Sun Hongbin Named As LeEco Listed Unit's New Board Chair

摘要: According Tencent Finance’s report, in the afternoon today July 21st, Sun Hongbin has been named as the new board chairman for LeEco’s listed unit Leshi Internet Information & Technology, on a phone meeting of the board. In other words, a new Leshi team is born, led by Sun Hongbin.

(Chinese Version)

According Tencent Finance’s report, in the afternoon today July 21st, Sun Hongbin has been named as the new board chairman for LeEco’s listed unit Leshi Internet Information & Technology, on a phone meeting of the board. In other words, a new Leshi team is born, led by Sun Hongbin. Sun is the founder and chairman of Sunac China Holdings, a Tianjin-based property developer and the second-largest shareholder of Leshi after Jia.

Previously on July 17th, Leshi Internet Information & Technology announced that a board meeting would be held in three days to vote on a new board chair and the members of the board committees.

Leshi Internet Information & Technology then subsequently held an unscheduled shareholder meeting. Sunac China's board chair Sun Hongbin, Leshi Film’s board chair Zhang Zhao, Leshi Internet Information & Technology’s CFO Zhang Wei, CEO Liang Jun, board chair Liu Shuqing and board chair secretary Zhao Kai etc. attended the meeting. However, Leshi’s founder and biggest shareholder Jia Yueting was absent.

On July 17th, evening, Leshi released an official statement on its site, which says it had been approved at the second unscheduled shareholder meeting that Sunac China’s holder Sun Hongbin, Leshi Internet Information & Technology’s CEO Liang Jun and Leshi Film’s CEO Zhang Zhao would enter the listed unit’s board. In other words, there would be eight members at the LeEco listed arm's board.

(See also: Leshi Extends Share Suspension While Delaying Voting On The New Board Chair)

At the beginning of 2017, Sunac China invested in the cash-strapped LeEco: On January 13th 2017, Sunac China announced to invest ¥15.041 billion in Leshi Internet Information & Technology strategically in exchange for an 8.61% stake in Leshi. According to the deal, Sunac China would acquire 8.61% of Leshi Internet Information & Technology’s shares at ¥6.041 billion, and acquire 33.5% of Leshizhixin’s shares at ¥7.95 billion after additional issue. In addition to that, Sunac China would purchase 15% of Leshi Film’s shares at ¥1.05 billion.

After the deal, Sunac China would become LeEco listed unit’s second largest shareholder and major shareholder of LeEco’s TV and film subsidiaries.

It’s reported that Leshi Internet Information & Technology will later announce relevant official updates on this matter.

It's worth noting that Sun Hongbin had previously stated that "he doesn't want to become the board chair of Leshi."

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Translated by Garrett Lee (Senior Translator at PAGE TO PAGE), working for TMTpost.

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