LOS ANGELES — Two summers ago, Legendary Entertainment was the belle of the Hollywood ball.

Thomas Tull, who founded Legendary, a boutique studio, in 2000, finding hits like “Godzilla” and “Pacific Rim,” strutted across a stage at the Comic-Con International fan convention and touted two coming films, “Warcraft” and “The Great Wall,” as surefire blockbusters. Behind the scenes, Legendary was working to tap into Chinese money flowing to Hollywood. That resulted in Dalian Wanda’s purchase of Legendary in January 2016 for what seemed like a large price, $3.5 billion.

Now, in a reflection of the volatility of the film business and the precariousness of deal making with Chinese companies, Legendary is facing uncomfortable questions about its future.

Legendary has been bruised at the global box office; “Warcraft” and “The Great Wall” flopped. The studio has been without a chief executive since Mr. Tull left in January. (He said that was his plan all along; Wanda publicly indicated otherwise.) And Legendary suddenly finds itself operating amid uncertainty — something that Hollywood loathes — as Beijing clamps down on Wanda and other conglomerates, scrutinizing balance sheets and reviewing loans from state-owned banks.