Leshi shares fall after Sunac issues profit warning in HK

HONG KONG - Sunac China Holdings Ltd, the country's No 4 real estate developer, said its investment in Leshi Internet Information& Technology Corp was a failure and would book a $2.6 billion charge, sending shares in the embattled tech firm sliding.

Sunac Chairman Sun Hongbin had once been widely viewed as a white knight for the crumbling LeEco conglomerate, of which Leshi has been the main listed vehicle.

Sun's remarks follow his resignation as chairman of Shenzhen-listed Leshi last month - just eight months after he took on the job.