China’s ride-hailing market might be in for another stir. Former chairman of Baidu’s food delivery platform Baidu Waimai, Gong Zhenbing, is moving on to become the CEO of ride-hailing platform Yidao Yongche, The Paper is reporting (in Chinese).

Yidao went through a rough period in April and May last year after a cash squeeze that led to protests from its drivers over payments. Three of Yidao’s co-founders left the troubled company at the time. The company’s founder and former CEO Zhou Hang blamed its controlling shareholder LeEco diverting to other purposes an RMB 1.3 billion fund originally earmarked for the firm.

The arrival of Gong Zhenbing is a part of a wider restructuring of Yidao both in terms of leadership and ownership. This is the first time a CEO has been selected since last September when former CEO Peng Gang left. In June of last year, Taoyun Capital reached an agreement with LeEco on acquiring a majority stake in Yidao Yongche. Taoyun Capital has also backed bike-rental platform Mobike and JD.com financial services arm.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.