(Yicai Global) May 7 -- The Chinese joint venture partner of Faraday Future, the US-based new energy vehicle startup headed up by controversial entrepreneur Jia Yueting, has expanded the unit's registered capital nearly fifteenfold.

The9 has increased the registered capital to USD50 million and total shares to five billion from CNY23 million (USD3.4 million) and 350 million previously, after a special shareholder meeting in Hong Kong, the Shanghai-based firm said in a statement. 

The pair set up the JV in March with the aim of manufacturing and selling high-end smart NEVs in the country. The9, which also distributes the World of Warcraft gaming series in China, will inject USD600 million into the JV with the aim of achieving mass production next year.

There have been rumors recently that Jia could return to China to cooperate with relevant agencies on investigations of his business dealing. Faraday told Yicai Global that the information was false and any official updates would come via statements from Leshi Internet Information & Technology, Jia's listed company.

Leshi fell into a liquidity crisis in 2017 and Jia resigned from the internet firm in July that year, heading to the US to focus on his car business. He remains Leshi's largest shareholder and its actual controller.

China's securities regulator sent notices to Jia on April 26 and April 29 regarding an investigation into Leshi and Jia for alleged violations of information disclosure rules.

Editor: William Clegg