Leshi Founder Ordered Back to China to Sort Out Finance Woes
- Stock regulator asks Jia Yueting to return to China by Dec. 31
- Regulator says Leshi’s unpaid debt has severely hurt investors
Jia "YT" Yueting
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
China’s stock regulator issued an order late Monday for Leshi founder Jia Yueting to return to the country before the end of the year to deal with the company’s financial woes.
The China Securities Regulatory Commission said that despite repeated calls from the regulator, the founder has yet to show up and deliver on his promise to provide interest-free loans to the Shenzhen-listed Leshi Internet Information & Technology Corp. mired in "huge amount of debt." The CSRC has been pushing for Jia’s return since September.