The founder of Chinese technology conglomerate LeEco, which once sought to become both the Netflix and Tesla of China, has been ordered by authorities to return to the country within a week to deal with the group’s mounting financial problems.
The China Securities Regulatory Commission, the country’s main markets watchdog, said in a notice posted to its website late on Monday that LeEco founder Jia Yueting had not fulfilled a promise to extend an interest-free loan to its Shenzhen-listed company and must now return to China by December 31.
Mr Jia’s whereabouts were unclear on Tuesday and LeEco could not immediately be reached for comment. But the urgent request from the regulator was the latest sign of troubles for LeEco and Mr Jia, who only a year ago oversaw a sprawling technology empire and fashioned himself as one of China’s top technology magnates.