Leshi Video updates controversial icon with 12.2 billion debt value

Zhu Shenshen / SHINE

Major Chinese tech firms, like Kuaishou, Douyin and Pinduoduo, marked campaign budgets directly on their latest updated application icons, as a marketing method during the Chinese New Year. 

Leshi Video app, by contrast, marks its debt of 12.2 billion yuan (US$1.87 billion) in the latest application icon. No one is surprised that Leshi has heavy debt but it’s still the first time that an application icon displays heavy and clear debt value.

It raised hot debate online, and made Leshi Video a popular topic on the Chinese social networks.

The comments include, “I don’t know it’s still in operation,""It’s interesting,""t’s a new start for Leshi" and "It should be shameful for that."

Leshi was heavily in debt and collapsed after rapid expansion into smartphone, TV, online video, music, sports and new-energy car design to create an “ecosystem”. As a flagship company listed in the Growth Enterprise Market with a peak market value over 170 billion yuan, Leshi was delisted by the market last year.

Jia Yueting, Leshi’s founder and former CEO, was still in the United States. He promised to be “coming back to China soon” several years ago.

Leshi has optimized contents and user experience for Leshi Video. The application icon update and debt won’t influence users’ experiences, said Leshi.

On the other hand, major tech firms put campaign values on their app icons, with combined value over 9.1 billion yuan.

Douyin, Kuaishou, Baidu and Pinduoduo all launched digital “red envelope” activities to invite users to attend the campaigns and share the money. The amounts include Douyin’s 2 billion yuan, Kuaishou’s 2.1 billion yuan, Baidu’s 2.2 billion yuan and Pinduoduo’s 2.8 billion yuan.

Their combined value can’t cover Leshi Video’s debt, netizens said.