LeTV, once a rising star in China's tech sector, has faced significant challenges following a debt crisis and declining performance. Recently, the company has been caught in a storm as reports emerged about its 2010 IPO audit involving several former members of the Board of Entrepreneurs. Among those implicated are Xie Zhongping, deputy director of the Asia Pacific Group Certified Public Accountants, and Sun Xiaobo, deputy general manager of Beijing Tianyuanquan Certified Public Accountants.
Multiple sources have confirmed that at least one member of the pre-approval committee that reviewed LeTV’s IPO is under investigation. Regarding Xie Zhongping, a representative from Ericsson Certified Public Accountants, who declined to be named, told the Beijing News that he was asked to assist in the investigation, but clarified that it had nothing to do with his current employer. He added that the matter pertains to the Asia Pacific Group accounting firm's past activities.
A staff member from Tianyuanquan Certified Public Accountants mentioned that Sun Xiaobo is still employed by the firm but has not been seen recently. The reporter attempted to contact Sun, but found him unreachable. According to reports, Sun Xiaobo holds multiple professional qualifications, including CPA, CPV, and CTA, and served on the GEM Board.
Meanwhile, a member of the issuing committee claimed innocence. The "Financial Affairs" report indicated that over ten individuals were involved, raising concerns for other members of the issuing and auditing committees. Wang Yuehao, a member of the Board of Auditors, stated that no regulatory body or individual had contacted him regarding LeTV’s IPO project. He denied any wrongdoing, claiming he did not meet with related parties or accept any property. He also noted that he had no prior connection with Xie Zhongping or Sun Xiaobo.
The situation originated from LeTV’s IPO review. A source close to LeSport said that executives had not received any inquiries from relevant departments. Xie Zhongping was previously associated with Huijin Cube, a shareholder of LeTV, Oriental Sunrise, and Shenzhou Taiyue. According to public records, Huijin Cube invested in LeTV in 2008 and later became a major shareholder. The company’s stock price surged significantly during this period.
Li Liang, former director of the Investor Protection Bureau of the China Securities Regulatory Commission, was accused of assisting companies like LeTV in their listings. In 2016, he was convicted of bribery after accepting large sums from various companies, including LeTV. Although LeTV claimed that its management and shareholders were not involved, the allegations continue to cast a shadow over the company.
LeTV’s initial listing on the Growth Enterprise Market in 2010 was marked by high expectations. However, its financial data raised questions. While the company reported profitability, some analysts questioned the accuracy of its revenue figures. For instance, the prospectus stated that LeTV had over 300,000 paying users in 2009, yet its revenue from these users did not match the reported numbers.
Following its successful IPO, LeTV’s financial reports were scrutinized further. In 2015, a well-known financial expert published an analysis highlighting discrepancies in the company’s financial disclosures. LeTV failed to provide detailed profit breakdowns, which is standard practice for listed companies.
As part of the IPO process, Ping An Securities acted as the sponsor, along with Beijing Xinli Law Firm and Reanda Certified Public Accountants. These firms earned substantial fees, raising questions about their role in the company’s success. One of the sponsors, Wang Jiasheng, was known as the “Gold Medal†due to his high-profile deals.
Despite its early success, LeTV faced increasing scrutiny, particularly after the departure of key figures like Xue Rongnian, who led the investment banking team at Ping An Securities. His tenure was marked by both achievements and controversies, including cases of financial fraud.
Legal experts warn that if the China Securities Regulatory Commission finds LeTV guilty of major violations, the company could face delisting. Similar cases, such as Xintai Electric, resulted in severe penalties and investor compensation. If LeTV is delisted, the sponsoring institutions may be held liable, and investors could seek compensation.
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