In the past year, LeTV has been under a trading suspension for six months, leaving investors and the public anxious about when the company will resume trading. Recently, a civil ruling from the Huairou District Court in Beijing (attached below) revealed a legal dispute between LeTV and its state-owned shareholder, Siwei Partners. The conflict arose because Siwei Partners requested access to LeTV's financial records, accounting vouchers, company statutes, and meeting minutes, which were denied. As a result, LeTV was accused of violating the shareholder’s right to information and was sued.
In response, LeTV Films stated that in May 2017, it had provided all necessary information, including financial statements, accounting books, and corporate governance documents, to Siwei Partners in a timely manner. However, the dispute continues, with Siwei Partners claiming that LeTV had long concealed critical business issues and operated without proper shareholder approval, putting shareholders at significant commercial risk and infringing on their rights.
LeTV Films also raised an objection regarding the jurisdiction of the lawsuit, arguing that its headquarters are located in Chaoyang District, Beijing, and thus the case should be handled by the local court. However, the Huairou District Court ruled that the case pertains to a shareholder’s right to information and should fall under the jurisdiction of the court where LeTV is based, leading to the transfer of the case to the Chaoyang District Court.
According to official records, LeTV Film was established in December 2011 with a registered capital of 837 million yuan. In 2015, Siwei Partners invested 200 million yuan and became a shareholder, holding 2.6747% of the shares. LeTV’s largest shareholder is LeTV Holdings, with 21.81% equity, while Jia Yueting remains the actual controller. The second-largest shareholder, Jiarui Huixin, holds 21% of the shares, with Sunac Group as its controlling entity.
Both the largest and second-largest shareholders have pledged their shares, raising concerns among investors. Additionally, LeTV’s natural person shareholders include high-profile figures such as Sun Honglei, Huang Xiaoming, Li Xiaojun, Guo Jingming, and Zhang Yimou, further highlighting the company's celebrity connections.
Siwei Partners, an investment partnership firm, includes major players like CITIC Guoan Fund Management, China Merchants Wealth Asset Management, and Shi Yuguang Controlled Assets Management. These entities are affiliated with well-known financial institutions, adding complexity to the situation.
On October 12, LeTV Films issued a statement clarifying that it had provided all required information to Siwei Partners in May 2017. Meanwhile, on October 8, LeTV’s official Weibo account released a disclaimer regarding the film "The Passing Youth," citing market failure and announcing an emergency withdrawal. The film was released nationwide on October 5, but its performance has raised additional concerns.
Investors remain focused on when "New LeTV" will resume trading. Despite frequent inquiries at the Shenzhen Stock Exchange, LeTV has yet to provide a clear response. On September 27, LeTV announced its intention to rebrand as LeTV Information Technology (Beijing) Co., Ltd. and change its stock abbreviation to "New LeTV." This move signals a shift in management, with Sun Hongbin as chairman and Liang Jun as general manager, aiming to distance the company from Jia Yueting’s previous control.
On October 9, LeTV announced that its stock would remain suspended until October 17, 2017, citing ongoing uncertainties in a major asset restructuring. The restructuring involves acquiring 100% equity in LeTV Films through a combination of share issuance and cash payment. The deal, valued at approximately 9.8 billion yuan, was first announced in December 2015, leading to an initial trading suspension that lasted until June 2016. Since then, multiple extensions have been granted.
This time, the restructuring faces new challenges, including legal disputes and box office disappointments, such as the underperformance of "The Passing Youth." These factors have increased investor uncertainty about whether LeTV can successfully complete the transaction and restore its former image.
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