January 23, 2018 / 4:46 AM / a year ago

China's Leshi says seeks equity in Jia Yueting's car businesses for debt owed

HONG KONG, Jan 23 (Reuters) - China’s Leshi Internet Information & Technology said on Tuesday it is seeking equity stakes in the car businesses of its largest shareholder Jia Yueting for the debts they owe.

Leshi told an investor briefing it was trying to resolve debt owed by Jia and his companies by seeking equity stakes in his businesses, including Faraday Future, Lucid and LeSEE.

Jia, who founded the LeEco conglomerate that is now struggling to repay debts, no longer holds any position in Shenzhen-listed Leshi but remains its largest shareholder with a 25.67 percent stake. (Reporting by Sijia Jiang; Editing by Muralikumar Anantharaman)

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