(Yicai Global) Oct. 10 -- Chinese Internet enterprise Leshi Internet Information & Technology (Beijing) Co. [SHE:300104], planning a major asset restructuring, announced the extension of its trading suspension, because the restructuring involves a major and unprecedented matter which stirs great uncertainties.

Leshi announced its buyout of its affiliate Le Vision Pictures (Beijing) Co. and consequently applied for a trading suspension on May 6 last year.

The company was to release a relevant plan and resume trading on Oct. 16, per the announcement. However, since the restructuring involves a significant and unprecedented matter, the firm was unable to announce its plan by Oct. 16 and thus will extend its suspension. The ownership structure of Le Vision Pictures was adjusted during the trading suspension, with the number of shareholders rising to 46, and the transaction price was also to drop accordingly, the announcement also noted.

The actual controller of Leshi Internet Information and Technology Co. and Le Vision Pictures is LeEco founder Jia Yueting. However, during the trading suspension, the group was faced with a cash crunch stemming from capital chain rupture, and Jia Yueting stepped down as LeEco's chairman on July 6.

LeEco's current chairman is Sun Hongbin, board chairman of Sunac China Holdings Ltd. [HK:1918]. LeEco will rebrand itself as New Le Shi Information & Technology Corp., Beijing and will further adjust its development strategy, the company announced Sept. 27.