(Yicai Global) Sept. 28 -- Leshi Internet Information & Technology Corp. [SHE:300104] (LeTV), a subsidiary of Leshi Holding (Beijing) Co., plans to rebrand as New Le Shi Information & Technology Corp., perhaps in a bid to distance itself from Leshi Holding's non-listed units.

The company said it passed a proposal for the change at a board meeting yesterday. It also intends to change its stock abbreviation to 'New Le Shi,' but its ticker will remain the same. The name change is subject to deliberation at its general meeting of shareholders as well as Shenzhen Stock Exchange approval.

Leshi attributed the name change to strategic adjustments made in the first half, which finalized its strategy of developing its online home entertainment business with smart televisions as its core. It will also offer online financial services.

Leshi Holding had a financial crisis due to a lack of funds last year. Its founder, Jia Yueting, resigned as chairman on July 6 this year and Sunac China Holdings Ltd. [HK:1918] Chairman Sun Hongbin took the helm. Sunac China invested USD2.26 billion (CNY15 billion) in Leshi on Jan. 15.

The firm has used New Le Shi in public since Sun took over and the market believes that the name change is part of a bid to separate the group from Leshi Holding's non-listed branches, 21st Century Business Herald reported.