On July 22, according to the latest announcement released by LeTV, the company expects a loss of 1.105 billion-11.1 billion yuan from January to June, and Liu Hong, vice chairman of the board, resigned.
The announcement shows that the loss in the first half of the year will result in the company's net assets attributable to shareholders of the listed company on June 30, 2018 being negative. If the company's net assets for the whole year of 2018 are negative after the audit, the company has the risk of the stock being suspended. At present, the management of the company is trying hard to solve the operational difficulties faced, and to restore the company's cash flow and supply and sales system by improving business operations; actively negotiate loan extensions with relevant financial institutions, renew loans, and coordinate related parties to repay the shares by cash or assets. The company's arrears and other factors gradually form an effective solution.
'Where, in relation to the debt problem of related parties, the negotiating team dealing with the debt problems of listed companies and non-listed companies is checking and confirming relevant issues. During the reconciliation process, the management of the company will actively protect the interests of listed companies and the interests of minority shareholders. Maximum potential protection for company employees and corporate creditors. '
In addition, LeTV also pointed out that although Lerong Zhixin has signed the “Capital Increase Agreement” with the relevant capital increasers, due to the fact that LeTV Holdings’ holding of the new equity auction process of Lerong cannot be promoted on time, Lerong’s new transaction is involved in this transaction. The industrial and commercial change registration work cannot be completed and affects the delivery progress of the relevant capital increase party. There is significant uncertainty in the satisfaction of the delivery conditions.
On the same day, LeTV.com announced that Liu Hong had applied for resignation as the vice chairman of the company for personal reasons, and has since ceased to serve any position in LeTV. This marks the end of Liu Hong’s journey in LeTV for more than ten years. Liu Hong is also in recent days. The second person left LeTV's executives. On July 13, LeTV.com announced that the former secretary of the board of directors Zhao Kai resigned as a secretary of the board for personal reasons and no longer held any position in the company.
In fact, as early as November 2017, Liu Hong and another former deputy general manager Wu Asia have resigned. Liu Hong still retains the status of vice chairman, but has apparently alienated from the listed company. In the 2017 annual report, LeTV The network specifically reminds: 'Liu Hong, a company director, is unable to make professional judgments because he does not participate in the daily operation of the company, so it cannot guarantee the truthfulness, accuracy and completeness of the contents of the annual report.
In the nine years of LeTV online market, Liu Hong has always shown the attitude of advancing and retreating with Jia Yueting. Even the personal assets have been sealed up. However, from the perspective of industrial and commercial information, Liu Hong suspects that he still continues to serve as the LeTV network. Home subsidiary, related party executives. For example, Liu Hong is a non-executive director of TCL Electronics, a Hong Kong stock company invested by LeTV. There is no announcement that he has stepped down.