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  HOME | Business & Economy (Click here for more)

China Urges Tech Firm Founder to Return to Country to Sort Out Debts

BEIJING – China’s securities regulator has urged one of the country’s main tech tycoons, Jia Yueting, founder of the firm LeEco, to return to the country to settle the company’s financial problems, the official newspaper China Daily reported on Wednesday.

The China Securities Regulatory Commission said in an official notice that Jia should return by Dec. 31.

The authority had also asked him in September to return, but he did not respond.

Jia built his fortune through Leshi, a successful online video-streaming service similar to Netflix, which is also a part of LeEco.

The entrepreneur got into major debt to expand his business to sectors such as electronics and smartphones, and it ended up making him resign from Leshi in July after his shares in the company were frozen by the courts due to the non-payment of debts.

Jia is believed to be based in the United States, where he has tried to diversify LeEco into the automobile sector, seeking to raise capital to fund the emerging electric car startup Faraday Future.

A Beijing court had ordered Jia to pay $71.7 million to Ping An Securities, and according to CSRC, his “behavior has seriously hurt the legal rights of the listed firm and the interests of a wide range of investors, with an extremely adverse impact on the society.”

 

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