LOVEVIEW NETWORK: Guangdong Platinum Star Apply for Judgment to Purchase LOVEVIEW Sports Equity and Pay Consideration

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In the afternoon of August 7, Sina Technologies News reported that Le TV Network announced that Zhuhai Guangdong Platinum Star had applied to Beijing Arbitration Commission for arbitration, asking for a ruling that the company, Le Le Interactive and Beijing Pengyi would acquire all shares of Le Video Sports and pay all consideration, paying a total of 69.87 million yuan in repurchase price.
In April 2016, Lexus Sports introduced investors and signed the Shareholder Agreement of Lexus Sports Culture Development (Beijing) Co., Ltd. (hereinafter referred to as “B Round Shareholder Agreement”) and “B Round Financing Agreement of Lexus Sports Culture Development (Beijing) Co., Ltd. (hereinafter referred to as”B Round Financing Agreement”). More than 40 new investors increased their capital in the form of cash and debt-to-equity swaps, with a total investment of 7.833 billion yuan.
The company believes that listed companies should not bear the responsibility of repurchase in this case. The aforementioned cases fail to fulfill the procedures of examination and approval, deliberation and signing stipulated in the Company Law and the Articles of Association, and no laws will be taken against listed companies by signing contracts without or beyond the power of agency. Effectiveness: As a professional investment institution, the applicant is not a bona fide counterpart, and should bear fault liability, and repurchase liability has no legal effect on the listed company; according to the interpretation (draft) on the application of law in the trial of disputes over guarantees provided by companies for others issued by the Supreme People’s Court and the violation of the judicial system. The spirit of a series of policies and regulations on guarantees does not have legal effect on listed companies without the legal resolutions of the board of directors and shareholders’meetings of listed companies and the contents of relevant agreements on external guarantees.
According to the company’s internal estimates, the principal of the two rounds of sports financing is more than 8.4 billion yuan, and the maximum repurchase liability involves more than 11 billion yuan if they are calculated on the basis of 12% per year’s single interest.