The fifteenth shareholder of Lexin Sports initiated a repurchase arbitration amounting to 223 million yuan

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New Beijing News (reporter Lu Yifu) on the evening of August 2, Lexus announced that the company had received an application for arbitration sent by the Beijing Arbitration Commission. The applicant, Shanghai Yuanzhen, applied to the Beijing Arbitration Commission for arbitration, requesting a ruling that Lexus, Lexus Interactive and Beijing Pengyi would acquire all the stakes in Lexus Sports held by the applicant. Interest payments totaled 223 million yuan.
This is the fifteenth shareholder of Lexus Sports to submit an arbitration request. The previous announcement of Le Video Network said that 14 shareholders of Le Video Sports have filed arbitration applications for listed companies, and the arbitration of 13 other shareholders is still in the process of hearing, except Qian Hai Situo. It is estimated that the principal of the two rounds of sports financing is more than 8.4 billion yuan. If all of them are calculated on the basis of 12% of the annual profits, the company’s maximum repurchase responsibility involves more than 11 billion yuan.
On May 15, CTV disclosed that the Beijing Arbitration Commission ruled that CTV had to pay equity repurchase money to CTV sports shareholder Qian Hesituo. CTV believed that the company should not take responsibility for the case. For Shanghai Yuanzhen’s arbitration request, Le Video also refused, believing that repurchase liability has no legal effect on listed companies.
In another announcement on the risk of termination of listing, Le Video emphasized once again that it would not abandon litigation against debtors and take protective measures to recover (or resell) past investment copyright resources in order to protect the rights and interests of companies and small and medium-sized shareholders. At the same time, the company would improve its cash flow and suppliers by engaging in innovative business. The debtor negotiates debt restructuring to reduce the overall debt size of the company.