Chinese Court Seizes Millions in Assets of LeEco Founder as Conglomerate's Troubles Grow (variety.com) 27
Chinese Internet tycoon and LeEco founder Jia Yueting's ambition to challenge the likes of Apple and Tesla looks even more in doubt after $182 million of his assets were frozen by a Shanghai court following unpaid loans. From a report: Jia and LeEco came in for stinging criticism from Chinese media Wednesday, which warned that the Internet streaming company and hardware manufacturer was set to fall into further trouble, with the asset freeze as only the beginning. LeEco's development "is too big, too quick and too reckless," Beijing Business Today wrote. "Developing TV [programs and TV sets], mobile phones, [electric] cars and sports programs all consume too much cash at the same time. Not only can the capital not sustain these developments; fractures are inevitable in areas ranging from human resources, technology and management." According to the official Xinhua news agency, the Shanghai High People's Court last week ruled in favor of China Merchants Bank's application to freeze $182 million in assets belonging to Jia, his wife and three LeEco affiliates. Further reading: LeEco Said To Lay Off Over 80 Percent of US Workforce, LeEco's CEO Jia Yueting Says Company Overstretched, Now Running Out of Cash, and China's LeEco Calls Off Its $2 Billion Purchase of TV Maker Vizio.
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Oh really? I guess you've never heard of Weibo, WeChat, or Huawei.
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I'm not sure if it was the grandparents point, but even Huawei has limited market penetration outside of China.
Not really. Their products are quite well known in SE Asia countries due to its competitive/cheaper price against others (western companies). Over there, it's more like price/functionality comes first, quality comes second.
Re: Let's face it.... (Score:2)
I have only been to China, fewer than a half dozen times. None of them were on any real business, except two trips that were scouting. I didn't do business there, in other words.
The other times were mostly being a tourist. Two of my trips are what I'd call an extended stay - lasting longer than 27 days.
Now, you seem to understand the culture better.
It wasn't Japan-level, but if you owed someone then it was more an honor than a position of strength, like you might see in the West. Here, if we foreclose on a
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I'm not sure if it was the grandparents point, but even Huawei has limited market penetration outside of China.
Enough presence in Asia, Europe, and Africa to put them close behind Apple [fortune.com], in number 3 in terms of cell phones. Probably soon to overtake Apple and start creeping up on Samsung.
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Tencent and Baidu are other Chinese tech megacorps.
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People said that about the Japanese electronics and about the Korean electronics. Eventually one of the Chinese companies will start increasing quality and move upmarket undercutting the other brands.
Then we move on to some other place for crap
China has problems (Score:2)
sounds like another company called Hanergy [washingtonpost.com]
I know a guy named Jim Chanos, he's been saying China's gonna crash for the past 5 years. People mock him because it didn't happen. I think it will though, eventually.