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.

Sun’s appointment to Leshi board chairmanship means he now controls what are widely considered to be LeEco’s healthier businesses, while Jia focuses on an expensive ambition to rival Elon Musk’s Tesla Motors in making electric vehicles via U.S. subsidiary Faraday Future.

Sun is the chairman of property developer Sunac, which invested 15 billion yuan(1.70 billion pounds) in LeEco earlier this year, including taking an 8.61 percent stake in Leshi for 6.04 billion yuan.

Sunac’s investment in LeEco also included a 33.5 percent stake in smart TV manufacturer Leshi Zhixin and a 15 percent stake in LeEco’s film production company, Le Vision Picutres.

Leshi said earlier this month that it expected to log a net loss between 636.7 million yuan ($94 million) and 641.7 million yuan for the first half of this year.

In its statement to the Shenzen stock exchange on Friday, Leshi said CEO Liang Jun had been named the company’s legal representative.

Also Read:

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China: LeEco founder resigns as CEO of main listed unit, will continue as chairman

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.