LeTV's announcement on March 14 revealed that Sun Hongbin has resigned as chairman of LeTV, and Liu Shuqing, director and general manager of LeTV, temporarily performed the duties of chairman of the company.
A person in the industry who has observed LeTV for a long time told the First Financial reporter that the next step is to see whether Sun Hongbin’s successor is a financial institution. If not, it is very likely that there is an action in the disposal of equity, such as Jia Yueting’s equity disposal. The new takeover party appears.
Another industry veteran told reporters that LeTV's new pick-up party may be a top-tier company from the Internet.
Sun Hongbin scheduled to hold office until October 13, 2018. Music Watch said in the announcement, recently received the resignation of Sun Hongbin, Hongbin because of work reasons to adjust the company to apply resigned chairman music network, leave the board, and no longer Watch music hold any position in the company board of directors respect the wishes of the individual Sun Hongbin, accept their resignation.
Music Watch said Sun Hongbin's resignation will not affect the operation of the Board, it will not affect the company's daily operations and management. The Board of Directors in accordance with legal procedures related follow-up work to complete chairman, directors and other election as soon as possible. With immediate effect prior to a new chairman, the music director, general manager Liu Shuqing perform on behalf of the company chairman.
On the evening of March 14th, LeTV also announced that the company’s closing price of two consecutive trading days on March 13 and 14 rose by 10% and 6.98% respectively. As of the morning of March 14, the closing price of the company's shares was 6.59 yuan. / Shares, compared to February 13, 1818, the lowest closing price of 4.16 yuan / share has risen 58.41%.
Since the resumption of trading of LeTV.com shares on January 24, 2018, the cumulative turnover rate has reached more than 200%, and the cumulative turnover rate in the last five trading days has reached more than 40%.
In light of the above, in order to protect the interests of the investors, according to the relevant provisions of the GEM, LeTV.com's stocks will be suspended from trading at 13:00 pm on March 14. The company will carry out necessary matters relating to the company's stock trading in the near future. Verification, to be resumed after the company completes the relevant verification work and discloses the verification results.
Dong Min, vice president of AVC Cloud Network (AVC), told the First Financial Analyst that Sun Hongbin had no intention of becoming the chairman of the board, including the absence of the first temporary shareholders meeting after the resumption of trading at LeTV. This year, he avoided the discussion at the Yabuli China Entrepreneur Forum. LeTV and so on. At present, Liu Shuqing acts as the chairman of the board and still represents Sun Hongbin's will.
As for the follow-up trend of LeTV, Dong Min believes that it is necessary to see whether the new capital will come in smoothly at the end of March.
On March 14, there were rumors that LeTV will apply for bankruptcy, and Dong Min expressed suspicion that LeTV will file for bankruptcy. LeTV did not respond to this.
LeTV's current largest revenue source is television services. As a benchmark for the Chinese home appliance industry, the 2018AWE (China Household Electrical Appliances and Consumer Electronics Fair) has just closed, the Internet TV camp's momentum has weakened significantly compared to last year, LeTV's TV appears only in the 2018AWE News Center. However, as the spring of TV screen content operation is approaching, LeTV's accumulated smart TV users and large-screen operation model are still worthwhile.
LeTV expects a huge loss of RMB 11.6 billion in 2017. Most of the shares pledged by major shareholder Jia Yueting have passed the 'closing line'. How does Jia Yueting's holding of LeTV's equity be handled? Who will be after Sun Hongbin, LeTV's next 'Reseller'? It is expected to be announced by the end of March.