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LeEco's Jia Defies China Return Order, Sends Family Instead

  • Listed entity’s smart TV arm wins 3 billion yuan in financing
  • Leshi however says its debt issues haven’t been resolved
Jia Yueting
Jia YuetingPhotographer: David Paul Morris/Bloomberg
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Chinese internet entrepreneur Jia Yueting has defied orders from regulators to return home and help a listed technology company he founded resolve crushing debt, saying he needed to stay in the U.S. to work on his electric car startup.

In his first official response to the directive from China’s securities regulator, Jia said via his official Weibo social media account that he needed to oversee Faraday & Future Inc. His brother Jia Yuemin and wife Gan Wei have been empowered to handle affairs with the Shenzhen-listed firm, Leshi Internet Information & Technology Corp.