LeEco’s founder Jia quits from listed video-streaming unit Leshi

[email protected] China Post

Jia Yueting, founder of Chinese internet company LeEco, resigned from all positions at the listed video-streaming arm Leshi Internet Information and Technology Corp.

The move came as LeEco continues to struggle with cash crunch and unpaid debt, which has prompted a local court to freeze almost all of Jia’s shares in Leshi, the Shenzhen-listed unit. Leshi said in a filing on Thursday that Jia stepped down as the chairman and exited the board of directors.

He will focus on LeEco’s automobile unit, which is not listed.

Sun Hongbin, chairman of real estate developer Sunac China Holdings, joined the board of Leshi. Sunac and other investors invested 16.8 billion yuan ($2.5 billion) into LeEco at the beginning of this year.