LETV’s new Chairman will be announced during its second interim shareholders’ general meeting on July 17th

Shanghai, July 17, Gasgoo - LETV’s second interim shareholders’ general meeting will be held at Radegast Hotel, Beijing, on July 17th.

Because Jia Yueting has resigned from LETV’s chairman position, it is expected that Sun Hongbin, Chairman of SUNAC China, will take the position.

LETV has encountered unprecedented capital chain dilemma in the past time. SUNAC China purchased 8.61% shares of LETV with an investment of RMB 6.04b, becoming the second biggest shareholder for LETV and an important shareholder for LE super TV and film businesses.

Sun Hongbin said that, “Listed business should be isolated with unlisted parts. Listed system should have a fully closed loop.” Influenced by the rising costs, tight funds and brand damage, LETV has an expected loss of RMB 637m to 642m during the first half of year, compared with the profit of RMB 280m in the same period of last year. Currently, 19 fund companies have lowered LETV’s equity valuation, resulted by its bad performance recently.

It’s expected that the new chairman would lead LETV to walk into hope and bring a steady performance.