Name: Jia Yueting
Date of birth: 15.12.1973
Education: College of Finance and Taxation of Shanxi Province, Graduation from Cheung Kong Graduate School of Business
Type of Business: Businessman
Main Achievements: Chinese businessman, self-made and influential entrepreneur. He is the former owner of Sinotel Technologies, and he is the founder of Xbell Union Communication Technology, Le.com, LeEco, LeVision Pictures and also the originator of Faraday Future.
Smth interesting about the person: Jia is passionate about film production, and he challenged Apple, Netflix and Tesla at the same time.
Born in the Shanxi province, China, Jia Yueting has the common narrative of a rags-to-riches entrepreneur. He was the third child in the family; his father occupied as a teacher, and his mother is a housewife. Jia achieved his bachelor’s degree from the College of Finance and Taxation located in Shanxi Province and then later secured an MBA from the Cheung Kong Graduate School of Business.
Instead of persuading the career path of his father, Jia joined the tax office of Shanxi as a technical support office at an early age of only 22 years. Within a year he was driven by his entrepreneurial determinations and invested his time on initiating his own technological firm.
In 2002, Yueting began his entrepreneurial journey by inaugurating a wireless telecom company known as Sinetel Technologies, and in 2008 he also managed to get the company to be publicly registered in the Singapore Stock Exchange. In 2003 he invested in another venture, Xbell Union Communication Technology in the capital city of China, Beijing. In the year 2007, this company also got registered in the Singapore Stock Exchange.
He came into limelight in 2004 when he founded the company LeEco. LeEco was originally known as Leshi, which translates into Happy TV and being parallel to youtube it became a popular online video platform. The company rebranded itself from Happy TV to Happy Ecosystem where they plan on integrating concepts of internet connectivity, entertainment and innovation in a single unit.
Harbouring the interest for entertainment, television and film production Jia expanded the company’s horizon in 2014 by expanding its functions and launching television Pictures in Los Angeles. Along with contributing to the Chinese media and retaining the culture, the company made profits by working on known projects like “The Expendables 2”.
Jia Yueting is a man of many interests and planned to conquer them all. He stepped foot in the automobile industry in the year, 2014, when he invested $100 million in the firm Lucid Motors. He held a sizeable amount of percentage of the shares and has still a considerable amount of stake in the business.
In 2014, Yueting also founded and financed the enterprise, Faraday Future. The startup focuses on creating electric vehicles with a competitive edge of using the know-how of artificial intelligence towards building sustainable environmental friendly automobiles.
Jia had greater aspirations when it came towards the automobile sector. He envisioned to introduce a supercar which would cater to the need of entertainment and also provide the consumer with an opportunity to cut down on the air pollution of Beijing by the facilities of an electric ecosystem. The Leauto department of the Leshi Company gave the employment opportunity to more than 700 workers and also established a partnership with Aston Martin, a renowned British sports car firm.
What started as an online video streaming service, Yueting builds an empire by presenting the customers with smartphones, smart televisions, sports media and electronic eco-friendly vehicles. His vision and climb to success made him a figure of inspiration until he was met with the financial crisis. His envisioned dreams transformed into bankruptcy as they grew larger than the resources he had at hand. He now is in the middle of facing lawsuits and a tense situation from the creditors he owes.
Having an entrepreneurial personality, Jia is considered to have put the company LeEco at a gamble but is determined to resolute the dilemma by keeping a hold on the Faraday Future, though the analysts have a pessimist opinion about the profits.