LeTV, the first video streaming company to have listed on China’s A-share market, has entered the countdown for delisting as the Shenzhen Stock Exchange announced the termination of the company’s listing on Thursday.
According to the annual financial report of LeTV, the revenue of the company in 2019 was 485 million yuan (US$ 68.28 million), down by 68 percent compared with a year before. The net deficiency of the company was 11.2 billion yuan, which skyrocketed by 175 percent compared with the year of 2018. By the end of 2019, LeTV had a total of 14.3 billion yuan negative assets left.
The numbers, which came out on April 26, triggered the delisting regulations of the Shenzhen Stock Exchange.
According to the regulations, LeTV will start its delisting arrangement period from June 5 and after 30 trading days, LeTV will bid farewell to the A-share market.
