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Jia Yueting

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In this Chinese name, the family name is Jia (贾).
Jia Yueting
Born (1973-12-15) December 15, 1973 (age 50)
Xiangfen, Shanxi, China
NationalityChinese
Other namesYT Jia
EducationShanxi Provincial Finance and Taxation Vocational College
OccupationBusinessman
Known forFounder and CPUO(Chief product and User Ecosystem Officer),[1] Faraday Future, Founder and Ex-CEO, LeEco
Board member of
Faraday Future
Spouse
​
(m. 2008⁠–⁠2020)​
Children3
Chinese name
Simplified Chinese贾跃亭
Traditional Chinese賈躍亭
Transcriptions
Standard Mandarin
Hanyu PinyinJiǎ Yuètíng

Jia Yueting (Chinese: 贾跃亭; born 15 December 1973, YT Jia)[2][3] is a Chinese businessman who is the founder of Leshi Holding Group and the former CEO of Faraday Future.[4][5][6] He previously founded LeEco and the Le.com subsidiary LeSports, and is the former chairman and CEO of Le.com as well as the former chairman of both Coolpad Group and Sinotel Technologies.

Jia has been involved in several financial controversies related to his companies. In October 14, 2019, he filed for bankruptcy with a personal debt of over USD $3.6 billion.[7]

Early life

[edit]

Jia Yueting was born in Xiangfen, Shanxi, China in December 1973.[8][9] Jia completed his undergraduate studies at Shanxi Provincial Finance and Taxation Vocational College (Chinese: 山西省财政税务专科学校) with concentration in finance.[10] He once took executive courses in the private business school Cheung Kong Graduate School of Business (Chinese: 长江商学院) with unspecified time.[11]

Career

[edit]

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

Sinotel Technologies / Xbell Communication

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Jia was the owner of former Singapore-listed company Sinotel Technologies.[12] Before the privatization of the company, Jia owned 26% of its shares.[13] 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).[13] A subsidiary, Xbell Investment, was sold by Sinotel Technologies to LeEco (Leshi Holdings Beijing), another company owned by Jia Yueting.[13]

Leshi, LeEco & Le.com

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Jia 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.[14]

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 onto the board.

On December 25, 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.[15] Jia refused to return, sending his wife instead to solve the financial issues, which sparked criticism from the Chinese government and the online community.[16] 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.[17]

Lucid Motors

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Jia Yueting involvement with Lucid Motors started in 2014, when LeEco, along with other investors, invested $100 million into Atieva (Lucid Motors's former name).[18] In April 2016, Jia Yueting used money he previously borrowed in China[19] to purchase a stake of over 20 percent in Lucid Motors,[18] a direct competitor of Faraday Future. The move was characterized by some industry observers as "a destructive strategy", with people pointing out that Jia actually did not want Lucid Motors to succeed.[19]

As of February 2019, Jia still owns a large stake in Lucid Motors.[20]

Faraday Future

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Jia is a co-founder of Faraday Future. At the end of 2017, he became the CEO of the company, moving to California to perform his duties.[3] He then sold the majority stake of Faraday Future to Evergrande Health, a subsidiary of Evergrande Group while remaining as the CEO of the company.[21] He later sued Evergrande for withholding promised payments but reached an agreement to settle the litigation, after which Evergrande restructured its US$2 billion investment for a 32% stake.[22][23]

On July 5, 2017, Jia moved to Los Angeles, claiming that his trip to the US was due to the related financial affairs of Faraday Future.[24]

The first pre-production FF 91 model from Faraday Future has rolled off the line at the company's facility in Hanford, California on August 28, 2018. Jia tweeted that this is the "new species" of electric vehicle.[25]

On July 20, 2021, Jia and Faraday Future announced that it had completed a merger with Property Solutions Acquisition Corp. (“PSAC”), a special purpose acquisition company, to commence trading on the Nasdaq Stock Market on July 22, 2021 under the ticker symbols “FFIE” and “FFIEW”, respectively. The listing raised $1 billion dollars to finance the production of the FF 91 and FF 81 electric vehicles.[26]

On November 10, 2021, Jia and Faraday Future announced that it received the Certificate of Occupancy (“COO”) for its Hanford manufacturing facility, and on December 13, 2021, the company reached its third production milestone with the start of construction for all remaining production areas at the Hanford plant, including body, propulsion, warehouse and vehicle assembly.[27]

