LeEco founder Jia Yueting defies order to return to China: reports

Billionaire, who once envisioned a tech empire that would challenge Netflix, Tesla and Apple, was ordered to return to China to repay debts

Jia Yueting, co-founder of LeEco, seen unveiling an all-electric battery concept car during a ceremony in Beijing on April 20, 2016. Photo: Handout

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.

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