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LeTV: Beijing Securities Regulatory Bureau on Jiayue Ting siblings ordered to correct administrative supervision measures

via:博客园     time:2017/12/7 23:41:48     readed:77

December 7 News, LeTV today announced that Beijing Securities Regulatory Commission and Jiayue Fang Jiayue Fang issued a circular saying that in the operation of listed companies difficult to withdraw all the borrowings, refused to honor its commitments, set the company at risk regardless of the serious damage to the market The vital interests of the company and the majority of small and medium investors, social impact.

Beijing Securities Regulatory Bureau of Jiayue Ting, Jia Yuefang to take corrective measures ordered to rectify the above violations require written corrections and reports, the report includes but not limited to: the understanding of the existing problems, the specific corrective measures taken to rectify the reasons for the problem, Follow-up rectification plan, rectification deadline and so on.

Previously reported review

Jiayue Ting sister back to music Watch: have been unable to fulfill their loan commitments, after borrowing money again

Jiayue Ting and Jia Yuefang siblings eventually admitted, unable to fulfill their commitments to continue lending to LeTV.

November 10 this year, LeTV has issued a public notice that the company on November 9, 2017, the company received Mr. Jia Yunting, Ms. Jia Yuefang reply letter.

Jiayue Ting said in a reply letter that he himself has received a letter from the board of Lotte Net that reminded Mr. Jia that the loan commitment should continue to be fulfilled and that he will continue to borrow from the listed company Use or increase company stock.

"However, due to the financial crisis in the second half of 2016 as the non-listing system of Music and itself, the financial crisis continued to worsen in the first half of 2017. I have used all the proceeds from the shareholding reduction for the unlisted system and the debt repayment At present, they have been unable to continue to fulfill the pledge of interest-free borrowing to listed companies and are unable to fulfill their commitments to increase the shares of listed companies. Therefore, I apologize for the inconvenience and adverse impact on listed companies and investors. "Jiayue Ting said in a reply letter.

However, Jia Yunting also stated in his reply letter that as a major shareholder of the listed company, it has been closely watching the continuous and stable operation of listed companies. During this period, he has been actively promoting the cutting of the non-listing system of music companies and the listed companies in order to protect Asset and financial safety of listed companies, while continuing to promote the asset management of the LeTV unlisted system, with a view to resolving the issue of related arrears as soon as possible, the listed company sustained and stable operation, for its best to do, "in my later financial position Permitted circumstances, I am willing to continue to borrow in accordance with this commitment to borrow more than the reduction of funds used by listed companies, the latter part of the loan commitment and this commitment has nothing to do, for my own voluntary acts. & rdquo;

At present, Jiayue Ting owns 26.27% stake in LeTV, the largest shareholder of LeTV, but the frozen ratio is as high as 99.06%.

Surging news Earlier reported that since 2015, Jiayue Ting and his sister Jia Yuefang have several times to reduce the number of music video, and made a promise to cash out the cash after the cash to music, the loan period of not less than 60 months, In additional commitments, Jiayue Ting said that if you receive Music Watch repayments, will be all used to increase stake in music video.

According to the LeTV announcement, Jia Yunting total net proceeds of 4.72 billion yuan twice reduction since 2015, Jiayue Ting holdings of funds to listed companies the maximum amount of 47.16 billion yuan, the cumulative amount of 11.344 billion yuan. However, the music network has gradually returned the loan of Jiayue Ting. By the time of the publication of the semi-annual report in 2017, LeTV has returned all the loans from Jia Youting.

Jiayue Ting's sister Jia Yuefang given the reply letter, and Jiayue Ting similar.

Response letter said that in late 2014, Jiayue Ting partially reduced his holdings of LeTV shares and pledged to lend his entire income to the company as working capital. The loan term will be no less than 60 months and interest will be waived.

Mostly, Jia Yuefang lent to LeTV net loan balance of 17 billion yuan, but since then Music Watch network will gradually return the loan, and in this year's semi-annual report all paid off.

Regarding the reasons for failing to fulfill its promise, Jia Yue Fang explained in the reply letter that in the second half of 2016, the Company experienced a capital crisis. As of the first half of 2017, the capital crisis continued to worsen. All the proceeds from the reduction were used by the Company for the music business Development and the debt repayment involved, etc., has been unable to continue to honor the commitments of interest-free loans and listed companies, so to the listed companies and investors inconvenience and adverse effects, "I apologize!" & Rdquo;

Based on the contents of the above letter and its status quo, LeTV said in its announcement that the Board of Directors believes that Mr. Jia Yueting and Ms. Jia Yuefang have been unable to continue to perform their loan commitments due to their personal funds and liabilities and have not yet put forward new commitments to replace their original commitments. Therefore, Mr. Jia Yueting and Ms. Jia Yuefang have violated their commitments made by the borrower. The company continues to focus on the progress of related issues.

