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Liu Jiangfeng, CEO of the Chinese smartphone manufacturer Coolpad, stepped down from his position on Thursday, Yicai.com reported, citing an inside source.  

Liu first posted a mobile phone product advertisement in his wechat circle, and soon after revealed in another post that Thursday will be his last day at Coolpad.

Liu was appointed CEO by LeEco chairman Jia Yueting when LeEco moved large capital and became the single controlling shareholder of Coolpad in 2016.

Vice chairman Jiang Chao will be appointed CEO after Liu’s resignation, the insider told Yicai. Jiang will also become one of the major shareholders of Coolpad.

On August 15, Coolpad issued a notice on the HKEx saying the company was currently operating without improvement and remained in a state of sustained losses.

The company still maintained a steady volume of shipments and was constantly looking for new capital to fill in the gap.

Another insider told Yicai that new capital has come in from the Kingkey Group. “This thing had been finalized one or two months ago, but it went under several financial investigations lately, and the Kingkey side didn’t seem to want too much of a public relationship with LeEco,” the insider said.

Coolpad officials did not respond to the news.