What will the future hold for LeTV?

LeTV was founded in 2004 by founder Jia Yueting. LeTV is committed to building a complete ecosystem of "platform + content + terminal + application" based on the video industry, content industry and smart terminals. It is called the "LeTV model" by the industry ".

However, there have been many setbacks in this development process:

Baofeng Video Infringement

In May 2015, CCTV International believed that LeTV had not With permission, the 2015 Spring Festival Gala was played on its website and mobile client. On the grounds of copyright infringement, it appealed to the Haidian Court to order LeTV to compensate it for related losses of 3 million yuan.

LeTV 919 Shipping Gate Incident

On September 19, 2015, LeTV Mall launched the "Black 919 Music Fan Festival", with the content of "Super TVs and super mobile phones reduced by 500 Yuan, spot purchases are open for purchase through all channels throughout the day.” On that day, many consumers ordered event products through the official website of LeTV Mall, and LeTV promised to ship the goods within one week after payment. Some consumers claimed that after placing an order and paying, LeTV did not fulfill its obligations as agreed, failed to deliver goods on time, or claimed that the TV model purchased by the consumer was out of stock and shipped other models. Subsequently, some consumers began to organize rights protection and complained to the Online Transaction Protection Center. On November 26, the Chaoyang District People’s Court of Beijing accepted the LeTV 919 delivery case.

iQiyi and LeTV filed mutual infringement lawsuits, both claiming that the other party pirated exclusive popular dramas

In February 2016, the Haidian Court accepted two cases. iQiyi said it owns the online broadcast rights for the TV series "Tomb Raiders", and LeTV said it owns the online broadcast rights for the TV series "The Legend of Miyue". Both parties sued each other for piracy and infringement

LeTV sued We Media for " The Beijing Court has filed and accepted the false report of "Hong Kong Stocks That Matter"

On May 24, 2016, JileTV filed a lawsuit against Shenzhen Gelonghui Information Technology Co., Ltd., the operator of the WeChat public account "Hong Kong Stocks That Matter" After issuing a lawyer's letter to defend its rights, LeTV has filed a lawsuit with the Chaoyang District Court in Beijing and the case was filed.

On May 21, 2017, LeTV announced that Jia Yueting had applied to resign as the company’s general manager and take up the position of chairman of the company. After nomination by the Nomination Committee of the Board of Directors, it was agreed to hire Liang Jun, the former deputy general manager of LeTV and President of LeTV Zhixin, as the company's general manager to report the company's operating status to the chairman and the board of directors. The board of directors of LeTV received a resignation application from the company's financial director Yang Lijie. Yang Lijie applied to resign as the company's financial director due to personal reasons. After resignation, Yang Lijie will not hold any position in the company. According to the nomination by the Nomination Committee of the company's board of directors, Mr. Zhang Wei was hired as the company's financial director.

On July 5, 2017, Jia Yueting pledged almost all the equity of LeTV Pictures held by LeTV Holdings to Sunac Real Estate Group Co., Ltd., a subsidiary of Sun Hongbin.

On July 10, 2017, LeTV filed a complaint with the Shanghai High Court against China Merchants Bank’s over-freezing of 26.162 billion assets.

On August 2, 2017, the results of the labor arbitration filed by LeTV employees who were owed wages were announced. The deadline for LeTV to pay arrears of wages was clarified until August 10.

On August 17, 2017, LeTV announced that the company had completed the industrial and commercial change registration procedures and obtained a new "Business License" issued by the Beijing Administration for Industry and Commerce. The legal representative of LeTV has been changed to Liang Jun.

In September 2017, LeTV Holdings was listed as a defaulter by the court and refused to perform even if it had the ability to perform.

On September 14, 2017, Gao Fei, President of LeTV Video, stated in WeChat Moments that he was already going through the resignation procedures.

To this day, LeTV has solutions to internal management problems, corporate strategic goals, or other issues, but it can be said that they are not solved because all of LeTV’s decisions are related to Personnel transfers and strategic shifts are all forced, and corporate development is in a sluggish state. The editor also heard that Zhou Tao once invested tens of millions in LeTV, but it was all in vain. He was noncommittal. LeTV’s prospects remain to be seen.