Recently, the core employees of LeTV Group Co., Ltd., such as LeTV Group, were notified that all of their equity interests have been 'zeroed out', making the original equity agreement as the 'wastepaper' in the hands of the music industry's senior executives and ordinary employees.
The incident dates back to early this year when LeTV acquired a strategic investment of 15.041 billion yuan from Sunac China Ltd. In this transaction, Jia Youting set aside 10% and 15% of the registered capital of LeTV held by LeTV and Xinle Asset 5 billion yuan was sold to Sun Hongbin, while Xinle assets is the music as the staff holding platform.
Music insiders revealed: 'Now with the completion of the transaction, the employee's shares have also been declared' void '. "
Recently, the core employees of LeTV Group Co., Ltd., such as LeTV Group, were notified that all of their equity interests have been 'zeroed out', making the original equity agreement as the 'wastepaper' in the hands of the music industry's senior executives and ordinary employees.
The incident dates back to early this year when LeTV acquired a strategic investment of 15.041 billion yuan from Sunac China Ltd. In this transaction, Jia Youting set aside 10% and 15% of the registered capital of LeTV held by LeTV and Xinle Asset 5 billion yuan was sold to Sun Hongbin, while Xinle assets is the music as the staff holding platform.
Music insiders revealed: 'Now with the completion of the transaction, the employee's shares have also been declared' void '. "
