HK: LeEco's listed company names Sun Hongbin of Sunac as chairman

HK: LeEco's listed company names Sun Hongbin of Sunac as chairman

Chairman of Sunac China Holdings Ltd. Sun Hongbin speaks during a strategic cooperation signing ceremony with Dalian Wanda Group and R&F Properties in Beijing, China July 19, 2017.

Leshi Internet Information & Technology, embattled Chinese tech group LeEco’s main listed entity, said Sun Hongbin from investor Sunac China would take over as chairman from founder Jia Yueting.

A frenetic pace of growth over 13 years, from a Netflix-like video website to a business empire spanning consumer electronics to cars, has left a gaping hole in LeEco’s finances. Jia, who has described the cash crunch as “far worse than expected”, stepped down from all posts at Leshi earlier this month to focus on LeEco’s electric car business and repay debts.

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