In the announcement, LeTV.com explained the impairment of available-for-sale financial assets. Among them, the provision for devaluation of the Coolpad company amounted to approximately 468 million yuan.
According to the announcement, as of December 31, 2017, LeTV.com's investment cost for Coolpad Group was 888 million yuan, holding 10.96% of its equity. Since its investment in 2016, Coolpad’s financial situation has continued to deteriorate, and the stock price has fallen. The fair value is relative to The decrease in the cost of investment on the purchase date has exceeded 50% and lasted for more than one year. The company made provision for impairment of approximately RMB 468 million for the difference between the investment cost and the fair value of the current Coolstock.
In addition, the LeTV.com Board of Directors nominated Li Yuhao as the director candidate for the third session of the Board of Directors. The term of office expires on the date of approval of the shareholders' general meeting until the expiry of the term of the third session of the Board of Directors. The independent directors of the company issued independent opinions on this proposal.