Faraday Future announced on February 9, 2022, that Myoung Shin Co., Ltd., an automotive manufacturer headquartered in South Korea, has been contracted to manufacture Faraday Future’s second vehicle, the FF 81, with SOP scheduled for 2024. The FF 81 is a luxury, mass-market electric vehicle from FF, with advanced connectivity and a user experience tailored to a wider audience than the ultimate intelligent techluxury FF 91, which is scheduled to launch in Q3 2022. The plant in Gunsan, where the FF 81 will be manufactured, offers scale, flexibility, and attractive port access. Pursuant to the agreement, Myoung Shin will maintain sufficient manufacturing capabilities and capacity to supply FF 81 vehicles in accordance with FF’s forecasts.[28]

Financial issues

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In 2017, a court in Shanghai issued a freezing order on 1.2 billion renminbi worth of Jia Yueting's assets in China.[29] After leaving China, Yueting spent at least US$21 million on beach houses and properties in California.[30][31]

He has been dubbed by some English media outlets as "China's Steve Jobs", although lately it has been used to showcase the overexpansion of his technology companies.[32] Jia has been dubbed by some Chinese media outlets as a "PowerPoint CEO",[33] a reference to his long history of repetitively announcing vaporwares.[34]

In December 2017, Jia was named to China's debt blacklist after he violated a court order by refusing to return to China to pay up more than 470 million RMB that he owed to Ping An Group.[35][36][37][3]

In late 2018, courts in both British Virgin Islands and California, enforced freezing of Jia's assets, including his ownership stake in Faraday Future and the properties he owned in California.[38][39]

In January 2019, Shimao Gongsan, a major shopping complex owned by Jia Yueting in Beijing’s Sanlitun area, failed to be sold in an online auction.[5]

In October 2019, Jia filed for Chapter 11 bankruptcy in Delaware, USA.[7] Yueting owed billions of dollars to more than 100 creditors in China.[40]

In December 2019, the Department of Justice accused Jia of engaging in dishonest behavior during the bankruptcy and filed a motion to have a new bankruptcy trustee appointed. The Office of the US Trustee criticized Jia and said that in general they had found him to be untrustworthy during their dealings with him.[40]

On May 21, 2020 the United States Bankruptcy Court for the Central District of California entered an order officially confirming a chapter 11 reorganization plan for Jia.[41]

Personal life

[edit]

He married Gan Wei in 2008.[42] Gan Wei filed for divorce from Jia Yueting in late 2019.[43][44]

