Let’s take a look at a dangerous situation that feels like a TV show. A month ago, the stock of LeTV surged by over 60%, but then Sun Hongbin resigned, and he clarified there was no new order from the company. On March 16th, LeTV resumed trading with a limit up, closing at 5.93 yuan per share, with more than 2 million orders placed. Meanwhile, the market has been buzzing with rumors about LeTV possibly delisting, going bankrupt, reorganizing, or even bringing in new investors—but all of these are just speculation, denied by LeTV itself. The future of LeTV remains uncertain. Market participants believe that the ongoing crisis could trigger a new wave of impact on the FBMACE. Investors are advised to be cautious in the short term and wait for a clearer signal before making big moves.
LeTV has once again become the center of public attention. Compared to its lowest closing price of 4.16 yuan on February 13th, the stock hit a high of 6.59 yuan on March 14th, marking a 58% increase. During this period, the stock also experienced several daily halts. In a notice released by LeTV, it stated that since resuming trading on January 24th, the cumulative turnover rate reached over 200%, and the last five trading days saw a turnover rate exceeding 40%, indicating extremely active trading. Analysts suggest that LeTV might be attracting speculative money and retail investors.
On the evening of March 14th, LeTV suddenly announced that Sun Hongbin had stepped down as chairman due to work adjustments, leaving the board and no longer holding any position within the company. Liu Shuqing, the company’s general manager, took over as acting chairman.
The next day, on March 15th, LeTV issued another statement confirming that major shareholders with more than 5% ownership did not plan to increase or decrease their stakes, refuting rumors that Sunac China might transfer or acquire LeTV shares. It also stated that there had been no major changes in the company's fundamentals or operating environment, meaning no significant business strategy shifts were underway.
On March 16th, LeTV resumed trading with a limit up, closing at 5.93 yuan per share.
Sun Hongbin’s resignation may be an early warning sign. He officially became chairman in July 2017 and initiated a series of reforms aimed at “going to Jiahua.†One of his key goals was to sell Jia Yueting’s 2.587% stake, but those shares are largely frozen. This led to a forced termination of a deal in January 2018. His plan to rebrand the company as “New LeTV†also failed.
After resuming trading in January, LeTV’s share price plummeted from 15.33 yuan to 4.01 yuan, exposing Jia Yueting’s near-total ownership. However, due to the equity freeze, the pledge was breached, but enforcement had not yet occurred, blocking further reforms.
At a Lenovo investor briefing on January 23rd, Sun Hongbin expressed his frustration, saying, “When people have to be willing to lose money,†after the failure of the long-awaited LeTV acquisition plan. A month later, on February 23rd, he unexpectedly missed a shareholder meeting, which many saw as a sign of giving up. Sure enough, he left LeTV on March 14th.
Now, with Sun Hongbin gone, the question is: who will be the next “receiver� According to reports, if the next leader isn’t from the financial sector, it’s likely that equity disposal will be the next step. For instance, Jia Yueting’s potential equity sale might be coming soon. Some sources suggest that the new buyer could be a top-tier internet company, while others point to Lenovo as a possible candidate.
In addition, the market has been flooded with rumors that LeTV may delist, go bankrupt, restructure, or bring in new investors—though all of these are unconfirmed by the company itself. The future direction of LeTV remains unclear.
For ordinary shareholders, it’s important to note that the GEM (Growth Enterprise Market) does not allow backdoor listings. If the company fails to improve its operations, simply relying on a rebound or restructuring could lead to losses. So far, LeTV’s main business has been in steep decline, with a loss of 11.6 billion yuan last year and repeated risk warnings. Despite this, large amounts of speculative money continue to flood into the stock for short-term gains—an irrational and risky move. Ordinary investors should avoid chasing such trends, as a “black swan†event could wipe out their investments.
Analysts have outlined four possible futures for LeTV. First, Sun Hongbin may return, though it’s unclear whether he’ll stay. Second, his resignation could be a prelude to bringing in new strategic investors. Third, the company might face bankruptcy and restructuring. Fourth, it could be delisted.
While there are four potential paths, experts say the reality is more complicated. Meng Meng, executive director at Chamson Capital, noted that continuing as a listed company is risky given LeTV’s lack of quality assets. Additionally, its strategic alignment with Sunac China is limited.
Introducing new investors could be a good option, but the company has already lost a lot of credibility. Many partners are hesitant to continue working with LeTV, which could severely impact its future operations. As such, the road ahead for LeTV looks increasingly uncertain.
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