Sunac Snatches Another 6% Stake in Le Vision Pictures from LeTV Holdings
Xu Wei
/SOURCE : Yicai
Sunac Snatches Another 6% Stake in Le Vision Pictures from LeTV Holdings

(Yicai Global) July 6 -- Sunac China Holdings Ltd. (HKG:1918) has upped its stake in Le Vision Pictures from 15% to 21%, finance.qq.com reported yesterday.

Sunac subsidiary Tianjin Jiarui Huixin Corporate Management Co. has contributed USD26 million (CNY176 million) to Le Vision Pictures' registered capital, accounting for 21% of the total registered capital of CNY836.8 million, the report said, citing the National Industrial and Commercial Information System

Sun Hongbin, chairman of Sunac, currently concurrently serves as director of Le Vision Pictures. Another Sunac executive also serves as Le Vision Pictures' financial manager, per the report.

After Sunac bought into Le Vision Pictures in January, LeTV Holdings (Beijing) held a 28% stake in Le Vision Pictures, but, according to information registered with the industrial and commercial administration, LeTV Holdings now holds a 22% stake in Le Vision Pictures. Transfer of another 6% stake relates closely to a stake LeTV Holdings promised to Sunac. LeTV Holdings previously pledged a capital contribution of CNY50 million -- a 6% stake in Le Vision Pictures -- to Sunac China, but retracted the pledge on May 9, 2017.

Neither LeTV Holdings nor Sunac disclosed specific details of the equity transfer, per the report.

LeTV became embroiled in a new round of crisis after a court froze assets worth CNY1.237 billion owned by Jia Yueting and his wife and three LeTV-related companies. Debt collectors, including suppliers, are mobbing LeTV's headquarters each day to demand the company repay the debts, media reported. Security guards at first barred these creditors from entering, but later turned a blind eye to these intrusions.

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Keywords: Sunac China Holdings , Leshi , Investment