Wang Sicong's company, Beijing Pu Si, to music sports claim.

Wang Sicong's company, Beijing Pu Si, to music sports claim.

Original title Wang Sicong's company claims to music as sports

Reporters in Meng

According to the announcement on the evening of November 9, the company recently received an application for arbitration. The applicant applied for arbitration amounting to more than 240 million yuan to the original shareholders for the newly added investors of Lexus Sports, Beijing Pusi, Xiamen Jiayu and Tianhong Innovation. It is worth noting that Wang Jianlin, chairman of Beijing's Wanda Group Chairman, is wholly owned by Wang Sicong. Beijing Pusi, on the grounds that the violation of sports contract infringes the interests of shareholders, demanded an award of compensation for economic losses of 97.8516 million yuan; awarded the joint and several liabilities of the network, the interaction between music and music, and Beijing Pengyi for the payment obligations of music and Video Sports in the first arbitration request.

According to LETV, the above case is under trial. According to the current situation, the matters mentioned in the three cases have not fulfilled the procedures of examination and approval, deliberation and signature stipulated in the articles of association of listed companies and relevant laws and regulations, and their legal effect is questionable. If the new investors in the A + and B rounds have filed arbitration applications for listed companies, the preliminary calculation of listed companies shows that listed companies, Lele Interactive and Beijing Pengyi may be responsible for the repurchase of less than 11 billion yuan.

Illegal lending funds cause trouble

According to the announcement, in December 2016, Lexus Sports disclosed at a shareholders'meeting that Lexus Sports lent more than 4 billion yuan of funds to its related parties Lexus Holdings without the consent of the board of directors or the shareholders' meeting. Due to the fact that funds are occupied by related companies, the normal operation activities of music as sports are seriously affected. A large number of businesses can not be prosecuted and assumed responsibility because of the shortage of funds, or even because they can not repay the foreign arrears. The investment rights and interests of Beijing Pusi suffered losses.

Beijing Pusi and other investments have repeatedly asked Lexin Sports and its original shareholders to solve the problem of capital occupation, but it has not been resolved, nor has it taken any remedial measures. According to the "Reorganization Plan" put forward by Lexin Sports on July 26, 2017, Lexin Holdings still has 2.471 billion yuan of loan principal and interest that have not been repaid. Lexin Sports has broken its current capital chain and is difficult to resume normal operation. It has been sued by a large number of creditors, and has been listed in several courts as the dishonest executee, the shares of Beijing Pusi. The interests of the East have been seriously damaged. The breach of contract of Leshi Sports seriously infringes the interests of the shareholders of Beijing Pusi, depreciates the value of the shares held by Leshi Sports, and the investment cost is facing a total loss. According to Article 6.1 of "B Round Financing Agreement" and Article 4 of "Shareholder Agreement", Lexin Sports should compensate Beijing Pusi for its loss.

Beijing Pusi awarded pleasure sports compensation for economic losses of 97.8516 million yuan; awarded pleasure sports network, pleasure interaction, Beijing Pengyi assumed joint and several liabilities for the payment obligations of pleasure sports in the first arbitration request; awarded the respondent to bear the lawyer fee of 400,000 yuan for the applicant to handle the case, as well as the resulting cases. Other expenses.

The announcement shows that the second case is the case of Xiamen Jiayu requesting a ruling of 42 million yuan of equity repurchase principal paid by the respondent, such as Lexinet. com, and the minimum income calculated by 12% per year from March 14, 2016 to the actual date of payment, as well as other requesting rulings. The total amount is 55.4925 million yuan. Case three is Tianhong Innovation ruling that the respondent, such as Le Video Network, paid a repurchase price of 89.622 million yuan to Tianhong Innovation to repurchase all the shares of Le Video Sports Culture Industry Development (Beijing) Co., Ltd. held by Tianhong Innovation.

Or bear the responsibility of repurchase within 110 billion yuan.

For the reason of the arbitration, Le Video Network said that Le Video Sports was established in March 2014, introduced investors in April 2015 and signed the "A+Round Shareholder Agreement" and "A+Round Financing Agreement". New investors Shanghai Yunfeng New Equity Investment Center (limited partnership), Shanghai Yunfeng New Equity Investment Center (limited partnership) and other seven parties, with a total investment of 579 million yuan. Le Video Sports reintroduced investors in April 2016 and signed the B-round Shareholder Agreement and the B-round Financing Agreement. More than 40 new investors, such as Jiaxing Yongming Civilized Body Investment Partnership (Limited Partnership) and Shenzhen Leying Industrial Investment Fund Partnership (Limited Partnership), have increased their capital in the form of cash and debt-to-equity swaps, with a total investment of 7.833 billion yuan.

It is noteworthy that the above-mentioned agreements include repurchase clauses for former shareholders (Jile TV Network, Lele Interactive, Beijing Pengyi). The obligation of the original shareholder is to take pleasure in the fact that Sports fails to complete the listed work approved by the investor before December 31, 2018. The former shareholder will purchase all the company shares held by the investor in cash at the agreed price within two months after the written repurchase request is issued by the investor (and decided by each investor separately). Right and pay all consideration. According to the shareholder agreement mentioned above, if the listing of Le Video Sports cannot be completed by the end of 2018, Le Video Network, Le Le Interaction and Beijing Peng Yi will face the risk of paying the investors'purchase price of Le Video Sports Equity.

The third quarterly report of this year disclosed that, according to the information available, the "A+Round Shareholder Agreement" is a copy, which shows that neither the original shareholders of Lexus Sports nor the former shareholders of Lexus Sports, including the company, have sealed their seals; the "A+Round Financing Agreement" which has involved the signatures and seals of all parties is shown as "original", but the company is still unable to do so. Judging the authenticity of the above "original" agreement, the "B Round Shareholder Agreement" and "B Round Financing Agreement" that the company has obtained involving the signatures and seals of all parties are copies. The validity of the above contracts is doubtful. In the "A + Round Shareholder Agreement" signed by the company and other shareholders of Le Video Sports on April 27, 2015, the signature page of "Le Video Network" company only signed by Jia Yueting. In addition, music and sports, including our company, are not stamped in the East. The company has not yet grasps the complete A round financing agreement.

If the new investors of A+rounds and B rounds apply for arbitration, the preliminary calculation of listed companies shows that listed companies, Lele Interactive and Beijing Pengyi may bear the buyback responsibility of less than 11 billion yuan. This result is only expected within the company, and the final result is obtained by the arbitration committee or by the arbitration committee. The court and other judiciary decisions shall prevail.

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