(Yicai Global) April 23 -- Shares of Leshi Internet Information & Technology, an embattled Chinese tech startup, fell by the daily limit and were suspended from trading for two days, per bourse rules.

The Beijing-based company's stock price [SHE:300104] dropped for a third trading day in a row today, slumping 10 percent to end at CNY2.03 (30 US cents).

A court revoked a pledge of 500,000 stocks, or 0.0125 percent of the company's total share capital, by founder and major shareholder Jia Yueting to Shanghai-based creditor Orient Securities on April 16, Leshi Internet said in a statement yesterday.

Jia owned the rights to 921 million of the company's shares, or 23.1 percent of the total, as of April 19. Of these, 857 million, or 21.49 percent of the firm's overall shares, are pledged.

The troubled tech firm's shares also fell by the daily exchange-imposed limit on April 2 after Jia confirmed that regulators may force it to delist. Yicai Global reported at the time that trading in the firm's stock faces suspension as its net assets were estimated to be in the red last year. Such firms face mandatory delisting if their situation does not improve.

Editor: Ben Armour