LeTV.com recently issued an update on the progress of its major asset restructuring during the suspension period. The announcement revealed that the restructuring is being handled by LeTV Film (Beijing) Co., Ltd., and the target company is currently undergoing equity adjustments, with final results to be confirmed. All signed agreements and business changes will take precedence.
The company emphasized its commitment to complying with the "Measures for the Management of Major Asset Restructuring of Listed Companies" and other relevant regulations. It also stated that it would continue to fulfill its information disclosure obligations, releasing updates on the restructuring progress at least every five trading days while the stock remains suspended.
According to the announcement, on April 14, 2017, the company planned to hold a board meeting to review the major asset restructuring. To ensure fair information disclosure and protect investor interests, the company applied to the Shenzhen Stock Exchange to suspend trading. On April 17, it officially announced the share suspension and provided details in the "Notice on the Suspension of Shares." Subsequent updates were released on April 20 and April 28, including progress reports and extensions for resuming trading.
On July 6, 2017, the company held its 45th meeting of the third session of the Board of Directors, approving the continuation of the restructuring and the extension of the stock suspension. The announcement was published on the designated website of the China Securities Regulatory Commission, along with related documents from Zhongtai Securities.
A second temporary shareholders' meeting was held on July 17, 2017, where the proposal to continue the restructuring and extend the suspension was approved. The stock remained suspended for up to three months from July 18, 2017, with a potential extension of up to six months.
Finally, on October 10, 2017, LeTV disclosed an update on the restructuring progress and announced the continued suspension of trading. Originally, the company planned to announce the full restructuring plan before October 16, but due to significant uncertainties surrounding the reorganization, it could not finalize the plan or apply for a resumption of trading by that date.
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