LeEco said founder Jia Yueting has resigned from all positions in the company, while Sunac China (1918) chairman Sun Hongbin is to join the board as a non- executive director.

Sunac China was also found not to have transferred the 2.5 billion yuan (HK$2.87 billion) of investment to LeEco yet, mainland media reported.

That was about 31 percent of the total amount of 7.95 billion yuan promised by Sunac in March.

But sources said the 2.5 billion yuan is already in process of being transferred.

Jia has also reportedly pledged his shares in subsidiary Le Vision Pictures to Sun, making him the firm's largest shareholder.

Suppliers and banks have besieged LeEco's Beijing office looking to collect debt. More than 10 people have remained in the building since Tuesday, wearing T-shirts with the slogan "LeEco, pay back the money," and continuously playing a recording saying "LeEco, pay back the money; Jia Yueting, pay back the money."

Jia published an open letter through his Weibo account yesterday, saying he will undertake all responsibilities and repay all loans, but pleaded for more time.