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China debt crunch

China fines SPAC-linked fallen tech tycoon $37m over IPO fraud

Jia Yueting faces penalty with Leshi even as Faraday Future looks to Nasdaq

HONG KONG -- Jia Yueting, founder of formerly highflying technology conglomerate LeEco Holdings, has been fined $36.81 million by Chinese regulators over false and inadequate financial disclosures in the 2010 IPO of its video streaming unit in Shenzhen and other fundraisings.

The fine comes as Faraday Future, a California-based electric vehicle maker that was backed by Jia and LeEco, is in the midst of a $1 billion deal to list on the Nasdaq Stock Market through a merger with a special purpose acquisition company (SPAC) called Property Solutions Acquisition Corp.

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