January 24, 2018 / 1:35 AM / a year ago

Shares of China's Leshi set to plunge 10 percent in resumed trade

HONG KONG, Jan 24 (Reuters) - Shenzhen-listed shares of Leshi Internet Information and Technology were set to tumble 10 percent on Wednesday as the stock resumes trade after a nine-month suspension.

The company asked in April for trading to be suspended pending an acquisition of LeEco’s film unit for 9.8 billion yuan ($1.53 billion), a plan it eventually scrapped last week.

Leshi, once the main listed vehicle of LeEco, is seeking equity stakes in the car businesses of its largest shareholder, Jia Yueting, for debt owed by him and his companies amounting to as much as 7.5 billion yuan ($1.17 billion). (Reporting by Donny Kwok in Hong Kong and Luoyan Liu in Shanghai; Editing by Malcolm Foster)

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