Core Viewpoint - LeEco, once a prominent player in the electronics industry, has resurfaced in the public eye due to a debt collection dispute with a state-owned enterprise subsidiary, Nanjing Zhongdian Panda Home Appliances Co., Ltd. (Panda Home Appliances), which has been accused of asset transfer to evade debts and filing for bankruptcy [1][3]. Group 1: Background of the Dispute - The dispute between LeEco and Panda Home Appliances has been ongoing for five years, primarily revolving around quality issues and compensation related to television manufacturing [3]. - In 2019, LeEco partnered with Panda Home Appliances for LCD TV production, using a payment model that included prepayments and full payment upon delivery, which led to financial disputes [3][5]. - Panda Home Appliances is a subsidiary of the state-owned China Electronics Corporation, responsible for TV manufacturing [3]. Group 2: Quality Issues and Legal Proceedings - Between early 2019 and March 2022, LeEco commissioned Panda Home Appliances to produce 400,000 TVs, totaling nearly 450 million yuan in procurement [5]. - The TVs produced had significant quality issues, with failure rates exceeding contractual thresholds, leading to customer complaints and substantial warranty costs for LeEco [5][6]. - A court ruled that Panda Home Appliances owed LeEco a total of 14.95 million yuan in compensation, but the payment has not been fulfilled due to Panda's financial difficulties [8][11]. Group 3: Corporate Maneuvering and Bankruptcy - Following the court ruling, Panda Home Appliances changed its name to Nanjing Jingye Home Appliances Co., Ltd. shortly after the judgment, raising suspicions of asset concealment [11][12]. - In August 2025, Panda Home Appliances' sibling company filed for bankruptcy, which LeEco views as a strategy to evade the compensation ruling [12][17]. - The rapid progression of the bankruptcy application and the low threshold for filing raise concerns about the legitimacy of the process, especially given the substantial registered capital of Panda Home Appliances [17].