Leshi founder steps down

it said. Under China’s market rules, major shareholders must wait one to two years before they are permitted to sell their shares. Jia Yueting, founder of Chinese internet major Leshi, also known as LeEco, has stepped down as the legal representative of the Leshi Holding (Beijing) Co Ltd, as the tech conglomerate continues to struggle with a cash crunch. Jia was replaced in June by Wu Meng, who has been working at Leshi for a long time, though he remains as the executive director, according to the official information website National Enterprise Credit Information Publicity System. Leshi Holding (Beijing) Co Ltd is the parent company of Leshi’s sprawling business units which involve smartphone, automobile and other businesses, the Beijing News reported on Monday.