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By Tang Ziyi / Dec 12, 2018 05:02 PM / Business & Tech

Photo: VCG

Photo: VCG

The head of one-time smartphone darling Smartisan, Luo Yonghao, has stepped down as legal representative of the company, China News Service reported on Tuesday.

The news comes amid reports that nine stakeholders have pull their investments from Smartisan. Unconfirmed reports said the company was experincing a capital shortage and was laying off employees.

Wen Hongxi replaces Luo as legal representative, China News Service said. Luo and Wen were English teachers together years before Luo founded Smartisan.

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