What’s trending?

As everyone rushes to outspend each other distributing cash during the Lunar New Year holiday, LeEco, a former pay TV superstar that has fallen on hard times, has altered its app icon to include the fact that it “owes 12.2 billion yuan,” or about $1.9 billion. Related hashtags have racked up more than 20,000 comments, led by, “Everyone now undoubtedly knows the state of LeEco’s finances.”

What’s the story?

One week before China’s Lunar New Year, Chinese streaming service provider Leshi Internet Formation and Technology Corp. (LeEco), also known as LeTV, rejigged its mobile app to include mention of the company’s massive debt. Many see the move as self-deprecating humor, as the company has floundered since its founder Jia Yueting fled to the U.S. in 2017 leaving huge unresolved debts behind.

As the annual holidays begins, China’s internet giants are busy maximizing the period’s marketing potential with “red envelope wars” in which they compete to give out cash gifts to users, and broadcast their generosity on their app icons. Chinese app icons reflect the drive with slogans like, “Pinduoduo gives 2.8 billion,” “Toutiao gives 1 billion,” “Douyin gives 2 billion,” “Baidu gives 2.2 billion” as a few examples of the adjusted icons.

Leshi, which is best known for its core LeTV service, responded to the social media buzz after its temporary “rebranding” by saying its debt problems were well known, but the company wanted users to know that the streaming platform was still running.

What are people saying online?

With LeEco’s disgraced founder Jia Yueting’s electric car company Faraday Future now targeting the China market, social media commentators suggest the updated logo is an attempt to bring the entrepreneur back into focus among the country’s tech followers.

“LeEco still exists?” was one popular comment.

Weibo users mostly believe the campaign has been a triumph, saying LeEco should change its name to a homonym of its Chinese name Leshi that means “optimistic.” As people across China connect with their families for annual New Year reunions, money is a mainstay of conversation. LeEco may have earned the sympathy of many who cannot brag about their earnings in 2020.

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