The founder of debt-laden tech conglomerate LeEco has defied orders from Chinese regulators to return to the country before the end of 2017, saying he needed to stay in the United States as a fundraising for his electric car business was making progress.
The Beijing branch of the China Securities Regulatory Commission (CSRC) issued a notice last week ordering LeEco CEO Jia Yueting to return to China to address a mounting debt pile linked to his firms and to protect investors’ rights.
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