Afford to move 14,426,500? LeTV positive denied: the news is not true

[Global Science and Technology Comprehensive Report] On June 28th, a document circulating on the Internet recently showed that LeTV owed RMB 14.2625 million IDC resource rental fee to China Mobile’s Jiangsu company. China Mobile decided to shut down the traffic ports of LeTV services to other provinces and different networks. In response, media reports said that insiders from China Mobile have indeed stated that this document.

However, today, LeTV responded for the first time, saying that the news was seriously inaccurate and denied that the mobile had been disconnected from the music.

The circulated documents indicate that LeTV is one of the TOP55 key Internet customers stipulated by the group's government-enterprise companies. At present, 30 cabinets and 290G bandwidth are leased in Jiangsu, Nanjing, Suzhou, and Wuxi cities. Since July 2016, IDC has continued to default. As for the rent of resources, as of May 2017, the total amount of arrears in the province amounted to RMB 14,426,500, which has seriously damaged the interests of the company.

In response, China Mobile stated that on June 15th, it would shut down the traffic ports of LeTV serving other provinces and different networks. If LeTV still has no payment action, nor has Jiangsu formally sent a letter to formulate the payment plan, on July 15th, LeTV will shut down the entire 290G bandwidth of the Jiangsu company and the cabinet will be powered off, releasing the network port.

Regarding this statement, Le Shiyun issued a statement a few days ago, saying that “LeTV will be owed a fee and China Mobile will be cut off from the Internet” as a false report, and stated that “LeTV and China Mobile have always maintained a good relationship of cooperation. China Mobile’s Jiangsu company has Didn't break the net on LeTV."

LeTV also stated that both LeTV and China Mobile are very close partners, and they will work together to provide users with a better service experience in the future.

Prior to this, the pop-up LeTV was successively attacked by two suppliers to collect debts, which led to a crisis in LeTV's capital chain, which not only affected LeTV's business, but also crisised into LeSport, sports and other industrial chains.

According to the Economic Observer Online, LeTV Holdings had discussed with Vanke the sale of its Sanmao III commercial project in Sanlitun, Beijing. The current price of LeTV's hope is about 4 billion yuan. If the Shimao Gongsan Commercial Project successfully sells, bank runs and suppliers’ arrears will be resolved, and some banks can continue to lend to LeTV. As long as LeTV's business develops steadily, LeTV’s funding problem can be solved.

However, sources said that because Vanke's offer was lower than LeTV's psychological price, LeTV said it was unwilling to sell at a low price and the negotiations were terminated.

LeTV Cloud declares as follows:

LeTV Cloud and China Mobile have maintained a good relationship of cooperation for a long time. China Mobile Jiangsu has not broken off the network. The cooperation between LeTV Cloud and China Mobile has been a long time, and China Mobile Jiangsu has also maintained good cooperation. Both Levision Cloud and China Mobile are very close partners, and they will work together to provide users with a better service experience in the future.

LeTV Cloud June 23, 2017

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