In a statement emailed earlier to Bloomberg News, China Merchants Bank said the business risks in the dispute were under control, without elaborating, adding that the impasse could be resolved through negotiations with LeEco. Sometimes referred to as a combination of Netflix, Apple, Amazon and Tesla, LeEco last year announced bold plans to break into the US market, but has since throttled back following a series of setbacks. In a letter to employees in December, Jia admitted the firm was cash-strapped and had "blindly sped ahead" with expansion. In January, it secured a $2.2 billion investment lifeline from a group led by property developer Sunac China Holdings. But a month later the Asian Football Confederation (AFC) said it had terminated a $100 million contract with subsidiary LeSports to broadcast AFC games in China after reports of payment defaults.