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Chinese Internet Tycoon Resigns From Troubled Company

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Chinese Internet Tycoon Resigns From Troubled Company
Last year, as Leshi Internet exhausted its credit lines at a dozen Chinese banks, Mr. Jia began pledging shares in LeEco companies as collateral for more loans,
borrowing at least $2.1 billion from a variety of nontraditional lenders like security brokerage firms, trust companies and capital management firms.
The embattled internet tycoon behind struggling Chinese tech company LeEco has resigned from all his positions at the company’s
publicly traded arm, the latest action in a stunning fall for one of the country’s most flamboyant tech icons.
Last week, a court in Shanghai froze $182 million of assets tied to Mr. Jia,
and on Tuesday, shares connected to Mr. Jia totaling 40 percent of Leshi Internet’s outstanding stock were frozen by courts, according to a company filing.
Jia Yueting has stepped down as chairman of Leshi Internet and has also given up several other positions at the company, the company said in a filing.

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