Jia Yueting chops holdings of LeTV over two months
Shenzhen Stock Exchange seeks answers after company founder unloads 1,689,728 shares since June
The Shenzhen Stock Exchange has sent a letter of inquiry to LeTV, a Chinese technology company found by Jia Yueting, asking the company to explain the sudden decrease in the shares held by Jia, The Paper reporter.
As of August 28, LeTV controlling shareholder Jia Yueting held 102,257,916 shares, accounting for 25.63% of the total share capital, a decrease of 1,689,728 shares compared with June 30.
The Shenzhen Stock Exchange has officially requested LeTV to offer an explanation for the decrease in the shares, and whether the shares were transferred by judicial execution.
Since LeTV has fallen into a cash flow crisis, many creditors have applied for property preservation in court and requested a freeze of LeTV assets.