It is worth mentioning that, for the payment of cash holdings, Jia Yunting in November to accept Tencent news interviews had made relevant instructions, "At that time reduction is to make cars. In addition, music as a non-listed system also has a lot of funding needs. & rdquo;

Although still the largest shareholder of LeTV, Jiayuenting has stepped down as chairman and general manager. Currently, he mainly stays in the United States to handle Faraday's financing matters. Faraday is the future of investment in Jiayue Ting electric car manufacturers, is now seeking A round of financing.

In an interview with the media recently, Jiayue Ting said: "I have put all my money into my career and I also bear the debt. I tied myself with the company's debt, the company needed a loan, and I assumed my personal and company responsibilities. "Jiayue Ting also said that at home there is not even one million, and all the properties are mortgaged.

With today's LeTV notice specific content:

On December 7, 2017, LeTV Information Technology (Beijing) Co., Ltd. (hereinafter referred to as "LeTV" or "The Company") received a notice from Jia Yueting and Jia Yuefang from Beijing Securities Regulatory Commission of the China Securities Regulatory Commission The Decision on Taking Measures to Ameliorate Administrative Supervision of Jiayuenting (No. [2017] 149) and the Decision on Commanding Jia Yuefang to Take Measures to Correct Administrative Supervision Measures (No. [2017] 154), the main contents of the decision are as follows:

First, "on the decision to Jia Yunting ordered to correct administrative supervision measures"

"In May 2015, you made a promise that you will lend all the funds you have gained from the sale of the music video stock to the listed companies for use as working capital, freeing up interest. In November 2017, you have made it clear that you are unable to continue fulfilling your promise of interest-free borrowing by listed companies. When you are in difficulty in operating a listed company, you withdraw all your borrowings, refuse to honor their commitments, disregard your risks and seriously damage the vital interests of listed companies and the vast majority of small and medium-sized investors. The social impact is harsh. Your actions violate Article 6 of the Guidance on Listed Company Supervision No. 4 & Actual Controlling Shareholders, Related Parties, Purchaser and Commitment and Performance of Listed Companies (CSRC Announcement [2013] No. 55), " Article 2 of Measures for the Administration of Information Disclosure of Listed Companies (CSRC No. 40) and Article 39 of the Provisional Measures for the Supervision and Administration of the Integrity of Securities and Futures Markets (SFC Order No. 80).

According to Article 59 of the Administrative Measures for the Information Disclosure of Listed Companies (CSRC No. 40), Article 39 of the Provisional Measures for the Supervision of the Integrity of Securities and Futures Markets (CSRC No. 80) You take the regulatory measures required to correct and require you to issue a written rectification report on the above irregularities, including but not limited to your understanding of the existing problems, the specific rectification measures taken, the reasons for not rectifying the problems, the follow-up rectification plan, Rectification deadline and so on.

If it is not satisfied with the supervision and management measures, it may submit an application for administrative reconsideration to the China Securities Regulatory Commission within 60 days from the date of receiving the decision, or may, within 6 months from the date of receiving this decision, People's court sues. & rdquo;

Second, "on the decision to take Jiayue Fang ordered to correct administrative supervision measures"

"In December 2014, you made a promise that you will lend all the funds you have gained from the sale of the music video stock to the listed company for use as working capital, freeing interest. In November 2017, you have made it clear that you are unable to continue fulfilling your promise of interest-free borrowing by listed companies. When you are in difficulty in operating a listed company, you withdraw all your borrowings, refuse to honor their commitments, disregard your risks and seriously damage the vital interests of listed companies and the vast majority of small and medium-sized investors. The social impact is harsh. Your actions violate Article 6 of the Guidance on Listed Company Supervision No. 4 & Actual Controlling Shareholders, Related Parties, Purchaser and Commitment and Performance of Listed Companies (CSRC Announcement [2013] No. 55), " Article 2 of Measures for the Administration of Information Disclosure of Listed Companies (CSRC No. 40) and Article 39 of the Provisional Measures for the Supervision and Administration of the Integrity of Securities and Futures Markets (SFC Order No. 80).

According to Article 59 of the Administrative Measures for the Information Disclosure of Listed Companies (CSRC No. 40), Article 39 of the Provisional Measures for the Supervision of the Integrity of Securities and Futures Markets (CSRC No. 80) You take the regulatory measures required to correct and require you to issue a written rectification report on the above irregularities, including but not limited to your understanding of the existing problems, the specific rectification measures taken, the reasons for not rectifying the problems, the follow-up rectification plan, Rectification deadline and so on.

If it is not satisfied with the supervision and management measures, it may submit an application for administrative reconsideration to the China Securities Regulatory Commission within 60 days from the date of receiving the decision, or may, within 6 months from the date of receiving this decision, People's court sues. & rdquo;

After receiving the above two written orders, the Company today sent the decision letter to Jia Youting and Jia Yue Fang by email and will confirm their delivery.

The Board of Directors of the Company will continue to pay attention to the progress of related issues and will strictly disclose the relevant laws and regulations as well as the rules and regulations of the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange and the Standardized Operation of the Listed Companies on the Shenzhen Stock Exchange Investors should pay attention to the investment risk.

Special announcement.

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

Board of Directors

December 7, 2017

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