhixin to distance itself from the troubled parent company, which faces a risk of being delisted after it reported negative net assets last year.

At the Tuesday event, Lerong Zhixin unveiled its new Lerong brand to replace the previous Letv brand. Liu Shuqing, chairman and CEO of Lerong Zhixin, said the company is stepping out of the shadow of Leshi with financial support from Sunac and other shareholders.

Liu said the company aims to sell 1 million to 2 million TV sets this year to revive its market presence.

Related: Fugitive Tycoon Jia Yueting and Leshi Under Probe

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