Sunac China Holdings Increases Stake in LeEco’s Le Vision Pictures

The drama of China’s entertainment and tech group LeEco continues to unfold as property developer Sunac China Holdings has increased its stake in one of the troubled group’s subsidiaries.

According to an announcement made on the Shenzhen Stock Exchange on Christmas Day, the Tianjin-based Sunac China is planning to up its investment in LeEco’s Le Vision Pictures as part of the group’s ongoing restructuring plans.

The announcement said that after the deal is finalized, Sunac China will hold a 40.75% stake of Le Vision Pictures, becoming the company’s largest shareholder. LeEco will become the second-largest shareholder of Le Vision Pictures with a 16.35% stake. Trading for LeEco continues to be suspended.

Sunac China chief Sun Hongbin was named the chairman of LeEco in mid July, after Chinese courts approved applications to freeze the asses of LeEco founder Jia Yueting.

The news came only days after LeEco’s Hong Kong subsidiary filed to the Hong Kong High Court to wind up the operations in the city. The group has also been reportedly trying to sell its Beijing headquarters.

Meanwhile, Ablikim Ablimit, formerly Le Holdings’ vice president of strategy, joins Chinese tech company Lenovo. According to the Chinese media, Ablimit will be vice president of strategy and development, as well as the special assistant to Liu Jun — Lenovo’s executive vice president and the company’s president of the China territory.

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