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Jia Yueting Didn't Lend Cash He Made From Selling Shares to LeEco as Promised
Liao Shumin
DATE:  Sep 20 2017
/ SOURCE:  Yicai
Jia Yueting Didn't Lend Cash He Made From Selling Shares to LeEco as Promised Jia Yueting Didn't Lend Cash He Made From Selling Shares to LeEco as Promised

(Yicai Gloal) Sept. 20 -- When LeEco's listed arm, Leshi Internet Information & Technology Corp. Beijing, was stuck in a cash rut earlier this year, its founder Jia Yueting did not lend funds he made from selling shares in the company, despite promising to do so, the firm said on Sept. 19 in a report produced by Zhong De Securities, one of its deal sponsors.

From 2015, Jia has lent at most CNY4.72 billion (USD726 million) through funds made from share reductions, he has lent a total of CNY11.34 billion (USD1.74 billion). In the first half of this year, when Leshi funds were tight, Jia failed to continuously lend to the firm as per an earlier commitment.

Having had his assets frozen recently, Jia may have been unable to lend the cash. The sponsor institution will continue to supervise and pay close attention to his financial situation, the report said. Jia did not honor his commitment to avoid same-sector competition either, it added, saying his wife's company, Beijing Le Young Media Co., is still in competition with two LeEco firms.

LeC Culture Beijing Co.'s core business is producing television shows and its scope of business covers "broadcasting and TV program and film production," similar to Le Vision Pictures.

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Keywords:   LETV,Leshi,LEECO,Jia Yueting