Regarded as China’s equivalent to Netflix, Le Eco’s aggressive moves into sports broadcasting rights and autonomous cars have backfired. The court ruling came after legal action from China’s Merchant Bank.Chinese tech giants LeEco have seen assets frozen worth 1.237 billion yuan ($182 million, 161 million euros) over a dispute with an unpaid creditor, the embattled company confirmed in a statement. A tech company, co-founded by billionaire Jia Yueting, with aggressive pushes into streaming, cars, and more, LeEco’s rise has been rapid in recent years despite the firm’s financial problems. The order from China Merchants Bank was over a missed payment by Le Eco’s mobile phone wing. LeEco was mostly known for its smartphone production, but has since made what many analysts said were reckless attempts to expand into cars and sports rights.

Source: Daily News Egypt July 05, 2017 10:52 UTC