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Leshi Internet, Minsheng Trust Reach Agreement over RMB 1.2 Bln Bank Deposit Freeze

Leshi Internet, 8/16/17

Chinese online video content and smart device firm Leshi Internet Information and Technology (300104.SZ) recently announced that the company has reached a settlement with China Minsheng Trust, and China Minsheng Trust has applied to the Beijing Third Intermediate People's Court to revoke an order freezing RMB 1.2 bln in bank deposits of Leshi Internet affiliate Leshi Holdings, former Leshi Internet chairman Jia Yueting, and other parties.

The announcement revealed that in 2016, Leshi Internet's TV and set-top box subsidiary Leshi Zhixin Electronics Technology signed a contract with China Minsheng Trust, under which China Minsheng Trust loaned as much as RMB 1 bln to Leshi Zhixin via a trust product. Jia Yueting and Leshi Holdings provided guarantees for the loan.

In order to preserve its assets, China Minsheng Trust submitted an application with the Beijing Third Intermediate People's Court and won a ruling freezing bank deposits worth RMB 1.2 bln of Leshi Holdings, Jia Yueting, and Leshi Zhixin.

Keywords: debt financing set-top box TV set Internet Jia Yueting 300104.SZ Leshi Internet Leshi Zhixin Leshi Holdings Minsheng Trust

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