|Founded||8 September 2011|
|Worldwide (China, India, USA and Russia mainly)|
|Jia Yueting (managing director)|
|Products||Automobiles, bicycles, mobile phones, televisions, film productions, virtual reality|
|Owner||Jia Yueting (92.07%)|
LeEco (Chinese: 乐视生态; pinyin: Lèshì Shēngtài) is a Chinese multinational conglomerate corporation founded by Jia Yueting, the founder of Le.com (aka LeTV). The group maintains ventures in consumer electronics, automobiles, film and other business. The holding company of the group is known as Leshi Holding (Beijing) Co., Ltd. (Chinese: 乐视控股(北京)有限公司; pinyin: Lèshì Kònggǔ Běijīng Yǒuxiàn Gōngsī).
Le.com, formerly Letv (Chinese: 乐视网; pinyin: lèshì wǎng; literally: "Entertainment Video Network"), was founded by Jia Yueting in Beijing in 2004 and was the first streaming video company in China to go public. Jia later founded Leshi Holding as a sister company of Letv to provide media content and products that linked to its services. Both Letv services and Leshi products were marketed internationally under the Letv name until January 2016, when media services began under the Le.com name (Chinese: 乐视视频; pinyin: lèshì shìpín; literally: "Leshi Video") and electronics products were labeled LeEco.
In July 2016, it was announced that LeEco would acquire American television manufacturer Vizio for $2 billion. Vizio was to be operated as an independent subsidiary in southern California, while Vizio's Inscape Data Services was going to be spun out into a privately held company. The acquisition was later cancelled.
LeEco officially expanded into the US market in November 2016, beginning sales of mobile phones, televisions, headphones, and eventually "smart bicycles" on its privately owned marketplace LeMall (Chinese: 乐视商城; pinyin: lèshì shāngchéng). It previously expanded into India in 2015.
Billionaire CEO Jia Yueting announced in November 2016 stagnation and management problems in a letter to his employees. He plans to invest US$10 million and to reduce his base salary to US$0.15 in order to allow the company to expand into the United States. These issues within the company included cutting 10% of its workforce and considering selling non-core business units such as LeSEE and real estate ventures.
In late November 2016, LeEco announced a partnership with American telecommunications company AT&T to include its Internet-based cable TV streaming service DirecTV Now on LeEco "ecophones" and "ecotvs".
On 1 December 2016, LeEco started selling products in the United States through national retail chains Amazon.com, Target, and Best Buy, as well as continuing sales and after-sales support through its LeMall.com marketplace.
In late 2016, Jia admitted that the company was facing acute financial troubles, stating: "We blindly sped ahead, and our cash demand ballooned. We got over-extended in our global strategy. At the same time, our capital and resources were in fact limited." The company has indicated that it will raise billions of dollars from investors, but did not specify where the money would come from or how it would be allocated.
In late November 2016, a town hall meeting was held at the Silicon Valley headquarters with executives attempting to calm employees down in response to its press coverage and company status. Executives told employees that the media was misreporting the story and that this was just "YT being YT". Employees were assured that there will be no layoffs and were promised year-end bonuses and raises.
In early December 2016, layoffs were conducted in Hong Kong, India (80% of workforce) and the US. At the time, the company did not want to attract media attention to the US operations. Therefore, only India and Hong Kong layoffs were reported. However, multiple reports concluded that the first wave of layoffs in the US started as early as November 2016, with the recruiting team being the first to let go, following employees from different departments.
On 13 January 2017, a 15% stake of Le Vision Pictures was agreed to be sold from Leshi Holding to Tianjin Jiarui, a subsidiary of Tianjin Yingrui Huixin (a company managed by Sunac China in order to bypass restriction on foreign investments) for CN¥1.05 billion. In a separate deal, Tianjin Jiarui acquired rights to nominate a member to the board of supervisors of LeMobile. LeEco's minority stake in the TV manufacturing subsidiary of Le.com (Leshi Zhixin) would also being diluted to 18.3805% due to the subscription of new shares by Tianjin Jiarui and other investors.
On 22 May 2017, an email sent to CNBC revealed an internal meeting with employees in the Silicon Valley global office to lay off more than 325 employees, 70% of the workforce. At the time of its US expansions, LeEco owned its Silicon Valley office. Since the financial crisis, the company had to give up their ownership and sell their property to Han's Group, based in Shenzhen. The company now pays a monthly rent and will only occupy 1/4th of the office, leasing out the remaining spaces for other potential companies by new owners.
As of July 2017, Jia has fled his home country in China to work at Faraday Future in southern California after his assets were frozen by a Shanghai court. He has since visited Hong Kong for a short period of time for an attempt at receiving funding from investors, only to be avoided due to his negative reputation.
As of December 2017, LeEco's US website shows all products as out of stock, and images fail to load on the webpage, indicating that the site is no longer maintained. In the same year LeEco Hong Kong division was closed.
