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Music Watch: Jiayue Ting all pledged collateral repo transactions have been breached

via:博客园     time:2018/3/2 9:31:26     readed:345

Letvnet.com announced today that it confirmed with Jiayuenting Mail that up to now, all the pledged repo transactions of Jia Yunting have hit the liquidation lines agreed upon by the agreement, and all the pledged repo transactions of Jia Yunting have been defaulted.

At present, the company has not yet received any notice of any disposal plan or arrangement of Jiayuenting regarding its holding of the shares of Lotte Media and the progress of the disposal of the shares held by Jia Youting is affected to a certain extent by the pledge and freezing of its shares.

The following is the full text of LeTV announcement:

LeTV Information Technology (Beijing) Co., Ltd. to clarify the announcement

First, the rumor situation

Recently, LeTV Information Technology (Beijing) Co., Ltd. (hereinafter referred to as "LeTV" or "listed company") noted that some of the online media reported that "Jia Youting burst warehouse! Quilt Securities sue suit to recover 1 billion LeTV equity pledge deposit "," Jia Yunting there are nearly 20 equity pledge is still pledged state, involving a number of brokers "and other articles, the report said:

"As of December 31, 2017, Western Securities total pledged shares" Music Watch "melting out of funds 1.0185 billion yuan of the principal. Of which: the meltdown of Jiayin Ting 477,500,000 yuan, melted 296,000,000 yuan to Jiayue Min, melted Liu Hong out of a capital of 240,000,000 yuan, melted a total of 9,000,000 yuan to Yang Lijie.

2, Jiayue Ting, Jia Yuemin due to stock pledged repo transaction related agreement expires, did not fulfill the corresponding contractual obligations, has constituted a breach of contract. In order to safeguard its own legitimate rights and interests, Western Securities filed a lawsuit in Shaanxi High Court, which has formally accepted the case.

3, at present, the latest music video stock price of 5.44 yuan / share, has been far below the calculated cordon, the value of the open positions. & rdquo;

Second, clarify instructions

Up to now, Mr. Jia Yuanting holds 102,426.66 million shares of the company, accounting for 25.67% of the total share capital, of which 1,019,539,800 shares have been pledged and 1,024,266,600 shares have been frozen by the judiciary such as the Third Intermediate People's Court of Beijing. Mr. Liu Hong held 122.4688 million shares of the Company, accounting for 3.07% of the total share capital, of which 119.7794 million shares were pledged and 122.4688 million shares were frozen by the Third Intermediate People's Court of Beijing. Mr. Jia Yuemin holds 8,789.45 million shares of the company, accounting for 2.20% of the total share capital, of which 86.56 million shares have been pledged to financial institutions and 87,945,500 shares have been frozen by the judicial organs such as the Beijing Higher People's Court.

In April 2016, Western Securities pledged funds of RMB473,500,000 to Mr. Jia Yunting for the Company's shares. According to the pledge agreement, the pre-warning line for performance guarantee was 160% and the trigger line for performance guarantee was 140%. As Mr. Jia Yuanting due to stock pledged repo transactions related to the expiration of the agreement, did not fulfill the corresponding contractual obligations, has constituted a breach of contract.

Mr.Jia Yueting pledge of equity pledges due to be unable to timely additional risk by the relevant agency disposal, which may result in changes in the actual controller of the company.

The Company has sent an email and reminded Mr. Jia Yuanting, Mr. Liu Hong and Mr. Jia Yuemin of the Obligation of Information Disclosure in accordance with the relevant provisions of "Rules for the Shareholders and Directors, Supervisors and Senior Management of Shenzhen Stock Exchange of Reducing Shares" of the Shenzhen Stock Exchange. If Mr. Jia Yunting, Mr. Liu Hong, Mr. Jia Yuemin shares related to the judicial enforcement or equity pledge agreement to trigger the reduction behavior, required in accordance with the relevant provisions of the listed company to reduce the plan in advance, listed companies to the Exchange for the record and to be announced.

As confirmed by Mr. Jia Yueting, by mail, all the shares pledged repo transactions of Mr. Jia Yunting have hit the liquidation lines agreed by the parties and all the pledged repo transactions of Mr. Jia Yunting have been defaulted. The Company has not yet received any notice from Mr. Jia Yueting about any disposal plan or arrangement in his possession of Lotte Shares and the progress of the disposal of the Company's shares by Mr. Jia Yunting to some extent is affected by the pledge and freezing status of his shares.

The Company will also continue to pay attention to the changes in the shares of Mr. Jia Yunting, Mr. Liu Hong and Mr. Jia Yuemin and timely fulfill the obligation of information disclosure. Follow-up related information is subject to the announcement of the listed company.

Third, other instructions

As confirmed by the board of directors of the Company, as of the date of this announcement, there was no undisclosed matter that should be disclosed in accordance with the Rules Governing the Listing of Stocks of Shenzhen Stock Exchange and other relevant laws, rules and regulations.

Fourth, necessary tips

The designated media for information disclosure of the Company are China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily and www.cninfo.com.cn, the information disclosed by the Company is disclosed in The contents of the above designated information disclosure media shall prevail.

Please investors rational investment, pay attention to investment risk.

Special announcement.

Music Watch Information Technology (Beijing) Co., Ltd.

Board of Directors

March 1, 2018

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