Leshi appoints new chairman

Sun Hongbin, chairman of Chinese property developer Sunac China Holdings, was voted in as the chairman of Leshi Internet Information and Technology Corp on Friday.

Sunac, along with other investors, poured 16.8 billion yuan ($2.5 billion) into LeEco, the parent company of Leshi, at the beginning of 2017.

LeEco's former CEO Jia Yueting (left) and new chairman Sun Hongbin (right) [Photo: sina.com.cn]

However, the new appointment has come as LeEco continues to struggle with a cash crunch.

Liang Jun, who has been in charge of LeEco's smart TV business, will now stand as the legal representative of Leshi.

Jia Yueting, founder of LeEco, resigned all his positions at Leshi earlier this month after having a majority of his shares in Leshi frozen by a local court due to unpaid debt.