LeEco acquisition of Vizio has been cancelled

Above A Le Eco vehicle at the company's U.S. launch in October

The company's purchase of Vizio was a little odd to begin with.

LeEco has tried make a big splash with its debut in the US. For Vizio, the company will have to figure out what "life after LeEco" looks like. The deal was first announced last summer during an extensive press event, but eventually, things fell through and the deal couldn't be progressed. LeEco was to acquire 49% of Vizio for $2 million, a deal quickly slowed down by Chinese domestic restrictions regarding the "movement of capital".

Hong Kong-listed Sunac (HKSE: 1918-OL.HK - news) said it would plough 15.04 billion yuan into the sprawling LeEco empire, which has interests in various sectors including self-driving cars, smartphones, film making, and TV-set manufacturing. LeEco originally meant to build office space for 12,000 employees on a 49-acre property it acquired from Yahoo in 2016. In March, the company sold property it bought in Silicon Valley after owning it for less than a year. That said, it's also true that LeEco as a company is in the midst of a cash crunch.

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In 2016, LeEco even poached Google's lead legal counsel, Joshua McGuire, giving him the title of "Vice President and General Counsel". According to LeEco, "regulatory headwinds" are to blame, but that's likely only a portion of the fundamental problems facing LeEco at this time.

There has been some good news for LeEco, though. But since then, Le Eco's financial situation has worsened, as the company raised $2.2 billion from a real estate tycoon in January to keep the business afloat amid a cash crunch. In a message from LeEco today we're to understand that the merger agreement will not be moving forward "due to regulatory headwinds".