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Jia Yueting’s wife resolves some LeEco’s debt, thanks investors

(Global Times)    08:47, January 08, 2018

Gan Wei, the wife of Jia Yueting, founder of debt-laden technology company LeEco, posted on her Weibo account on Sunday a summary of her efforts to resolve the company's debt problems by working with a task force.

Gan said that e-commerce platform LeMall.com, a subsidiary of LeEco, had been sold to Leshi's Tianjin unit, subsidiary of the listed company Leshi Internet Information & Technology Corp, at 92.9 million yuan ($14.32 million). This transaction involving core assets partly resolved the debt of the listed company, the post said.

The main business of the Tianjin unit is marketing smart and internet TVs.

Shares in smartphone maker Coolpad Group worth HK$807 million ($103 million) were transferred to China Merchants Bank (CMB) in a partial debt-equity swap. The debt owed to CMB amounted to about HK$1.4 billion, so almost 60 percent was settled in this way, the post said. Gan will seek communication with CMB to un-freeze other assets so that more debts could be paid, the post added.

Jia resigned from Coolpad as executive director on November 17, 2017.

Gan expressed her gratitude to investors in LeEco and Coolpad Group, saying more understanding and time was needed, the post said. Gan was entrusted by Jia to settle the debts. Jia has been ordered by the China Securities Regulatory Commission's Beijing branch to return to China and settle the debt.  

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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