Jia Yueting’s Le.com shares frozen due to unpaid debts

Leshi Internet founder Jia Yueting has seen his fair share of money problems. Since late 2016, his conglomerate LeEco suffered mounting debt after rapid-fire expansion, leading Jia to step down from his position of CEO. In July of this year, LeEco sister company Leshi – also known as Le.com – announced that it was at risk of being delisted from the Shenzhen Stock Exchange due to recent losses.

Although he no longer heads Leshi, as of October 26 Jia still held over 999 million company shares, making up more than 25% of total stock. However, according to a recent notice posted to the Shenzhen Stock Exchange website, a Chinese court has ordered all of Jia’s Leshi shares to be frozen. In addition, 5 million shares that Jia pledged to Orient Securities have been released due to an unpaid debt.

The notice is an official announcement from Leshi that contains text of an email written by Jia. Jia’s five million shares, making up about .13% of total company stock, were pledged to Orient Securities in July 2014. The former Leshi CEO received RMB 200 million in return, which was used as floating capital for the company.

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