Leshi Internet Information and Technology Corporation formerly traded as LeTV in English instead of Le.com. Photo: Flickr/Kansir

Billionaire property magnate Sun Hongbin has resigned as the chairman of the embattled tech company LeTV on Wednesday, Yicai.com reported.

Sun, who’s also the chairman of Sunac China, a major property developer, came to the rescue of LeTV last year by providing a few cash injections. And, he was appointed to take up the top leadership post in July, while Jia Yueting, the founder and CEO of LeTV, stepped down from all management roles at the company.

An insider said it depends on whether Sun’s successor is from the Sunac China side. If not, then it is very likely that there are changes for the disposal of equity and the emergence of new investors.

Meanwhile, another insider disclosed to Yicai.com that the new investor could come from top internet companies.

LeTV stated that Sun’s resignation will not affect the operation of the board, nor will it affect the company’s daily operations and management. From now on until the new chairman is appointed, Liu Shuqing, director and general manager of LeTV, will perform the duties of chairman of the company on his behalf.