References

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  1. ^ "The man responsible for the BMW i8 is taking over as CEO of Faraday Future". 3 September 2019.
  2. ^ "Court file". Sohu.
  3. ^ a b c Fred Lambert (20 December 2017). "Faraday Future expats spin off a new electric car startup". electrek.
  4. ^ "China's disgraced Leshi sees US$1.8 billion loss for 2017". Asia Times. February 1, 2018.
  5. ^ a b "Nobody Wants to Buy Disgraced Entrepreneur Jia Yueting's Beijing Mall". Caixin. January 9, 2019.
  6. ^ "Embattled LeEco Founder Defies Beijing Order to Return to China". The Hollywood Reporter. January 2, 2018.
  7. ^ a b O'Kane, Sean (October 14, 2019). "Faraday Future founder files for Chapter 11 bankruptcy". The Verge. Retrieved October 20, 2019.
  8. ^ "Jia Yueting". Hurun. Retrieved 23 February 2015.
  9. ^ "China Rich List 2014". Hurun. Archived from the original on 31 December 2015. Retrieved 23 February 2015.
  10. ^ "起底贾跃亭发家前经历：曾在地税局工作 还办过学校" (in Chinese). Retrieved 21 March 2019.
  11. ^ "独家 | 贾跃亭如何拿下长江商学院同学的6亿美金投资？". 第一财经. Retrieved 2022-04-15.
  12. ^ Ramchandani, Nisha (12 March 2015). "Sinotel Technologies chairman launches offer to take firm private". The Business Times. Singapore. Retrieved 1 September 2017.
  13. ^ a b c "2014 Annual Report" (PDF). Sinotel Technologies. 8 April 2015. Archived from the original on 9 November 2016. Retrieved 1 September 2017.{{cite web}}: CS1 maint: unfit URL (link)
  14. ^ Liao Shumin. "LeEco Founder Jia Yueting Sells His Stake in Smartphone Unit Coolpad to Pay Debts". Yicai Global. Retrieved 9 May 2019.
  15. ^ "Will LeEco Founder Obey Regulator and Return to China? - Caixin Global". www.caixinglobal.com. Retrieved 2018-08-29.
  16. ^ "LeEco Faraday Future Founder Jia Yueting Skips Out On Chinese Authorities - Clean Technica". cleantechnica.com. 2 January 2018. Retrieved 2018-01-02.
  17. ^ 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 (China)). Beijing. Retrieved 6 January 2017.
  18. ^ a b "Electric car startup Lucid Motors is short of cash and weighing its options". Recode. July 20, 2017.
  19. ^ a b "Tesla challenger Lucid Motors also in talks with Saudi Arabia for reported $1 billion funding". August 20, 2018.
  20. ^ "Lucid Motors is working on an electric SUV that may debut this year". The Verge. February 21, 2019.
  21. ^ "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.
  22. ^ "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.
  23. ^ "Faraday Future ends battle with key investor, gets bridge loan". Autoblog. Retrieved 2019-03-06.
  24. ^ "Leshi Claims Jia Yueting Will Return to China Soon". July 14, 2017.
  25. ^ Blanco, Sebastian. "Faraday Future's First Pre-Production FF 91 Is Here". Forbes. Retrieved 2019-03-06.
  26. ^ "Faraday launches on the US stock market". 23 July 2021.
  27. ^ "Faraday Future Receives Certificate of Occupancy ("COO") for its Hanford Manufacturing Plant, Completes Second Production Milestone".
  28. ^ "Farady Future Announces Partnership". electrek.co. February 9, 2022.
  29. ^ "Cash-strapped LeEco reportedly sees 1.2 billion yuan in assets frozen over unpaid debts". CNBC. July 4, 2017.
  30. ^ "Faraday Future CEO's long trail of debt is finally catching up to him". The Verge. December 8, 2018.
  31. ^ "Faraday Future CEO's Stake in Company and Mansions Frozen in yet Another Loan Dispute". The Drive. December 18, 2018.
  32. ^ "How 'China's Steve Jobs' went 'all in' and lost his tech empire". South China Morning Post. Retrieved 2018-01-06.
  33. ^ "How an eager Chinese tech group stumbled in America". Financial Times. Financial Times. June 6, 2017.
  34. ^ "A partner of Faraday Future that was mocked for 'producing cars in PowerPoint' is looking like less of a joke". Business Insider. Business Insider. October 5, 2016.
  35. ^ "The founder of China's LeEco has just been added to a nationwide blacklist". CNBC. December 13, 2017.
  36. ^ "LeEco founder defies China return order, stays in U.S. for car fundraising". Reuters. January 2, 2018.
  37. ^ Raymond Zhong; Carolyne Zhang (13 December 2017). "China Names and Shames Tech Tycoon With Debt Blacklist". New York Times.
  38. ^ "Time runs out for embattled Chinese tycoon Jia Yueting as court freezes his Faraday Future assets". South China Morning Post. December 11, 2018.
  39. ^ "Federal court freezes Faraday Future CEO's ownership stake, California mansions". The Verge. December 14, 2018.
  40. ^ a b O'Kane, Sean (18 December 2019). "DOJ intervenes in Faraday Future founder's bankruptcy after 'dishonest behavior'". www.theverge.com. The Verge. Retrieved 19 December 2019.
  41. ^ "Announcement of official Confirmation of Chapter 11 Plan for Faraday Future's Founder and CPUO YT Jia by the U.S Bankruptcy Court".
  42. ^ "Wife swapping: LeEco juggles its businesses and acquires LeYoung". Week in China. 2017-04-28.
  43. ^ "Exclusive: Ex-Tycoon Jia Yueting's Creditors Demand He Remain Responsible for Debt". caixingglobal. 2019-12-02.
  44. ^ "Faraday Founder Faces New Bankruptcy Creditor: His Wife". Bloomberg Law. 2020-01-28.
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