On March 26th, LeTV announced an announcement that the company noticed that some media reported articles such as “Dialogue Sun Hongbin: Explaining the LeD’s Difficulties and Resigning Lester’s Mystery”. At present, the company is reviewing related issues and verifying Will announce in a timely manner and apply for resumption.
The following is the original announcement:
Today, LeTV Information Technology (Beijing) Co., Ltd. (hereinafter referred to as “Company” or “LesTV”) noticed that some media reported the “Dialogue Sun Hongbin: Explaining the music dilemma and resigning as chairman of LeTV.com. Articles such as "Mystery" may affect the company's stock price. In order to protect the interests of investors and prevent abnormal fluctuations in the company's stock price, LeTV.com's application for company stocks was suspended from the market on the morning of March 26, 2018. At present, the company is inspecting related issues. After the relevant conditions are verified, the company will promptly publish relevant announcements and apply for resumption of trading. The company will strictly follow the relevant regulations and do a good job of information disclosure. The company solemnly reminds investors that the company’s designated media for information disclosure is the designated website for information disclosure by the China Securities Regulatory Commission. Information about the company is published in designated media. In accordance with the provisions and requirements of relevant laws and regulations, the Company will earnestly fulfill its obligation of information disclosure and timely perform information disclosure work. Investors are advised to invest rationally and pay attention to risks. Special announcement.
On March 36th, the Shenzhen Stock Exchange announced in the morning that public media information about LeTV Information Technology (Beijing) Co., Ltd. may have a significant impact on the trading price of the company's shares. LeTV opened on March 26th. The market will be suspended.
On March 25, Sun Hongbin was interviewed by the media. He said that the current difficulty of LeTV is still extremely lack of funds and it is already insolvent. LeTV now has 7.5 billion creditors, many of which are due this year. In addition, there are more than 2 billion yuan of interest in amortization every year. The money earned does not cover interest and debt, and neither cash flow nor profits. At the same time, it means that solving the LeTV crisis will require at least 10 billion yuan. Now, there are only three ways left to solve the LeTV problem: bankruptcy and restructuring, asset repayment and delisting.
On March 14th, LeTV announced that Sun Hongbin had resigned from the company's chairmanship due to work arrangement adjustments. The company's board of directors fully respected Mr. Sun Hongbin’s personal wishes and accepted his application for resignation. The company was responsible for the company during his tenure of office. Thank you for your sincere gratitude.