Troubled LeTV delisted from Shenzhen bourseBusiness | 15 May 2020 10:40 am
The Shenzhen Stock Exchange has terminated the listing of LeTV, also known as Leshi Internet Information and Technology Corp.
According to the announcement yesterday, LeTV's 2019 annual report released on April 27 revealed that the company's audited net profit for 2019, net profits after deducting non-recurring gains and losses, and net assets at the end of the period are all negative.
The annual financial report was issued by Da Hua Certified Public Accountants with a qualified audit report, which touched on the Exchange's GEM listing rules.
According to the exchange's listing rules for GEM stocks and the audit opinions of the Exchange's listing committee, the Shenzhen Stock Exchange decided to cease the listing of LeTV stocks on May 14.
LeTV, had negative net assets attributable to shareholders of listed company audited in 2018, and the company's stocks had been suspended from May 13, 2019.
In October last year, Jia Yueting, who had also set up Faraday Future said he had US$2 billion debt outstanding and that he had repaid US$3 billion of debt. He filed for Chapter 11 bankruptcy protection in the US.
And in December, the US Department of Justice accused him of “engaging in dishonest behavior” during his Chapter 11 bankruptcy filings
In 2015, Jia was ranked among the richest men in China, worth an estimated US$7.3 billion.-Agencies