Shanghai, July 18, ZXZC - Yongche management team faces another round of personnel change, with the former LETV managers quitting the power circle.

It is announced that Yongche’s CFO Ren Ruxian, CTO Yuan Bin, Legal VP, and HR VP all submitted resignation letters and were approved by the company. The announcement shows that Ren and Ma dong will continue to perform duties before the new appointments.

It has been only three months since the four senior managers’ arrival on April 21th. Currently, only Peng Gang stays behind among all former LETV senior manager team.

It’s Yongche’s second personnel change since LETV’s investment of USD 700m in October, 2015. Yongche released announcement on July 14th that Taoyun Capital has accomplished the strategic holding in a way of debt-to-equity swap and investment.

In fact, Yongche is facing great difficulties in its declining tendency, with decreasing active customers and coming brand crisis.