Subsidiaries or Announced Acquisitions
LeMusic's (Chinese: 乐视音乐; pinyin: lèshì yīnyuè) establishment was announced in Hong Kong in 2015. Yin Liang (尹亮), core creator of LeEco's music business, was appointed chief executive officer of the new music company, while Lei Zhenjian was appointed chairman. Its model includes a pay-per-view live concert model which has produced over 300 concerts as of 2015.
|Model||Code||Release date||Screen size||CPU||RAM||AnTuTu||Expandable
|Le 1||X600||5.5"||MediaTek Helio X10 2.0||3 GB||58,000||-||-||3000 mAh||3.5mm analog jack|
|Le 1 Pro||X800||5.5"||Qualcomm Snapdragon 810||4 GB||92,000||-||-||3000 mAh||3.5mm analog jack|
|Le Max||X900||6.3"||Qualcomm Snapdragon 810||4 GB||82,491||-||Yes||3400 mAh||3.5mm analog jack|
|Le Max Pro||X910||2016.01||6.33"||Qualcomm Snapdragon 820||4 GB||141,300||-||-||3400 mAh||3.5mm analog jack|
|Le 1s||X500||2015.06||5.5"||MediaTek Helio X10 2.2||3 GB||57,239||-||-||3000 mAh||3.5mm analog jack|
|Le 1s||X501||2015.06||5.5"||MediaTek Helio X10 2.0||3 GB||55,198||-||-||3000 mAh||3.5mm analog jack|
|Le 2||X520||2016.04||5.5"||Qualcomm Snapdragon 652||3/4 GB||74,563||-||-||3000 mAh||USB Type C (CDLA)|
|Le S3||X522||2016.10||5.5"||Qualcomm Snapdragon 652||3 GB||74,563||-||-||3000 mAh||USB Type C (CDLA)|
|Le 2||X526||2016.10||5.5"||Qualcomm Snapdragon 652||3 GB||88,563||-||-||3000 mAh||USB Type C (CDLA)|
|Le 2||X620||2016.04||5.5"||MediaTek Helio X20||3 GB||84,000||-||-||3000 mAh||USB Type C (CDLA)|
|Le 2 Pro||X625||2016.04||5.5"||MediaTek Helio X25||4 GB||99,948||-||-||3100 mAh||USB Type C (CDLA)|
|Le Max 2||X820||2016.04||5.7"||Qualcomm Snapdragon 820||4/6GB||138,000||-||-||3100 mAh||USB Type C (CDLA)|
|Cool1||C106||2016.09||5.5"||Qualcomm Snapdragon 652||3 GB||77,000||-||-||4060 mAh||3.5mm analog jack|
|Le Pro 3||X722||2017.03||5.5"||Qualcomm Snapdragon 820||4 GB||142,000||-||-||4070 mAh||USB Type C (CDLA)|
|Le Pro 3||X720||2016.09.21||5.5"||Qualcomm Snapdragon 821||4/6GB||163,594||-||Yes||4070 mAh||USB Type C (CDLA)|
Leshi Holdings set up their electric vehicle branch in January 2015, LeSEE (Leshi Super Electric Car Company) and launched a concept model with Faraday Future at CES 2016. It also showed the Chinese-manufactured derivative at the 2016 Beijing Auto Show, the Le Supercar. The Le Car luxury vehicle with engineering talent from Lotus has also been shown. It also tried to lure in more talents in the field to develop their own products such as hiring Ni Kai (Chinese: 倪凯), who was the former director of Baidu's driverless car project. In April 2016, LeEco presented its very first model of its self-driving car named LeSEE (Super Electric Ecosystem) during a press conference in Beijing.
Its future is uncertain as of late 2016 when construction for the Faraday Future plant in Nevada stopped and suspicions of financial woes within LeEco and Faraday Future rose. LeEco announced in the last week of December 2016 that they had broken ground for a US$3B (20B yuan) factory in Huzhou, Zhejiang. CarNewsChina reported that LeEco said the site will be 4,300 acres in size. LeEco plans to build a vehicle factory, a battery factory, and a traction motor factory. LeEco expects production rate to be around 200,000 cars a year at first, and then work up to a full capacity of 400,000 cars a year.
In September 2016 the company announced the acquisition of Dichotomy Creative Group and the creation of Le Vision Entertainment, a US-based film studio.
Continual Digital Lossless Audio
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CDLA is a digital audio transfer standard. CDLA gives an end-to-end true lossless audio sound. In CDLA the audio is precisely correct and attenuation-free because in CDLA technology, the headset itself has an integrated audio processing chip and a decoder, and uses a Type-C port, which does not allow any sound quality loss. The loss usually occurs in bluetooth headphones and earphones, irrespective of whether you are using a phone or a laptop. In a 3.5mm jack-based system, the decoder is built into the smartphone. The sound quality depends on the quality of the DAC decoder, and the implementation of this. in addition to the quality of the amplification circuit. regardless of whether the circuit is internal (3.5mm jack) or external (CDLA). however the CDLA has the advantage of making a thinner phone possible, in addition to the possibility of implementing balanced amplification circuits.
The CDLA earphones present themselves to the USB subsystem like a regular USB soundcard. Any computing device with support for such class (USB audio streaming), should be able to interoperate with CDLA earphones. One could think of such earphones as a combination of a USB soundcard combined with fixed connected earphones and a microphone.
LeEco Global Holding
Jia Yueting, also owned 28.83% shares of Hong Kong listed company Coolpad Group (as the largest shareholder and chairman of the board) via Cayman Islands-incorporated Lele Holding (and its subsidiary LeEco Global Holding), which had no parent-subsidiary relation with China-incorporated Leshi Holding (Beijing), the parent company of mainland China part of LeEco.
It was reported that LeEco Global Holding opened a call centre in Russia in 2016.
Leshi Holding (Beijing) owned 0.6% shares of Shenzhen listed company Le.com, which the largest shareholder was LeEco chairman Jia Yueting.
LeRan Investment Management
Ningbo Hangzhou Bay New District LeRan Investment Management, a private equity fund, was partially owned by Jia Yueting and Leshi Holding (who also owned the management company (general partner) of the fund). LeRan Investment Management was the shareholder of Leshi Zhixin for 3.9486% stake, which Leshi Holding (Beijing) owned 17.9497%.
LeSports is a sports video streaming service.
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