A privately managed USD80 million fund invested in LeTV’s convertible bonds has expired in July 7th. LeTV has not called as stipulated yet, which constitutes a default.
Just before the working hours ended on July 7th, LeTV released announcement stateing that Mr. Jia Yueting has resigned from his office as the Chairman of the Board of LeTV. On the other hand, Mr.Jia assumes the office of Chairman of LeEco. An Extraordinary general meeting will be held on July 17th to elect a new Chairman.
March 1st, Shenzhen Stock Exchange disclosed a major sale of LeTV’s share worth RMB640 million. March 4th, the second largest shareholder Chinabridgecapital told the Press that it doesn’t mean it has negative view on LeTV even if underweights its stocks. It is believed that Chinabridgecapital is cashing out.
Feb 8th, Xiaomi TV increased price for its 48 inch Xiaomi 3S TV to RMB2,599 and 55 inch to RMB3,999. This is the second price increase in this year. As TFT-LCD price keep rising, LeTV together with several mobile phone makers have rised their price as well.
Jan 18th, 6 former Huawei senior executives are arrested for disclosing internal info to Coolpad and LeTV, while their managers in charge told the press that the case was a patent dispute and is now being handled by legal means.