ã€Global Internet Reports】 According to a report by the US media on September 13, it was once considered a strong rival of Apple, Tesla and Amazon.com, a Chinese technology giant LeTV. Now, not only is it heavily indebted, but also it is increasingly declining. . LeTV’s founder Jia Yueting was hit hard. Due to the long-term default on suppliers’ arrears, the Supreme Court of China listed LeStreet's two subsidiaries in the list of defaulters.
The blacklisted company executives are also subject to some restrictions, such as prohibiting travel by plane in the country. Undoubtedly, this blacklist incident has become the latest example of Lexie’s growing financial crisis.
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According to the documents published on the website of the Supreme People's Court on September 7, the total liabilities of LeTV Holdings (Beijing) and LeTV Mobile, with Jia Yueting as the legal person in charge, were 107 million yuan (about 16.38 million US dollars). The reason for classifying them as untrustworthy executives is: "There is a capacity to perform and refuse to perform."
“The debt of these two companies is just the tip of the iceberg of LeTV. The real challenge faced by the LeTV Group is to use the funds to repay the debt first, or to expand the business first,†said an analyst at a Shanghai securities company. However, Leshi Holdings executive Cheng Shisheng also said in a statement, “The company currently owns assets that are much greater than the debt owed and have the ability to repay all debts. At present, LeTV is actively disposing non-listed assets.â€
At the time when the Supreme Court made this decision, LeTV is also struggling to survive in the mountains of debt. It may be such a difficult situation that Jia Yueting originally wanted to build his company into a vision that could be used in the development of smart phones, televisions, and electric vehicles, which rivals the global empire comparable to American technology.
According to reports, the 44-year-old Jia Yueting, the founder of LeTV, announced in November last year that the company is facing a shortage of funds. Earlier this year also admitted that the problem was more serious than he had expected. Because even Sun Hongbin, a real estate tycoon of Sunac China in January, blessed LeTV with a strategic investment of 16.8 billion yuan, it did not play a significant role. Since then, the situation has become worse and worse. According to a report from China Science and Technology News website 36, as of March 31, LeTV’s debt was 34.3 billion yuan, not including the debt of its suppliers. However, LeTV said that the figure is overestimated and exaggerated.
The future of LeTV is still unknown. (Internship compiling: Chen Yong due to reviewer: Liu Yang)
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