Here’s the latest: On June 1, according to Tianyancha, LeEco Holdings (Beijing) Co., Ltd. (LeEco Holdings) and Jia Yueting just got hit with a fresh enforcement order worth a whopping 2.61 billion yuan. The Beijing Third Intermediate People’s Court is the one behind it.
Right now, LeEco Holdings has three enforcement records, totaling over 2.7 billion yuan. On top of that, they’ve got five dishonest debtor entries worth about 154 million yuan, plus 47 historical dishonest debtor entries that add up to over 9.3 billion yuan. And wait, there’s more: 538 equity freezes and 278 consumption restrictions.
LeEco Holdings was founded back in September 2011, with Wu Meng as its legal representative. Its registered capital is 1 billion yuan, and it deals in project investment, investment management, asset management, investment consulting, and stuff like that. The company’s ownership? Jia Yueting holds 92.0714%, Huixin Asset Management (Tianjin) and Chenxi Asset Management (Tianjin) each hold 3.2143%, and Jia Yuefang holds the remaining 1.5%.
As for Jia Yueting, he’s got 14 companies under his name. Of those, eight are either canceled or revoked, and the other six are still active. Besides LeEco Holdings, that includes LeEco Information Technology (Beijing) Co., Ltd. (LeEco.com) and Beijing Baile Culture Media Co., Ltd.
The whole “LeEco” ecosystem is drowning in debt and has been in the headlines a lot. Last December, LeEco.com announced it would use its own money to buy stocks for extra income, with a total investment of no more than 180 million yuan. Naturally, people started saying, “Hey, LeEco owes 23.8 billion but is using 180 million to gamble on stocks?”
In response to the backlash, LeEco.com fired back: “This isn’t what you think. You’re reading it wrong. Our goal is to boost returns on our cash. Out of that 180 million, at least 150 million is going into new stock subscriptions and reverse repurchase agreements on the BSE. And reverse repos? They’re totally risk-free, with yields way higher than your bank savings account.”
When people accused LeEco.com of “having money but not paying debts,” the company explained: “We’ve been running on heavy debt all along. It’s not that we won’t pay—it’s that we don’t know how. After setting aside basic operating cash, our estimated repayment ratio is no higher than 1.5%. And honestly, we’re not opposed to settling debts at that rate.”
LeEco.com was founded in November 2004. In May 2020, it got delisted from the Shenzhen Stock Exchange, with its stock price at just 0.18 yuan per share. Then, in April 2021, the China Securities Regulatory Commission (CSRC) officially slapped it with an administrative penalty, finding it guilty of fraudulent issuance and information disclosure violations. The fine? 241 million yuan.
According to the CSRC’s 2021 penalty notice, back in its pre-IPO days from 2007 to 2009, LeEco.com inflated profits by 190 million yuan through fake businesses and fabricated payments. And from 2010 to 2016, it padded revenues by 1.87 billion yuan and profits by 1.73 billion yuan. Get this: in 2015 alone, the fake profit made up 516% of what it reported.
Even after delisting, things haven’t improved. According to its announcements, from 2020 to 2024, LeEco.com’s total liabilities were 21.371 billion yuan, 22.065 billion, 22.057 billion, 23.607 billion, and 23.763 billion yuan respectively.
On April 28, LeEco.com (trading on the new third board as “LeEco 3”) released its 2025 annual report. It showed revenue of 186 million yuan, down 0.64% year-on-year, and a loss of 308 million yuan, which expanded by 217.66%. The main reasons? High financing costs on old interest-bearing debts, plus the company had to account for repurchase obligations from the XinGen M&A fund exiting the consolidated statements.
By the end of 2025, net assets attributable to LeEco.com shareholders were roughly negative 21.431 billion yuan. On the consolidated balance sheet, accounts payable stood at 2.677 billion yuan, and other current liabilities were 3.676 billion yuan—mostly due to losses from the LeEco Sports and LeEco Cloud illegal guarantee cases booked in 2019.
As of now, LeEco.com has five enforcement records with a total amount of over 112 million yuan. And historically? 295 enforcement records, totaling over 11.8 billion yuan. Ouch.
