[Exclusive] Sun Hongbin: I Don't Have the Energy for Leshi
Liu Jia
/SOURCE : Yicai
[Exclusive] Sun Hongbin: I Don't Have the Energy for Leshi

(Yicai Global) July 18 -- Jia Yueting, founder of Leshi Internet Information & Technology Corp. [SHE:300104], recently resigned from the debt-ridden company.

Sun Hongbin's Sunac China Holdings Ltd. [HK:1918] became a new investor in the tech firm early this year. "It's entirely moot to talk about whether Leshi belongs to me," the real estate mogul said yesterday.

Sun stressed that he did not have the energy for Leshi, and Sunac is still his top priority.

He made these comments to reporters as he hurried away after of Leshi's extraordinary general meeting of shareholders yesterday afternoon.

Sun did not elaborate at the meeting the possibility of a partnership between Le Vision Pictures -- another LeEco subsidiary in which Sunac also owns a stake -- and Wanda Pictures, but said anything was possible.

"I'm very bullish about Le Vision Pictures, but a plan for the cooperation with Wanda Pictures is not yet available," he added. "Equity in Le Vision Pictures is frozen now, so I can't talk about anything right now."

A-share listed Leshi Internet Information & Technology, Leshi Zhixin and Le Vision Pictures are all "good stuff," Sun insisted, and Dalian Wanda Group founder Wang Jianlin thinks highly of Zhang Zhao (chief executive at Le Vision Pictures), but certain difficulties obtain at present, he said.

We should look at the next three to five years, rather than the next few days, if we want to understand the value of Leshi's listed assets, he continued, "We make no promises if you only look at the situation today."

All the three companies have good businesses, and all will go to waste if the companies undergo reorganization, he stressed. Now is indeed a difficult time, but the assets are good, and we will do our best to resolve the problems.

Regarding the much-discussed related-party transactions surrounding Leshi Internet, its general manager, Liang Jun, said the company has been communicating closely with unlisted firms in the Leshi group and its actual controller, Jia Yueting.

"We're taking active steps to solve the issue, but I can't talk about it today," Liang noted, "So please wait for our further notice."

All five of Leshi Internet's largest clients were its affiliates, who contributed at least 44.56 percent of its total sales revenue USD1.47 billion (CNY9.8 billion) at the listed company, per its revised annual report for last year.

Jia announced his resignation as chairman of Leshi Internet and from all the other positions that he previously held in the company on July 6. Sun Hongbin is widely expected to replace him as chairman.

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Keywords: Leshi , LETV , Shareholder Meeting , Debt Restructure , Internet