Sunac China Holdings Limited (01918.HK) funded Leshi Internet Information & Technology Corp., Beijing (300104.SZ) after the company’s top management team was adjusted.
Sunac China released an announcement on the morning of November 16, stating that its subsidiary Tianjin Jiarui Huixin Enterprise Management Co., Ltd. signed an agreement with Leshi Zhixin Electronics Technology (Tianjin) Co., Ltd. and Leshi Internet Information & Technology and lend 500 million yuan and 1.29 billion yuan to the two companies respectively for daily operation.
The funds were not supplied without any condition but with 10 percent annual interest rate. According to the agreement, Leshi Zhixin Electronics Technology will pledge 100 percent equities of Leshi Investment Management (Beijing) Co., Ltd. it holds to Tianjin Jiarui Huixin Enterprise Management, which were worth 500 million yuan. Leshi Internet Information & Technology will pledge 100 percent equities of Chongqing Leshi Small Loan Company, 100 percent equities of Leshi New Generation Cultural Media Company and 6.47 percent equities of Leshi Sports Cultural Industry Development (Beijing) Co., Ltd. to Tianjin Jiarui Huixin Enterprise Management, which were worth 200 million yuan. In addition, Leshi Internet Information & Technology will pledge 13.5416 percent equities of Leshi Zhixin Electronics Technology and 50 percent equities of LeCloud to Tianjin Jiarui Huixin Enterprise Management.
Besides, Sunac China’s subsidiary Sunac Real Estate Group signed an agreement on entrusted guarantee with Leshi Internet Information & Technology. The former agreed to provide guarantee with no more than 3 billion yuan to existing debts and new debts of the latter. As a condition, Leshi Internet Information & Technology will offer counter guarantee to Sunac Real Estate Group and pledge 26.7702 percent equities of Leshi Zhixin Electronics Technology to it.
Sunac China indicated that due to problems left over by history and brand association, although new Leshi has taken positive measures to separate its finance and business and improve their independency, they are inevitably infected. Therefore, under the premise of ensuring the risk is controllable, the company provides the above-mentioned loans and guarantee to Leshi Internet Information & Technology and Leshi Zhixin Electronics Technology so as to support normal operation of smart TV business and resume brand and credit as soon as possible.
Sunac China expressed that under the premise of not influencing the continuous development of real estate business, it will use small part of resources to develop potential industry. It is rosy about investment in big culture and big entertainment brought by technical invocation and consumption upgrading.
It was reported long before that devices of Sunac China which need to be equipped with TV in various regions must adopt Leshi TV and its real estate projects will present Leshi TV based on different projects. But Sunac China didn’t respond to it.
Sunac China disclosed in the announcement that after a period of adjustment and optimization, Leshi Zhixin Electronics Technology and Le Vision Pictures have recovered. The two companies will devote themselves in becoming a leader in cultural consumption upgrading based on home Internet and Sunac China is likely to continue to provide reasonable support to them in the future.
According to the third quarterly financial report of Leshi Internet Information & Technology, balance of monetary capitals of the company recorded 834 million yuan by the end of the third quarter, down by 77.28 percent when compared with that at the beginning of the period. The balance of short-term loans registered 3.008 billion yuan, other payables amounted to 471 billion yuan, and other current liabilities reached 1.29 billion yuan. During January and September, operating revenues of the company came at 6.152 billion yuan, down by 63.37 percent from a year earlier. Net profits attributable to all shareholders of parent company stood at -1.652 billion yuan, which posted 493 million yuan at the same period of last year.
At present, share trading of Leshi Internet Information & Technology is now suspended. Based on the company’s latest announcement, the company suspended the share trading aiming to restructure Le Vision Pictures.
Sunac China released an announcement on the morning of November 16, stating that its subsidiary Tianjin Jiarui Huixin Enterprise Management Co., Ltd. signed an agreement with Leshi Zhixin Electronics Technology (Tianjin) Co., Ltd. and Leshi Internet Information & Technology and lend 500 million yuan and 1.29 billion yuan to the two companies respectively for daily operation.
The funds were not supplied without any condition but with 10 percent annual interest rate. According to the agreement, Leshi Zhixin Electronics Technology will pledge 100 percent equities of Leshi Investment Management (Beijing) Co., Ltd. it holds to Tianjin Jiarui Huixin Enterprise Management, which were worth 500 million yuan. Leshi Internet Information & Technology will pledge 100 percent equities of Chongqing Leshi Small Loan Company, 100 percent equities of Leshi New Generation Cultural Media Company and 6.47 percent equities of Leshi Sports Cultural Industry Development (Beijing) Co., Ltd. to Tianjin Jiarui Huixin Enterprise Management, which were worth 200 million yuan. In addition, Leshi Internet Information & Technology will pledge 13.5416 percent equities of Leshi Zhixin Electronics Technology and 50 percent equities of LeCloud to Tianjin Jiarui Huixin Enterprise Management.
Besides, Sunac China’s subsidiary Sunac Real Estate Group signed an agreement on entrusted guarantee with Leshi Internet Information & Technology. The former agreed to provide guarantee with no more than 3 billion yuan to existing debts and new debts of the latter. As a condition, Leshi Internet Information & Technology will offer counter guarantee to Sunac Real Estate Group and pledge 26.7702 percent equities of Leshi Zhixin Electronics Technology to it.
Sunac China indicated that due to problems left over by history and brand association, although new Leshi has taken positive measures to separate its finance and business and improve their independency, they are inevitably infected. Therefore, under the premise of ensuring the risk is controllable, the company provides the above-mentioned loans and guarantee to Leshi Internet Information & Technology and Leshi Zhixin Electronics Technology so as to support normal operation of smart TV business and resume brand and credit as soon as possible.
Sunac China expressed that under the premise of not influencing the continuous development of real estate business, it will use small part of resources to develop potential industry. It is rosy about investment in big culture and big entertainment brought by technical invocation and consumption upgrading.
It was reported long before that devices of Sunac China which need to be equipped with TV in various regions must adopt Leshi TV and its real estate projects will present Leshi TV based on different projects. But Sunac China didn’t respond to it.
Sunac China disclosed in the announcement that after a period of adjustment and optimization, Leshi Zhixin Electronics Technology and Le Vision Pictures have recovered. The two companies will devote themselves in becoming a leader in cultural consumption upgrading based on home Internet and Sunac China is likely to continue to provide reasonable support to them in the future.
According to the third quarterly financial report of Leshi Internet Information & Technology, balance of monetary capitals of the company recorded 834 million yuan by the end of the third quarter, down by 77.28 percent when compared with that at the beginning of the period. The balance of short-term loans registered 3.008 billion yuan, other payables amounted to 471 billion yuan, and other current liabilities reached 1.29 billion yuan. During January and September, operating revenues of the company came at 6.152 billion yuan, down by 63.37 percent from a year earlier. Net profits attributable to all shareholders of parent company stood at -1.652 billion yuan, which posted 493 million yuan at the same period of last year.
At present, share trading of Leshi Internet Information & Technology is now suspended. Based on the company’s latest announcement, the company suspended the share trading aiming to restructure Le Vision Pictures.
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