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LeTV Online Opens 2017 Results Presentation: Response Will Be Delisted

via:新浪科技     time:2018/5/14 15:01:45     readed:215

The financial report pointed out that as a result of the continued tight funding from related parties and the impact of liquidity, the company’s reputation and credit rating declined. LeTV's advertising business revenue decreased by 87.39% year-on-year, terminal revenue decreased by 75.09% year-on-year, and member and issuance business revenues decreased by 50.66 year-on-year. %. The balance of the debt owed by Jia Yueting to LeTV was 7.28 billion yuan, accounting for 40.69% of the total assets of LeTV.

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The audit opinion of the Lixin Certified Public Accountants (special general partnership) on the company's financial report for this year is: Cannot express opinions. In response, some investors asked whether the listed company's qualifications were still secure. If the accounting firm also issued an audit report “cannot express opinions” in 2018, whether or not LeTV will be delisted in the future.

Zhao Kai, the secretary of the board of directors, explained that pursuant to the relevant provisions of the Rules Governing the Listing of the Growth Enterprise Market of the Shenzhen Stock Exchange, the company’s audit report in the last two years was negative or unable to express opinions on the company. The Shenzhen Stock Exchange may decide to suspend the listing of the company. If the company intends to adopt measures that do not eliminate the impact of the opinion in the 2018 audit report, the company may be issued an audit report that fails to express opinions for two consecutive years and there is a risk of suspension of listing.

After a large loss in 2017, LeTV's performance continued to deteriorate in 2018. Liu Shuqing, chairman and general manager of the company, stated that in the first quarter, the company’s reputation and credibility were due to the company’s continued exposure to related parties’ tight funding and liquidity controversies. Still trapped in the more serious negative public opinion vortex. In the first quarter of 2018, the company's various revenues were slowly recovering. At the same time, due to the industry characteristics of the company, the company's financing costs during the reporting period did not decline significantly, except for normal operating costs (such as CDN expenses, amortization costs, labor costs, etc.). These led to the company's operating loss of about 307 million yuan in January-March 2018.

In addition, according to the first quarterly report of LeTV, as of March 31, 2018, the total equity of the parent company attributable to the parent company within the scope of the consolidated statement of the listed company was 404 million yuan. "If the listed company continues to lose money in 2018, there will be a possibility that the net assets of the parent will be negative. According to the relevant provisions of the "Stock Exchange Listing Rules of the Shenzhen Stock Exchange", if the audited company's net assets are negative, the Shenzhen Stock Exchange will It can be decided to suspend the listing of its stock. At present, the company is actively recovering debt, said Zhao Kai, the secretary of the board of directors.

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