On the afternoon of January 7, Gan Wei, who returned to China to tackle the debt issues of her husband Jia Yueting, once again shared a statement on Weibo. She revealed that over the past week, through the combined efforts of herself and the debt resolution team, some debts have been partially settled via asset sales and debt repayments, marking a meaningful step forward in addressing the financial challenges.
The details include:
1. The retirement of core quality assets from Leshi Mall for 92.9 million yuan to Lele, a subsidiary of LeTV, helping to settle some debts of the listed company.
2. The sale of Cool Co., Ltd. for HK$807 million, which was directly used to offset a portion of China Merchants Bank’s debt (approximately HK$1.4 billion in principal and interest), resulting in a repayment rate of nearly 60%.
Gan Wei also mentioned that she will continue to engage with China Merchants Bank, hoping to secure a freeze on a proportional amount of frozen assets so as to better manage the debts owed to other creditors. She is seeking the bank’s understanding and support during this challenging period.
In response to her latest post, many netizens praised her as a “good wife.†Since returning to China alone and taking on the responsibility of managing the debts, she has been compared to Liu Tao, the second “virtuous wife†in the entertainment industry.
Earlier, the Beijing Securities Regulatory Bureau had ordered Jia Yueting to return to China before December 31, 2017, to fulfill his obligations as the company’s actual controller and address its ongoing issues. However, on the final day of 2017, only Gan Wei returned—Jia Yueting did not.
Upon her return, Gan Wei took to Weibo to confirm her commitment to resolving Jia Yueting’s domestic debt problems. She also clarified that Jia Yueting had significantly reduced his shareholding (with a loss of $9.7 billion in income and a tax payment of $2 billion), pledged stock loans (RMB6.9 billion in loans, plus RMB1.74 billion in interest since 2014), and held about 16% equity and 15.2 billion in operating investments. These funds were not used for personal or family purposes but were instead used to guarantee more than 10 billion yuan for the company. Both their personal and family assets have since been frozen and heavily indebted.
But can Gan Wei truly follow in Liu Tao’s footsteps and turn the tide for the family business? While both are actresses, Gan Wei has a smaller filmography, mostly centered around LeTV. Before marrying Wang Hao, Liu Tao had already played several roles in TV dramas. Her reputation and qualifications were strong, and she gained even more fame after returning home.
Liu Tao managed to shoot 25 TV dramas in four years, helping to repay 400 million yuan in debts. For Gan Wei, replicating such success may be more difficult given her lower public profile. However, she excels in networking and has built strong relationships within the entertainment industry. During the music boom, she introduced several star friends to become LeTV shareholders. But after the crisis, these connections became distant, and her personal network has been largely exhausted.
Despite this, Gan Wei has shown business acumen. In 2015, she invested in the online drama "Prince of the Prince" as an investor and personally oversaw its production. The show received over 2.7 billion views, and actors Zhang Tianai and Sheng Yilun achieved great commercial success for LeTV.
While Gan Wei may be well-positioned as a “good wife and strong woman,†the real challenge still lies with Jia Yueting himself.
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