Ambitious Chinese technology group LeEco is being sued by a Chinese advertising agency for missed payments, in a further sign that the company’s cash flow problems are extending to its home country after a series of recent struggles in the US.
The case is the latest indication that the ambitions of LeEco to conquer the US consumer electronics market may have surpassed its ability to finance its investments.
The lawsuits against four LeEco companies by Shenzhen-listed MIG Unmobi Tech, a mobile advertising company, cover Rmb61.6m ($9.07m) in missed payments, according to a stock exchange notice.
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