Leshi founder steps down

China Daily (Hong Kong) - - BUSINESS -

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.

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