(Yicai Global) July 4 -- Following the exposure of another cash crisis at Leshi Holding (Beijing) Co., a court issued an order last week freezing assets owned by its founder Jia Yueting, his wife and his three companies worth a total of USD182 million (CNY1.237 billion).

China Merchants Bank Co. (CMB) [SHA:600036] Shanghai branch applied for attachment of property with the court, which ruled in its favor, finance.qq.com reported yesterday, citing an informed source.

The court has frozen and seized bank deposits and other assets worth the above amount belonging to Leview Mobile HK Limited, Le Shi Mobile & Intelligent Information Technology (Beijing) Corp., Leshi Holding (Beijing) Co., Jia Yueting and Gan Wei.

The court also sequestrated Leshi Holding's shareholdings and dividends in Dasheng Technology Co. on June 29. Leshi Holding owns a 40 percent stake in Dasheng Technology with an investment of CNY80 million, per the latter's business registration records. The distraint period is three years.

The ruling took immediate effect. If debtors are dissatisfied with the order, they may apply for reconsideration with the appellate court within five days of receipt of the ruling. The reconsideration will not affect the execution of the order.

Leshi and CMB are former business partners. The company and CMB Shanghai branch entered into a strategic agreement in November 2015, which covered the overall credit line granted, cash management, financial consulting and international businesses. CMB Shanghai branch agreed to extend a strategic global credit limit of CNY10 billion to Leshi Holding and its subsidiaries to meet their funding needs for their business operations in China and abroad.