Billionaire, who once envisioned a tech empire that would challenge Netflix, Tesla and Apple, was ordered to return to China to repay debts
Despite China’s stock market regulator ordering LeEco founder Jia Yueting to return to China before the end of 2017 to deal with the financial woes of his Shenzhen-listed unit, there is little indication that Jia has complied, according to mainland Chinese media reports.
The China Securities Regulatory Commission (CSRC) last week posted a notice stating that Jia, who had built a technology empire that included electric cars, smartphones and a video-streaming platform, did not make good on a promise to provide interest-free loans to debt-laden, Shenzhen-listed Leshi Internet Information & Technology Corp, whose shares have been suspended from trading since April 2017. He was ordered to return to China by December 31.