Smartisan founder Luo Yonghao rejects job invitation from China’s cryptocurrency circle
Published: Nov 05, 2019 12:47 PM

A screen capture of Luo Yonghao’s Weibo post

The founder of China's smartphone maker Smartisan Technology Luo Yonghao, who made headlines in recent days after being barred from taking flights and high-speed trains due to his firm's failure to repay massive debts, has sternly rejected a job invitation from China's much-hyped cryptocurrency industry despite the hefty salary on offer.

"Thank the entrepreneurs in the digital currency circle for your goodwill… thank you for looking up to me. But I could launch a digital currency myself, and I did not plan to enter the industry," Luo said on his Weibo account on Tuesday. 

Sun Yuchen, founder of blockchain company Tron said on his Weibo account on Monday that he is willing to pay 1 million yuan ($142,340) per year to hire Luo as the company's "spokesperson for entrepreneurial spirit." Additionally, if the employment works out well, he is willing to pay Luo an extra 10 million yuan to help him clear his debts.

Sun's comments came after Luo issued a letter of apology to the public on his Weibo account on Sunday. In the letter, Luo admitted that his company still owed about 300 million yuan to investors and creditors, which prompted the court to issue orders restricting him from high-value consumption. But Luo stressed that he will "work hard" to repay the remaining debt, even in the form of "making money as a performer."

In response, Sun said that he hoped Luo would leave his first show as a performer to join his start-up.

Sun is not the only entrepreneur in China's cryptocurrency industry, which is known for good marketing, who sent an invitation letter to Luo. Xu Kun, vice president of cryptocurrency exchange OK Strategy, also claimed on his Weibo account on Monday that the firm had invited Luo to take up a position. 

In 2017, China banned initial coin offerings due to concerns over financial risk. Following the decision, most cryptocurrency exchanges founded in the Chinese mainland have moved to overseas locations. 

On September 24, a court in Danyang, East China's Jiangsu Province, listed Luo as a dishonest person who has failed to fulfill court orders because his company, Beijing Smartisan Technology, failed to fulfill its payment obligation within period specified in a notice of execution. 

Beijing Smartisan was obligated to pay 3.7 million yuan to the plaintiff, Jiangsu Chen Yang Electronics Co, within 10 days from September 24.

Luo Yonghao Photo: VCG

In addition to high-speed trains and flights, Luo is also restricted from purchasing property, travelling, and spending in night clubs and golf clubs. 

Global Times