LeTV’s Second Largest Shareholder Denies Speculation Jia Yueting Is Being Pushed to Resign

Yicai

2017-04-21

(Yicai Global) April 21 -- Edward Zeng, founding partner at China Bridge Capital, the second largest shareholder in Leshi Internet Information and Technology Corp. [SHE:300104], denied speculation that Jia Yueting was requested to leave his role as chief executive at LeTV, Beijing News reported.

Zeng claims media made an unduly misleading judgement of the matter, saying he had never mentioned he hoped Jia would resign. The Wall Street Journal earlier quoted a source familiar with the matter as saying China Bridge Capital was expecting his resignation.

“As a central figure at LeTV, Jia has been, is and will always be the foundation for LeTV to survive and grow,” Zeng told Beijing News. “I wish both overseas and domestic media would stop retelling the situation with outdated news. Jia and LeTV should be given some time to get past this transitional plight.”

LeTV’s annual report for last year, released earlier this week, showed that China Bridge Capital had cut its holdings in the firm by almost 30 million shares throughout the year. It holds just over 70 million shares and has a 3.53 percent stake.

Follow Yicai Global on Facebook @yicaiglobal and Twitter @yicaichina.