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They founded three hot tech companies, but now they’re on a country-wide blacklist
Founders of Ofo, LeEco and now Smartisan have to navigate China’s punishing debtor blacklist
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This article originally appeared on ABACUS
They were tech titans, the heads of three much-hyped companies. But now they can’t even book a flight or travel on a high-speed train.
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Luo Yonghao, the flamboyant founder of smartphone company Smartisan, joined the ranks of blacklisted tech leaders, barring him from certain things considered luxuries. He joins Dai Wei, founder of bike-sharing company Ofo, and Jia Yueting, founder of crumbling entertainment empire LeEco, along with China’s nearly 15 million other “discredited individuals.”
Smartisan's boastful leader once chided Apple for “losing its soul” and at one point claimed he was planning to buy the company. This didn’t do much for his troubled company, but he seems to still have plenty of fans voicing their support.
Soon after the news broke of his new status, Luo wrote a heartfelt Weibo post titled “Confession from a deadbeat CEO” explaining his struggle to save Smartisan. The founder received many messages of support even while they also acknowledged the founder’s great crisis management skills.
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“I think the public is more kind to him because he's harder to hate — he's a fat, middle-aged ex-teacher who seems genuinely committed to his vision and does seem actually very involved in building the product,” said Rui Ma, investor and co-host of TechBuzz China podcast.
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