A court in Shanghai froze nearly $181 million in assets and an additional $2.3 billion worth of shares in a listed unit partially owned by LeEco Holdings founder Jia Yueting after the unit missed an interest payment, deepening the firm’s financial distress.
NYS Entity Status
- Dissolution (Jun 05, 2014)
NYS Filing Date
JUNE 25, 2013
NYS DOS ID#
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2013 - JIA LE GROCERY INC
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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 leaders.Jia’s departure from Leshi Internet ended his tenure at the helm of one of China’s most ambitious tech companies.Last week, a court in Shanghai froze $182 million of assets tied to Jia, and Tuesday, shares connected to Jia totaling 40 percent of Leshi Internet’s outstanding stock were frozen by courts, according to a company filing.Fierce competition has eroded profit for most handset makers.Jia’s guarantees bind together much of LeEco’s debt, setting up a potentially messy situation that could embroil all of the LeEco companies as creditors battle for assets.No LeEco company has filed for bankruptcy, a company spokesman said, and LeEco could still receive a bailout from investors or a state-owned company.LeEco’s electric car ambitions are centered on Los Angeles, where the financially troubled startup Faraday Future, with more than 1,400 employees, is developing high-end electric cars in a bid to challenge Tesla Motors.Jia remains Faraday Future’s largest shareholder and emphasized in his letter Thursday that he would dedicate his energy to getting the company’s first production-ready model, called the FF 91, into mass production.The U.S. Energy Information Administration said Thursday that electricity production from utility-scale renewable sources exceeded nuclear generation in the most recent months for which data is available.The growth in renewables was fueled by scores of new wind turbines and solar farms, as well as recent increases in hydroelectric power as a result of heavy snow and rain in Western states last winter.SoundCloud is cutting about 40 percent of its staff in a move the digital music service says will give it a better financial footing to compete with Spotify and Apple.The Berlin company, which in January said it was at risk of running out of money, informed staff on Thursday that 173 jobs would be eliminated.Exports rose modestly to $192 billion — the highest level since April 2015 — on rising shipments of cars and consumer goods, including cell phones.President Trump has vowed to reduce America’s trade deficits, blaming them on bad trade deals and abusive practices by trading partners, particularly China.
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