Liang Jun, CEO of Le.com, one of the largest online video companies in China and known legally as Leshi Internet Information and Technology Corporation, has handed in his resignation, Yicai.com reported, citing inside sources.

Insiders think the resignation is related to the company’s sluggish profit performance.

In an earlier announcement, Le.com recorded a net profit loss of over one billion yuan in the third quarter. The company’s profit-loss for the first three quarters will add up to over 1.66 billion yuan, the report added.

Le.com, which is listed on the Shenzhen Stock Exchange and has suspended trading since April 17, had planned to buy Le Vision Pictures, one of the largest film production and distribution companies in China.

But the scheme of restructuring and the introduction of new investors, which was expected to be released on October 17, has been delayed.

Liang has held the position since May, less than half a year.