Previously, LeTV sent letters of "Remind and Require Mr. Jia Yunting to Continue to Carry Out Loan Commitment" and "Letter of Remind and Require Ms. Jia Yuefang to Continue Loan Commitment" to Jia Youting and Jia Yue Fang on September 20 and 21 respectively On October 26, Mr. Yu Jiating and Ms. Jia Yuefang were respectively sent a letter of reminding and requesting Mr. Jia Yunting to continue performing their loan commitments and a letter on reminding and requesting Ms. Jia Yuefang to continue to honor their loan commitments.
In a letter of reply, Jia Yunting said in a reply he recently received a letter on revising and requiring Mr. Jia Yunting to continue fulfilling the loan commitment sent by the board of directors of the listed company, requesting that the company continue to honor its loan commitment and continue to borrow the original reduction funds for use by listed companies or Holdings of shares of the company.But due to the second half of 2016, LeTV non-listing system and I have a financial crisis, the first half of 2017, the financial crisis continued to increase, Jiayue Ting has been all the proceeds from the reduction of funds used in the non-listing system and I am involved Of the debt repayment and so on, has no longer been able to continue to carry out the interest-free borrowing to the listed company's commitment, also unable to fulfill its commitments to increase the shares of listed companies.So to the listed companies and investors inconvenience and adverse effects, I apologize!
His sister Jia Yuefang's position is about the same as that of Jiayue Ting, saying that all the proceeds from the shareholding reduction have been used for the business development of LeTV and the debt repayments involved. Currently, it has been unable to continue to honor its interest-free borrowings and the commitment of listed companies.
The following is the original announcement:
Music Watch Information Technology (Beijing) Co., Ltd.
On the receipt of Mr. Jia Yuanting, Ms. Jia Yuefang reply letter from the announcement
On September 20 and 21, LeTV Network Technology (Beijing) Co., Ltd. (hereinafter referred to as "LeTV Network" or "the Company") respectively sent a letter of "Remind and Require Mr. Jia Yunting to Continue to Perform the Loan Commitment to Mr. Jia Youting and Ms. Jia Yuefang Letter of reminding and requesting Ms. Jia Yuefang to continue performing loan commitments "and sent a letter on December 26 to Mr. Jia Yuanting and Ms. Jia Yuefang respectively on the letter of reminding and requesting Mr. Jia Yunting to continue fulfilling the loan commitments. And "Notice on Reminding and Requesting Ms. Jia Yuefang to Continue to Perform the Loan Commitment" (For details, please refer to the "Notice on Sending Letter to Mr. Jia Yunting and Ms. Jia Yuefang" disclosed on the Juchao Website on 27 October 2017 (Announcement Number: 2017-134)
On November 9, 2017, the Company received a reply from Mr. Jia Yunting and Ms. Jia Yuefang respectively. The main contents of the letter are as follows:
First, "I am interest-free loans and listed companies promised matters reply" (Jiayue Ting)
'In 2015, in order to alleviate the capital pressure of LeTV Network Technology (Beijing) Co., Ltd. (hereinafter referred to as' LeTV Network', 'Listed Company' or 'Company') and meet the daily operating fund needs of the company, LeTV shares and promised to lend all the proceeds to the company as working capital, the loan will be used for the day-to-day operations of the company, the company can be drawn within the deadline according to liquidity needs, the loan period of not less than 60 months, Free interest.
I later additional commitments are as follows:
1, the funds that have been reduced will be lent to the listed company for use. After the listed company makes the repayments, the repayments will be used to increase the shares of the music website within 6 months from the date of receiving the repayments.
2, I will increase holdings of the same number of shares by the time, if the holdings of the average price lower than the average price reduction, the reduction of the proceeds and holdings of the total amount of the difference will be gratis to listed companies in the reduction of holdings of holdings Made within the day
All members of the Company and its board of directors guarantee that the information disclosed is true, accurate and complete and contains no false records, misleading statements or material omissions.
Dividends, bonus shares, capital reserve, capital increase and capital increase, etc. In addition, the price and quantity of the shares to be reduced will be adjusted accordingly.
(Average transaction price = total transaction amount / total transaction amount)
I twice the total net proceeds from the reduction of 472,252.55 million, after the reduction I and the listed company signed
It has signed two "loan agreements", which are used by listed companies to reduce their holdings according to the needs of the company's operations.
The Company disclosed its own related loan balance and changes of the current period publicly in its periodic reports. As of June 30, 2015, December 31, 2015, June 30, 2016, December 31, 2016 and 2017 As of June 30, the balance of related borrowings were RMB156,547.00 million, RMB20,060.07 million, RMB2,060,607,000, RMB2,607,700 and RMB0, respectively. From 2015 till now, I reduced the maximum amount of funds lent to listed companies 471,64700000 yuan, the cumulative amount of 1,134,426.00 million yuan.
