Jia Yueting and Leshi Holding see a new enforcement of over 2.6 billion yuan, as the judicial system uses digital, penetrating asset liquidation to fully target remaining assets after credit bankruptcy.
In mid-2026, as the global new-energy vehicle race enters a phase of technological elimination rounds and capital cleansing, those asset-light, user-acquisition-driven toys overseas that rely purely on storytelling are now facing an iron-fisted judicial reckoning in China. Recently, Tianyancha's legal litigation information delivered a heavy blow, adding a new restoration of execution record for Leshi Holdings (Beijing) Co., Ltd. and Jia Yueting, with the execution target reaching a staggering 2.61 billion yuan and the enforcement court directly designated as the Beijing Third Intermediate People's Court.
This restoration of execution, amounting to billions of yuan, is by no means an isolated debt dispute. Stripping away the public relations facade that Jia Yueting has built over years overseas through so-called "personal bankruptcy reorganization" and aggressive hype around Faraday Future (FF), the underlying cause is clear: the domestic judicial system, faced with the massive long-tail bad debts left over from the internet bubble era, is now deploying digitalized, penetrative enforcement networks to conduct an extremely granular crackdown and asset encirclement against those who defaulted on credit while exploiting the dividends of that arbitrage era.
A simplistic consensus has long prevailed in the industry, holding that once a deadbeat moves assets abroad or leaves the country, domestic enforcement cases at most become uncollectible "closed" rulings, posing no real deterrent to the individual. However, this bystander-style misconception severely underestimates the iron-fisted gravity of the current domestic judicial defense in terms of cross-border sovereign debt recovery and integrity compliance.
Over the past several years, Jia Yueting has leveraged a dizzying array of asset-light financial tactics in Silicon Valley—"continuously seeking new billionaire investors, swiftly rebranding automotive shells, and even recently announcing a pivot to smart robot sales"—in an attempt to erect a financial firewall to fully insulate against domestic debts. But at the technological inflection point where digital audits have tightened across the board and Sino-foreign judicial assistance mechanisms continue to improve, the myth of debt exemption for the 2.6 billion yuan has utterly collapsed. The swift re-imposition of the restoration of execution is, in essence, the absolute gravitational pull of the state apparatus locking down all remaining domestic equity holdings and intangible patent assets that the entity might hold through long-tail investments, shackling them within a noose ready for judicial auction at any moment. It has, with ironclad facts, liquidated all residual credit assets.
This enforcement web woven by the iron fist of the rule of law presents, within the entity base disclosed by Tianyancha, an extremely grim and nearly depleted debt-ruin ecosystem.
According to the Tianyancha App, Leshi Holdings (Beijing) Co., Ltd., established in September 2011, has Wu Meng as its legal representative and a registered capital of 1 billion yuan. The company is co-held by Jia Yueting, Huixin Asset Management, Chenxi Asset Management, and Jia Yuefang. Among them, Jia Yueting's personal shareholding stands at approximately 92%. Beneath the seemingly massive equity shell, the densely flashing data on Tianyancha's risk radar reveals the true reality of this former Leshi ecosystem empire: the entity currently bears not only more than 2.7 billion yuan in outstanding execution orders, but also a red-flag dishonesty enforcement record exceeding 100 million yuan, with historical dishonesty amounts involved in cases reaching an astonishing over 9.3 billion yuan.
These rows of debt tombstones—tens of billions and hundreds of billions of yuan—silently resting in the Tianyancha system have completely stripped away all the commercial dignity Jia Yueting sought to project overseas in "redefining the automotive industry."
The 538 records of equity freezes and 278 consumption restriction orders paint a picture of an entity whose organizational structure has completely collapsed and which has lost all basic internal controls. At this moment, Jia Yueting's shareholding of over 90% brings him not the sovereignty of majority control, but rather serves as the noose tightly binding his personal unlimited joint liability to the wreckage of Leshi. Every refresh of the restoration of execution record on Tianyancha constitutes a precision strike on the transparency of his assets during overseas fundraising pitches. This judicial warning wall, built from the hard-earned money of countless creditors, makes it unmistakably clear that any multinational capital attempting to engage with FF or its robot shell must first prioritize assessing this heavyweight legal black hole—one that could at any moment freeze long-tail overseas revenues through offshore penetration.
The evolution of commerce has always been ruthless. In this brutal cycle where real delivery, financial substance, and compliance deadlines determine the truth of survival, the barbaric era of relying on PowerPoints and storytelling to extract capital flows has been prematurely and precisely cleared out.
This latest entry left by Leshi Holdings and Jia Yueting on Tianyancha serves as a sobering memo that credit defaulters will ultimately pay the most expensive exit price. Those once-aggressive ecosystem concepts have now been exposed in their raw speculative form before the 2.6 billion yuan restoration order. This long-running commercial soap opera has sounded the death knell for all capital speculators attempting to evade legal sanctions through marginal schemes: once the legal heavy artillery of major corporations and the enforcement gravity of the state judicial system fully converge, no shell can obtain permanent immunity, and any front attempting to challenge the bottom line of the rule of law will face the cold fate of precision elimination and uprooting under ever-tighter data penetration and the iron fist of law.
