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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 scrambling to recover unpaid debts, with no clear way to stop the bleeding. On midday today, Electric Link Technology Co., Ltd. (referred to as "Electric Link Technology") issued a public statement revealing that LeTV Mobile has yet to repay outstanding amounts, and the company has not received any formal repayment plan from them. This situation brings a significant level of uncertainty.
The announcement states that in accordance with internal regulations for managing receivables, the company appointed a lawyer in June 2017 to file a civil lawsuit against LeTV Mobile over a contract dispute in the Chaoyang District People’s Court in Beijing. The case has been accepted by the court and is currently in the process of service, though no official judgment has been issued yet. The company will keep investors informed about the progress as required.
Additionally, from early 2017 up to the date of this announcement, Electric Link Technology had no business dealings with LeTV Mobile. As of now, LeTV still hasn't made the payment, and no repayment plan has been communicated. The company expressed concerns over the potential risk associated with LeTV's ability to settle its obligations, urging investors to remain cautious.
In response to the uncertainty surrounding the debt, Electric Link Technology recorded a full bad debt provision of RMB 22,782,200 for LeTV Mobile accounts receivable in its 2016 financial year, with an accrual ratio of 100%. This reflects the company's proactive approach in ensuring accurate financial reporting.
Founded in 2006, Electric Link Technology holds the registered trademark “ECTCONN†and specializes in the design, development, manufacturing, and marketing of electronic connectors. Over the years, it has built long-term partnerships with major brands such as Lenovo, Xiaomi, OPPO, and VIVO, both domestically and internationally.