The mainland audio and video streaming platform LeShi, which went off the market with high debt, announced today (12) that the company had fined LeShi a total of RMB 240 million (about NT$1.03 billion) for ten consecutive years of financial fraud from 2007 to 2016 and other factors, and the Beijing Securities Regulatory Bureau fined LeShi’s de facto controller Jia Yueting RMB 240 million.
The Daily Economic News reported that LeShi.com announced that it received the administrative punishment decision letter from the Beijing Securities Regulatory Bureau on the 12th, which found that LeShi.com had committed financial fraud from 2007 to 2016, and its application documents for initial public offering and listing and annual reports from 2010 to 2016 were falsely recorded.
Not only that, Leshi also failed to disclose related transactions as required, failed to disclose the guarantee matters for Leshi Holdings and other companies, and failed to truthfully disclose the fulfillment of loan commitments by Jia Moufang and Jia Yueting to the listed company. The Beijing Regulatory Bureau concluded that Leshi’s 2016 non-public offering of shares constituted a fraudulent offering. Leshi was fined a total of RMB 240 million and fined a total of RMB 240 million to Jia Yueting
Sina Finance reports that LeTV, founded in November 2004 and listed on the GEM on August 12, 2010, was once the only video website listed on the mainland and the first to announce profitability. At its peak, in 2015, LeTV’s market capitalization once reached RMB150 billion.
In 2017, Jia Yueting’s unlisted LeTV system fell into a capital chain crisis, and the listed company LeTV was affected. Due to the negative ending net assets attributable to shareholders of the listed company for two consecutive years in 2018 and 2019, Leshi was delisted from GEM. on July 20, 2020, Leshi retired the last trading day to close flat at RMB 0.18.
Recent Comments