Jia Yueting

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Jia Yueting
Born 1973 (age 44–45)
Xiangfen County, Linfen, Shanxi, China
Residence Beijing, China
Nationality Chinese
Other names YT Jia
Occupation Businessman, entrepreneur
Known for Founder, Le.com and LeEco
Net worth Decrease $3.8 billion (2017 Forbes Billionaires)[1]
Board member of
LeEco(managing director)
Spouse(s) Gan Wei
Relatives
Jia Yuefang(sister)
Jia Yuemin(brother)
Zhang Rong(sister-in-law)
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 entrepreneur and businessman. He was the chairman and CEO of Le.com, as well as chairman both Coolpad Group and Sinotel Technologies. He also founded LeEco, 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. At that time, creditors and suppliers were camping out at the Le-Group headquarters. He subsequently left China and all his positions at Leshi, for California, to run Faraday Future.[4][2]

Early life[edit]

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

Career[edit]

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

Sinotel Technologies / Xbell Communication[edit]

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[edit]

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.

On 25 December 2017 the Beijing Bureau of China Securities Regulatory Commission urged Jia to return to China to take his responsibility as the controlling shareholder of Le.com. 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.[9]

Faraday Future[edit]

Jia is a co-founder of Faraday Future and majority shareholder. At the end of 2017, he became CEO of the company, moving to California to perform his duties.[2]

Personal life[edit]

He is married to actress Gan Wei.[10]

References[edit]

  1. ^ "Jia Yueting". Forbes. Retrieved 18 June 2017. 
  2. ^ a b c 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. ^ a b c "2014 Annual Report" (PDF). Sinotel Technologies. 8 April 2015. Archived from the original on 9 November 2016. Retrieved 1 September 2017. 
  9. ^ [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. 
  10. ^ "Wife swapping: LeEco juggles its businesses and acquires LeYoung". Week in China. 2017-04-28.