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LeTV Announcement: The company has pledged a stake in the new Lezhi Zhijia

via:博客园     time:2018/4/1 23:31:02     readed:146

LeTV.com Announcement: The company has pledged the shares of New Lezhi Zhijia held by the company. If the company fails to repay the debt on time, the pledged assets will be disposed of according to law, and the company will no longer have actual control rights.

The following is the full text of the announcement:

1. The signing subject of the “Cooperation Agreement” is Xin Le Shi Zhi Jia Electronic Technology (Tianjin) Co., Ltd. (hereinafter referred to as “Xin Le Shi Zhi Zhi Jia”). As of September 30, 2017, the total assets of Xin Le Zhi Zhi Zhi 1,094,241.28 million yuan, net assets 3,1630.5081 million yuan, operating income 497,294.63 million yuan, total profit -110,596.34 million yuan, net profit -85,488.40 million yuan (the above data have not been audited). LeTV.com currently holds a 40.3118% stake in New Lexus Wisdom, which is a new Lele Wisdom shareholder and consolidated its statements.

The company has pledged the shares of New Lezhi Zhijia held by the company. If the company fails to repay debt on time, the pledged assets are disposed of according to law, and the company no longer has actual control rights.

2. Up till now, the related auditing and evaluation work involved in the loan of Tianjin Jia Rui Huixin Enterprise Management Co., Ltd. to the company and providing guarantee for the company is in progress. After the work is completed, the company will promptly submit it to the shareholders meeting for deliberation.

3. As of now, the company has pledged the shares held by the new Lezhi zhijia, if the company fails to repay the debt on time, resulting in the disposal of the pledged assets according to law, the company will face the risk of losing the actual control of the new Lezhi zhijia.

On March 30, 2018, LeTV Information Technology (Beijing) Co., Ltd. (hereinafter referred to as "Levnet" or "Company") announced the "Announcement on the Signing of Significant Subsidiaries of the Company and Tencent."

(Announcement No.: 2018-052) In order to enable investors to fully and comprehensively understand the background and related risks of the “Cooperation Agreement”, the relevant contents are additionally disclosed as follows:

I. Description of the main body of the contract

The signing body of the “Cooperation Agreement” is Xin Le Shi Zhi Zhi Jia, which currently holds a 40.3118% stake in Xin Le Zhi Zhi Zhi Jia, which is Xin Le Zhi Zhi Zhi’s controlling shareholder and its consolidated statement. The net profit generated by Xin Le Zhi Zhi Zhi’s operation Including the consolidated statements of listed companies and deducting the minority shareholders’ profit and loss according to the proportion of minority shareholders holding shares. On November 20, 2017, the 50th meeting of the third session of the Board of Directors of the company examined and approved the Proposal for LeTV Information Technology (Beijing) Co., Ltd. to apply for a loan of 1.29 billion yuan from Tianjin Jia Rui Huixin Enterprise Management Co., Ltd.” And the "Proposal on Providing Counter-guarantee and Related Guarantee for Corporate Loan", these two proposals need to be audited, evaluated and reviewed by the shareholders meeting. At present, the relevant audit and evaluation work is in progress. After the work is completed, the company will submit it to the shareholders meeting for review. The term of the loan is one year from the date of the actual payment of the first loan amount paid by Tianjin Jia Rui Huixin Enterprise Management Co., Ltd. If the aforesaid proposal has not been reviewed and approved by the company's general meeting of shareholders or the company is unable to repay the debt due after the expiration of the current loan, the company's pledged shareholding of New Lezhi Zhijia will face the risk of possible judicial disposition.

Up to now, the company has pledged 34.9398% of the total registered capital of New Lezhi Zhijia as pledged to Tianjin Jia Rui Hui Xin Enterprise Management Co., Ltd. and Sun Chuang Real Estate Group Co., Ltd., and the company has pledged 5.3720% of the total registered capital of Xin Le Zhi Zhi Chi. Banks, trust companies and other financial institutions.

At the same time, the company will endeavor to handle related debts or guarantees by means of disposing of other assets such as fundraising, loan extension, and debt restructuring. If a company fails to pay its debt on time, the pledged assets will be disposed of according to law, and the company will face the risk of losing the actual control of the new LeTV Sensei.

Second, risk tips

1. The performance of this contract is subject to the risk of force majeure.

2. The company will perform the corresponding decision-making and approval procedures and information disclosure obligations in accordance with the specific circumstances of this agreement. Investors are advised to take risks and invest rationally.

3. The company could not predict the impact of the signing of this agreement on the operating performance of the company for the time being. If the company fails to repay the debt on time, it triggers the risk of losing the new LeTV Wisdom Actual Control Rights, which will lead to further uncertainty about the impact of this cooperation on the company's future operating performance.

Third, other instructions

1. All company information is based on the announcement of the company issued by the China Securities Regulatory Commission's designated information disclosure media on the Growth Enterprise Market.

2. Regarding the follow-up progress of the above matters, the company will, depending on the actual situation, pass a temporary announcement or make a disclosure in a regular report. Please pay attention to investors.

LeTV Information Technology (Beijing) Co., Ltd.

Board of Directors

April 1, 2018

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