More than a dozen Chinese show business celebrities, including director Zhang Yimou, have invested in the movie production unit of LeEco, the once-high-flying Chinese technology group now suffering from a cash shortage.
The star-studded list of investors in Le Vision Pictures testifies to the charm and influence of Jia Yueting, founder and chief executive of LeEco, who ranked as China’s 31st richest man on a recent list.
But Mr Jia’s celebrity backers are at risk of losses as LeEco runs into financial distress. LeEco’s Shenzhen-listed unit, Leshi Internet Information and Technology Corp, said this month that it had abandoned a plan to acquire Le Vision’s unlisted assets in exchange for cash and stock.
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