Jun
04
Here’s How a Chinese Tech Firm Borrowed $2.1 Billion in a Hurry
ByWhen a Chinese tech company with global ambitions began to run short of cash last year, it sought billions of dollars from new investors. One of them was a music teacher.
Li Shenghong, who teaches out of a mall storefront in southern China, was already a fan of the smartphones and televisions sold by the company, an internet-and-gadgets conglomerate called LeEco. When LeEco also began selling investment products online, Mr. Li snapped them up, even though the company said little about where the money would go.
“Whenever I have leftover money from my salary, I’ll invest it,” Mr. Li said, explaining that he had invested $7,000 in the company. “My spare change? I put it in.”…
Here’s How a Chinese Tech Firm Borrowed $2.1 Billion in a Hurry
