LeTV Spins Off Internet TV Subsidiary

Shenzhen Stock Exchange, 8/22/12

Chinese online video site LeTV (Leshi) (300104.SZ) has announced it will spin off its internet TV business in an independently operated subsidiary, Leshi Zhixin Electronics Technology (Tianjin) Co., Ltd.

After transferring its internet TV business consisting of RMB 1.69 mln in cash assets to the new company, LeTV will hold a 72% stake in Leshi Zhixin, while Leshi Holding, which is controlled by LeTV chairman Jia Yueting, will invest an additional RMB 28.28 mln for the remaining 28% stake. Leshi Zhixin, which has not yet begun operations, will focus on R&D, design, operations, and sales of LeTV internet TV terminals and services once the new investments are completed.

Keywords: corporate restructuring Internet television online video LeTV Internet TV Jia Yueting 300104.SZ Leshi investment

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