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Chinese Tech Mogul Jia Yueting Files For Chapter 11 Bankruptcy in U.S.

Faraday won a much-needed cash infusion when it formed a joint venture earlier this year with The9 Ltd., the Chinese online-gaming company. And a unit of China Evergrande Group, the property developer owned by Hui Ka Yan, China’s third-richest man, agreed to invest $2 billion, but cut back on the investment after giving Faraday $800 million for a 32% stake, according to court documents.

Jia has a history of making dramatic statements about his various ventures, including a claim that one of his biggest China-based businesses would “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent. That claim was related to $2.2 billion Jia raised for LeEco, a sprawling conglomerate with interests ranging from electric cars and TVs to entertainment.

In his first international television appearance in 2016, he called Apple Inc. “outdated” and said he expected his electric vehicle company to “lead the industry leapfrogging to a new age.”

In his bankruptcy filing, Jia warned that his IPO plans for Faraday may not raise as much as projected. That was due in part to “negative press related to his debts and an investigation by the China Securities Regulatory Commission into the delisting from the Shenzhen Stock Exchange” of a company where Jia served as chief executive officer.

The case is In re Yueting Jia, 19-12220, U.S. Bankruptcy Court, District of Delaware (Wilmington)

Faraday won a much-needed cash infusion when it formed a joint venture earlier this year with The9 Ltd., the Chinese online-gaming company. And a unit of China Evergrande Group, the property developer owned by Hui Ka Yan, China’s third-richest man, agreed to invest $2 billion, but cut back on the investment after giving Faraday $800 million for a 32% stake, according to court documents.

Faraday Future’s early financier, Jia Yueting, and reportedly the company’s largest shareholder has been placed on China’s official “Blacklist” for credit defaulters.

 

 

Jia has a history of making dramatic statements about his various ventures, including a claim that one of his biggest China-based businesses would “far surpass” China’s three biggest internet companies: Baidu Inc., Alibaba Group Holding Ltd. and Tencent. That claim was related to $2.2 billion Jia raised for LeEco, a sprawling conglomerate with interests ranging from electric cars and TVs to entertainment.

In his first international television appearance in 2016, he called Apple Inc. “outdated” and said he expected his electric vehicle company to “lead the industry leapfrogging to a new age.”

In his bankruptcy filing, Jia warned that his IPO plans for Faraday may not raise as much as projected. That was due in part to “negative press related to his debts and an investigation by the China Securities Regulatory Commission into the delisting from the Shenzhen Stock Exchange” of a company where Jia served as chief executive officer.

The case is In re Yueting Jia, 19-12220, U.S. Bankruptcy Court, District of Delaware (Wilmington)

Credit:Bloomberg.com

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