At the beginning of the new year, letv net was given publicly condemned sanctions by the sse for controlling shareholder related party funds occupation, illegal guarantee, financial report was issued unable to express opinions,2016 annual performance forecast violation,2018 annual performance forecast violation, and raising funds use violation of a total of six violations. Letv plans to hold a public apology on january 8th on the sse's \"interactive ei\" platform.
Detailed Letv net violations, controlling shareholder related party capital occupation bear the brunt. The 2017 annual report of Letv net shows that the amount of non-operating funds occupied by Jia Yueting related party in 2017 is 100 million yuan, and the closing balance is 100 million yuan; the 2018 annual report shows that the amount of non-operating funds occupied by Jia Yueting related party in 2018 is 100 million yuan, and the closing balance is 100 million yuan.
Violation of the guarantee, according to the announcement, Letv network in 2015,2016, there is a failure to fulfill the review procedures and information disclosure obligations to provide security for Jia Yueting related parties. At present, the relevant illegal guarantee has not been lifted. A number of creditors have filed an arbitration request for Letv to assume the guarantee liability, Letv net for breach of the guarantee may suffer huge losses.
Shenzhen Stock Exchange also noted that Letv net 2017 financial report was issued cannot express the audit report, the facts of the violation are clear. The main reasons for this failure were the lack of sufficient and appropriate audit evidence for the accuracy of the provision for bad debts in the accounts receivable and other receivables of Letv, the reasonableness of the impairment of intangible assets and the provisional estimates payable to service providers at the end of the period, as well as the inability to determine whether there were material misstatements or whether there was a clear violation of accounting standards and other relevant provisions.
In addition, Letv net has 2016 and 2018 annual performance forecast violations. Among them, January 30,2019, Letv net profit loss of 100 million yuan to 100 million yuan in 2018. On February 27, Letv.com disclosed its 2018 annual results KuaiBao, expecting a net profit loss of 100 million yuan for 2018. On April 26, Letv.com disclosed its 2018 annual report, with an audited net profit of $100 million for 2018. The net profit disclosed by Letv.com's 2018 annual earnings forecast and earnings KuaiBao compared with the annual report has significant differences and has not been corrected in time.
The most serious violation of the situation is the Letv network has a large fund-raising use of violations. From August to November 2016, when Letv.Net used the funds raised to purchase copyright through Tibet Letv.Net Information Technology Co., Ltd., Tibet transferred the funds raised to Letv.Net's general account one after another to pay employees'wages, taxes and fees and other non-financing project expenses. Shenzhen Stock Exchange found that Letv has not fulfilled its review procedures and disclosure obligations in a timely manner.
Shenzhense believes that letv net violation of the facts clear, serious circumstances, in violation of the \"gem stock listing rules\" provisions, decided to publicly condemn letv net punishment. (Reporter)