Online Broadband Guide
Online Broadband Guide


LeEco's Jia Yueting Resigns As CEO of Its Subsidiary

LeEco's Jia Yueting Resigns As CEO of Its Subsidiary

Jia Yueting will no longer serve as chief executive of Leshi Internet Information & Technology Corp Beijing.

Zhang Yi, chief executive of Guangdong-based consultancy iiMedia Research, believes that Jia's stepping down as Leshi's chief executive is likely a move to appease shareholders, but maintains that it could be positive for Leshi in the long run. Replacing Yang as Leshi's CFO is Zhang Wei, who is now the streaming service's China CFO. Jia will be replaced by Liang Jun, who joined LeShi in 2012 after a stint as an executive at Lenovo Group.

LeEco recently raised nearly $2.2 billion from new investors including Tianjin Jiarui Huixin Corporate Management Company and Sunac China Holdings, but another major backer made a decision to cut its losses.

"Leshi should focus on what they're strong at, which is their core business in content. Videos and entertainment is now one of the major industries in China, and less resources should be invested towards businesses such as driverless cars", Fok said, adding that LeEco's auto business requires major financial investment and should only be a focus when there is a strong technology partner. "There is no such thing as a fight for control", Liu Shuqing, a Sunac-appointed director on the board of Leshi, said at Leshi's press briefing on Sunday, according to a transcript seen by Reuters.

"Over the past two years, I've focused most of my energies on the non-public parts of LeEco... and to a degree, this has slowed the development of LeShi Holdings", Jia said in a letter to staff. As the chairman, he will focus on matters of corporate governance, strategic planning, and core product innovation. China Bridge Capital sold more than 60 million shares of Leshi in the first quarter of 2017 as its founder Edward Zeng called for LeEco to find a new CEO and strengthen its management.

Jia's LeEco empire has been hit with fund raising difficulties and unpaid bills over the past few months, while seeking to expand multiple businesses include online video, sports broadcasting, smartphones, electric automobiles and online financing.

The once upcoming Chinese internet giant has been entangled into a cash crunch a year ago due to overstretched expansion strategies that span almost every hot verticals from video, smartphone, smart TV, and cloud computing to electronic cars.

Please enter your email.

follow

editors' picks

May 23, 2017
Congressman Al Green calls for Trump impeachment
That means 20 or more Republicans, depending on who is voting, would have to break ranks to impeach their Republican President. Trump completing his full first term as president is at -130 odds with no at EVEN money at the sportsbooks .

May 23, 2017
Nelson's Four Seasons finale: Horschel over Day in playoff
That day Horschel walked away with a cheque for $11.4m and with the honour of being a member of the world's top 15. James Hahn is confident he can rise to the challenge of defending his final-round lead at the AT&T Byron Nelson.

May 22, 2017
Kupwara encounter: 4 Army jawans, 4 infiltrators killed in Nowgam sector
After battling the infiltrators for over 36 hours, the army killed another terrorist even as another jawan sacrificed his life. Sources said that at least 200 militants were waiting on the launch pads along the LoC for infiltration.

May 21, 2017
Mourinho: Manchester United lack strength in depth to fight in two competitions
We know that if we lose the final we won't play in the Champions League next season. "I happy with the situation today". Mourinho rested key players again yesterday, just as he did when United lost 2-0 at Arsenal last Sunday.

May 20, 2017
US extends Iran nuke sanctions relief, adds other sanctions
The Treasury Department froze US assets belonging to the Iranian officials, Morteza Farasatpour and Rahim Ahmadi. The State Department also released a new report criticizing Iran for human rights abuses .

May 20, 2017
Colorado man to be freed early now in immigration custody
Immigration Customs and Enforcement agents arrested 38-year-old Rene Lima-Marin after he was released from prison Wednesday. A Colorado man expected to be released from prison this week was turned over to the Immigration and Customs Enforcement.

May 20, 2017
CDC warns of parasite that may crash your pool party
Before you cancel your child's swim lessons, however, the CDC said it's not sure what accounts for the rise in recorded outbreaks. So how do you stay safe? This as a new survey finds 25-percent of adults would swim within one hour of having diarrhea.

May 19, 2017
Spicer declines to answer whether Pres. Trump records Oval Office conversations
I think loyalty to the country, loyalty to the U.S. , is important. "Trump could not have scripted an epic fail any better than that".

May 18, 2017
Holmes, Stanley share lead at Players Championship
Which made everyone very excited, not least Twitter, which is live streaming every shot at the hole with a 360 degree camera. Phil Mickelson decided on a novel approach to this year's Players Championship after missing the cut the past four years.

May 18, 2017
UN ambassador Haley says the Western Wall belongs to Israel
An official in Netanyahu's office said on Monday that Israel has contacted Washington about the matter. USA ambassador to Israel David Friedman, centre, visits the Western Wall on Monday.