On the evening of September 19th, LeTV.com announced that according to the company's inquiry on the details of the stock freeze of China Securities Depository and Clearing Co., Ltd., it was informed that the company's major shareholder Jia Yueting's 136.52 million shares were deflated on September 14th. Mr. Jia Yueting holds 13.35% of the total number of shares of the company. This part of the shares has a reduction in holdings and is likely to be disposed of.
It is worth noting that LeTV's two company shares will be auctioned together on September 21. LeTV said that the company has the risk of losing control of its holding subsidiaries.
LeTV.com said that all the stock pledged repo transactions of Jia Yueting have touched the closing line agreed by the agreement, and all the stock pledged repo transactions of Jia Yueting have been breached. Jia Yueting’s disposal of the company’s stock has been pledged by its stock to a certain extent. The impact of the state, which may lead to the risk of changes in the actual controller of the company.
According to the announcement, as of September 18, 2018, Jia Yueting holds 10,225,761,916 shares of LeTV.com, accounting for 25.63% of the total share capital, of which 883,019,814 shares have been pledged, accounting for 22.13% of the company's total share capital; 10,225,761,916 shares were Beijing. The third intermediate people's court and other judicial organs freezed. The freezing time was three years from the date of freezing; the company shares held by them were all waiting for the freeze, and the waiting period was 36 months.
After Jia Yueting was repeatedly listed as the untrustworthy executor, LeTV was affected by the follow-up. On the evening of September 18th, LeTV.com announced that it was informed by the China Information Disclosure Network that it was the third intermediate of Beijing. 4. The People's Court, Beijing Chaoyang District Court included the person who was untrustworthy.
The reason why LeTV was listed as the untrusted executed person was that it was involved in six case disputes. In five cases, the company did not pay the plaintiff the marketing promotion fee on time, totaling 4 million yuan. In one case, the company did not follow the contract. The plaintiff paid a total of 3.37 million yuan in software development service fee and liquidated damages.
In the announcement, LeTV.com admits that the funds of listed companies are extremely tight. As of now, the debt management team of the non-listed system has not repaid the existing debts of listed companies by cash. The listed companies are unable to obtain cash support in the short term, and the listing is caused by lack of funds. The company's operating difficulties can not be effectively lifted. LeTV said that the company is unable to pay the fees in time according to the agreement due to lack of funds, which in turn creates the risk of default.
LeTV.com said that the company's current financial difficulties and historical debt pressures have created a huge obstacle to listed companies' business, capital market reputation, brand establishment and recovery. The current management of the company will continue to urge non-listed affiliates to promote debt settlement. Still has not formed an effective solution.
Hu Yushu, a partner of Shanghai Huisheng Law Firm, told the Securities Daily that after the company loses its trust, many companies will behave in a limited way, such as financing, loans, not participating in government procurement, not enjoying tax incentives, etc. It will limit the legal representative of the untrustworthy executor and the untrustworthy executor, the principal responsible person, the person directly responsible for the debt performance, the actual controller, the plane, the train soft sleeper, the G-head EMU train, all the seats, other EMUs Other non-life and work-related consumption behaviors such as trains and other seats are implemented by the Ministry of Transport and the Railway Corporation. This means that Liu Shuqing, the current legal person and chairman of LeTV, will be implicated.
According to a person familiar with the matter, the "Securities Daily" reporter revealed that LeTV.com has been collecting money from Jia Yueting. Jia Yueting also promised to pay back the money, but LeTV did not receive substantive accounts from Jia Yueting.
In addition, the "Securities Daily" reporter also found that according to LeTV's previously disclosed risk warning, as of the end of September, LeTV expects to have about 1.924 billion yuan of financial institutions borrowing debt maturity.
According to the public information on the website of the Third Intermediate People's Court of Beijing, the shares of the two companies of LeTV will be auctioned together on September 21. They are: 21.8122% of the shares of LeTV Holdings held by Leshi Holdings, held by Leshi Holdings The equity of the Xinle Shizhijia (ie Lerongzhixin) capital of 26.18 million yuan, and the equity of Xinle Shizhijia's capital contribution of 31.24 million yuan, the evaluation price was 759 million yuan, 156 million yuan, 187 million yuan. Therefore, LeTV said that the company has the risk of losing control of its holding subsidiaries, which may cause Lerong to be new and cannot be included in the consolidated statements of listed companies.