(Yicai Global) Jan. 3 -- Leshi Internet Information & Technology Corp. [SHE:300104] said founder Jia Yueting has entrusted his wife with returning to China to help sort out LeEco group's debts as the tech billionaire defied an order from Beijing's securities watchdog to come back.

Jia, who left for the US in July after stepping down as chairman of Leshi, also issued his first response to the regulator yesterday, stating on his official WeChat account that he has tasked his actress wife Gan Wei and brother Jia Yuemin with working on Leshi's "debt crisis."

The tycoon has been embroiled in controversy since the group approached rock bottom early last year, amassing debts of over CNY20 billion (USD3 billion). Last week, the Beijing branch of the China Securities Regulatory Commission instructed him to return before Dec. 31.

Leshi unit New Leshi Zhijia Electronic Technology Co. plans to buy Leshi Mall, which Leshi E-Commerce Co. operates, for CNY92.9 million (USD14.3 million) so that Leshi E-Commerce can repay debt to LeEco's listed arm, Beijing-based Leshi Internet said yesterday. To alleviate financial pressures, New Leshi plans to raise CNY3 billion. Half will come from cash injections and the remainder will be creditors' rights.

LeEco has revived its supply chain, but it is not the same company it was, a LeEco distributor based in the southern province of Guangdong told Yicai Global.

Jia and his group of companies have been on the receiving end of several lawsuits after missing repayments to creditors, and Chinese courts have labeled him a "dishonest debtor" for not repaying loans he can afford. It remains to be seen whether he will take any specific action to help make repayments, an industry insider close to Leshi told Yicai Global.