LeEco founder placed on debt blacklist

Jia Yueting, the founder of Chinese tech company LeEco, has been placed on a debt defaulter blacklist by a Beijing court.

Jia failed to fulfil a court order to pay Ping An Securities Group more than RMB470m (€60m/$71m).

Ping An Securities is reported to have been a key investor in LeEco.

In May, LeEco's sporting subsidiary LeSports said it had sealed a new round of funding valuing it at RMB24bn, adding that its investors would form a new body to supervise its financial affairs. LeSports has been shedding sports rights this year amid cost-cutting measures at its parent company.

In March, online streaming company PPTV agreed an exclusive deal for domestic digital rights to the Chinese Super League. The agreement covered the 2017 CSL season and was struck with the China Sports Media agency. CSM had previously sold digital rights to LeSports under a two-season agreement, covering 2016 and 2017.

Jia stepped down as LeEco chief executive in July and in September he agreed to sell the majority of his stake in the group’s LeSports division.