Jia Yueting

Jia Yueting
Born 1973 (age 44–45)
Xiangfen County, Linfen, Shanxi, China
Residence Beijing, China (exiled)
Nationality Chinese
Other names YT Jia
Occupation Businessman
Known for Founder, Le.com and LeEco
Net worth $3.8 billion (March 2017)[1]
Board member of
LeEco(managing director)
Spouse(s) Gan Wei
Chinese name
Simplified Chinese 贾跃亭
Traditional Chinese 賈躍亭

Jia Yueting (Chinese: 贾跃亭; born 1973) or YT[2] is a Chinese billionaire businessman. He was the chairman and CEO of Le.com, as well as chairman of both Coolpad Group and Sinotel Technologies. He also founded LeEco as well as the Le.com subsidiary LeSports. He has been called "China's Steve Jobs".[3]

In late 2017, Jia was named to China's debt blacklist for unpaid debts. He subsequently fled China and his positions at Leshi, to run Faraday Future in California.[4][2]

Early life

Jia Yueting was born in Xiangfen County, Linfen, Shanxi province, China in 1973.[5][6]

Career

Jia started as a tech support officer in a Shanxi Province tax office.

Sinotel Technologies / Xbell Communication

He was the owner of former Singapore-listed company Sinotel Technologies.[7] Before the privatization of the company, Jia Yueting owned 26% shares (113,606,856 number of shares) at 31 December 2014.[8] Sinotel Technologies was the parent company of Xbell Union Communication and second-tier subsidiaries Shanxi Xbell Communication (Chinese: 山西西贝尔通信科技).[8] A subsidiary, Xbell Investment, was sold by Sinotel Technologies to LeEco (Leshi Holdings (Beijing)), another company owned by Jia Yueting.[8]

Leshi, LeEco & Le.com

Jia also founded Le.com and later LeEco (Leshi Holding Beijing). In 2015 he purchased Coolpad Group from Guo Deying, via Lele Holding and intermediate holding company LeEco Global.

In July 2017 he resigned as the chairman and CEO of Le.com. He was replaced by Sun Hongbin, chairman of the second largest shareholder of Le.com, Sunac China; Le.com general manager Liang Jun and Le Vision Pictures chairman and CEO Zhang Zhao were also elected into the board.

Hiding in exile

On 25 December 2017 the Beijing Bureau of China Securities Regulatory Commission publicly ordered Jia to return to China to take his responsibility as the controlling shareholder of Le.com.[9] Jia refused to return, sending his wife instead to solve the financial issues, which sparked criticism from the Chinese government and the online community.[10] Jia had sold part of the share of Le.com and lend the same amount of money he received to the listed company, which he made a written agreement with the company for the loan. However, the loan was not renewed, making the financial troubles of the company even worse.[11]

Faraday Future

Jia is a co-founder of Faraday Future and was a majority shareholder. At the end of 2017, he became CEO of the company, moving to California to perform his duties.[2] He then sold the majority stake of Faraday Future to Evergrande Health, a subsidiary of Evergrande Group. He remained as the CEO.[12] However, he later sued Evergrande for breach of contract.[13]

Personal life

He is married to actress Gan Wei.[14]

References

  1. ↑ "Forbes profile: Jia Yueting". Forbes. Retrieved 13 October 2018.
  2. 1 2 3 Fred Lambert (20 December 2017). "Faraday Future expats spin off a new electric car startup". electrek.
  3. ↑ "How 'China's Steve Jobs' went 'all in' and lost his tech empire". South China Morning Post. Retrieved 2018-01-06.
  4. ↑ Raymond Zhong; Carolyne Zhang; (13 December 2017). "China Names and Shames Tech Tycoon With Debt Blacklist". New York Times.
  5. ↑ "Jia Yueting". Hurun. Retrieved 23 February 2015.
  6. ↑ "China Rich List 2014". Hurun. Archived from the original on 31 December 2015. Retrieved 23 February 2015.
  7. ↑ Ramchandani, Nisha (12 March 2015). "Sinotel Technologies chairman launches offer to take firm private". The Business Times. Singapore. Retrieved 1 September 2017.
  8. 1 2 3 "2014 Annual Report" (PDF). Sinotel Technologies. 8 April 2015. Archived from the original on 9 November 2016. Retrieved 1 September 2017.
  9. ↑ "Will LeEco Founder Obey Regulator and Return to China? - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-29.
  10. ↑ "LeEco Faraday Future Founder Jia Yueting Skips Out On Chinese Authorities - Clean Technica". www.cleantechnica.com. Retrieved 2018-01-02.
  11. ↑ 林 [Lin], 婷婷 [Ting-ting] (25 December 2017). 北京证监局责令贾跃亭回国履责 [Beijing Bureau of China Securities Regulatory Commission ordered Jia Yueting to return to the country for his responsibility]. China Securities Journal (in Chinese). Beijing. Retrieved 6 January 2017.
  12. ↑ "Evergrande pays US$853.85 million for stake in troubled electric vehicle maker Faraday Future". South China Morning Post. Hong Kong: South China Morning Post Publishers (Alibaba Group). 25 June 2018. Retrieved 10 October 2018.
  13. ↑ "Faraday Future accuses Evergrande of deliberately holding back funding to gain control of electric car start-up". South China Morning Post. Hong Kong: South China Morning Post Publishers (Alibaba Group). 8 October 2018. Retrieved 10 October 2018.
  14. ↑ "Wife swapping: LeEco juggles its businesses and acquires LeYoung". Week in China. 2017-04-28.
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