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Telelinking Technology: Lexus Mobile has not received repayments
LeTV's financial turmoil has not only derailed its ambitious ecosystem vision but also left many of its suppliers in a difficult position, struggling to recover outstanding debts. Today, at midday, Electric Link Technology Co., Ltd. (referred to as "Electric Link Technology") issued an official statement revealing that LeTV Mobile has yet to repay its outstanding obligations, and the company has not received any clear repayment plan. This situation introduces significant uncertainty regarding the company’s future.
The announcement stated that, in accordance with internal procedures for managing receivables, Electric Link Technology appointed a lawyer in June 2017 to file a civil lawsuit against LeTV Mobile in the Chaoyang District People’s Court over a contract dispute. The case has been accepted by the court and is currently in the delivery stage, with no formal judgment yet issued. The company will provide updates on the matter as required.
Furthermore, it was disclosed that from the beginning of 2017 up to the date of this announcement, Electric Link Technology had no business dealings with LeTV Mobile. As of now, LeTV has still not made any payments, and the company has not received any formal repayment arrangements. This raises serious concerns about LeTV’s ability to settle its debts, and investors are urged to remain cautious.
In response to the uncertainty surrounding LeTV’s payments, the company recorded a full provision of RMB 22,782,200 for its accounts receivable from LeTV Mobile in the 2016 financial year, reflecting a 100% bad debt reserve. This move aims to accurately reflect the company’s true financial condition.
Electric Link Technology, established in 2006, holds the registered trademark “ECTCONN†and operates as a leading manufacturer of electronic connectors, integrating research, design, production, and sales. Over the years, the company has built long-term partnerships with major brands such as Lenovo, Xiaomi, OPPO, and VIVO, both domestically and internationally.