For the management of this loan fund, the listed company comprehensively considers the overall impact of the use of loan on the company's operation. From the point of view of the benefit of the listed company and its shareholders, the listed company adopts the dynamic "borrow and return" model and goes public The Company borrowed back the capital for business use as needed and also temporarily returned part of the loan according to the operation and financial status.
Recently, I received a letter from the board of directors of listed companies on Remind and require Mr. Jia Yunting to continue to honor their commitments, asking me to continue to fulfill my loan commitment, continue to borrow the original holdings of funds with listed companies to use or increase the company shares However, as a result of the financial crisis in the non-listed music system and the financial crisis in the second half of 2016, the capital crisis continued to worsen in the first half of 2017. I have used all the proceeds from the shareholding reduction for the unlisted system and the debt repayment , I am unable to continue to honor the promise of interest-free borrowing to listed companies and I am unable to fulfill my promise to increase the shares of listed companies. Therefore, I apologize for the inconvenience and adverse impact on listed companies and investors.
As a major shareholder of listed companies, I have been closely watching the continuous and steady operation of listed companies. During this period, I have been actively promoting the cutting of the non-listing system of music companies and listed companies in order to protect the assets and financial safety of listed companies while continuing We will promote the asset disposal of the non-listed music system with a view to resolving the issue of related arrears as soon as possible and the continued steady operation of listed companies, which I endeavor to do. In my later financial situation, I am willing to continue to follow the loan commitment Borrowing the above holdings of funds and the use of listed companies, the latter part of the loan commitment and this commitment has nothing to do, for my own voluntary acts.
Second, "I interest-free borrowing and listed companies promised matters reply" (Jia Yue-fang)
At the end of 2014, in order to meet the daily operating capital requirements of LeTV Information Technology (Beijing) Co., Ltd. ("LeTV", "Listed Company" or "the Company"), I partially reduced the LeTV shares held by myself, And promised to lend all its proceeds to the company as working capital, the loan will be used for the day-to-day operations of the company, the company can be withdrawn within the prescribed period according to liquidity needs, the loan period of not less than 60 months, free of interest .
After the reduction, I signed two "loan agreement" with the listed company, which will be used by the listed company according to the company's operation needs.
The company has publicly disclosed the balance of its related-party borrowings and current changes in its regular reports as of December 31, 2014, June 30, 2015, December 31, 2015, June 30, 2016 and 2016 As of December 31, 2017, the balance of related-party borrowings was RMB101,556.87, RMB1,702,825,700, RMB1,401,357,700, RMB1,401,357,700, RMB4,337,557,000 and RMB0, respectively.
For the management of this loan fund, the listed company comprehensively considers the overall impact of the use of loan on the company's operation. From the point of view of the benefit of the listed company and its shareholders, the listed company adopts the dynamic "borrow and return" model and goes public The Company borrowed back the capital for business use as needed and also temporarily returned part of the loan according to the operation and financial status.
Recently, I received a letter from the board of directors of listed companies on reminding and requesting Ms. Jia Yuefang to continue fulfilling the loan commitments, requesting that I continue to honor my loan commitment and continue to borrow the original funds for the reduction of funds with the listed companies, In the second half of the year, the Company experienced a capital crisis. By the first half of 2017, the capital crisis continued to worsen. I have used all the proceeds from the shareholding reduction in the business development of LeTV Company and the debt repayment involved. Currently, I am unable to continue to carry out interest-free borrowings I apologize for the inconvenience and adverse impact on the listed companies and investors for their commitment to the listed companies.
Based on the contents of the above letter and its current situation, the board of directors of the Company considers that Mr. Jia Yunting and Ms. Jia Yuefang are unable to continue to perform their loan commitments due to personal funds and liabilities and have not made new commitments to replace their original commitments at the moment. Therefore, Mr. Jia Yueting and Ms. Jia Yuefang have violated Own loan commitments.
The Company will continue to pay attention to the progress of relevant issues and will strictly follow the Rules Governing the Listing of Stocks of Shenzhen Stock Exchange on GEM, No. 4 of the Guidance for Listed Companies - The Actual Controlling Shareholders, Shareholders, Related Parties, Acquirers and Listed Companies of Listed Companies and Fulfillment "and other relevant laws and regulations and rules and regulations of the disclosure, please investors attention to investment risk.
Special announcement.
Music Watch Information Technology (Beijing) Co., Ltd. board of directors
November 10, 2017