China Names and Shames Tech Tycoon With Debt Blacklist<br />As China’s economy matures, officials are concerned by the mountains of debt amassed<br />by local governments, big state-run companies and high-flying tycoons like Mr. Jia.<br />Pressure from the government has already curbed deal making by the country’s “gray rhino” companies, a term used by the official newspaper of the Communist Party to describe the businesses as large<br />and visible problems that are ignored until they become a threat.<br />The publicly searchable database, maintained by China’s top court, is part of a growing effort<br />by officials to rein in irresponsible borrowing — including by naming and shaming.<br />Mr. Jia was added to the blacklist this week over unpaid debt totaling $72 million, including interest<br />and fees, that he owed to Ping An Securities, a brokerage.<br />A court in Beijing recently asked an internet security company to tag irresponsible borrowers’ telephone numbers so<br />that when someone called, a message would appear onscreen saying that the respondent owed money.<br />LeEco’s ambitious, debt-driven expansion began running aground last year, causing angry creditors<br />to stage sit-ins at the company’s Beijing office and leading courts to take action.
