Sharp's denial on ties halts Letv share trading

Shenzhen-listed Letv.com, whose shares jumped 25 percent in the past 20 days since it debuted a new Internet TV, halted trading of its shares yesterday after Japan's Sharp Corp denied partnering Letv.

Letv, a China Internet video website, launched the TV with Internet video features using Qualcomm's chips, Sharp panels and Letv video content during a conference on May 7. The TV received a warm market response as Letv's share price surged to 46.4 yuan (US$7.37) on Monday from 37.4 yuan on May 7.

But Sharp announced it has no cooperation deal with Letv on the Internet TV or provided panels for the TV as Letv said, Sharp China said in a statement published on its website on Monday.

Letv told Shanghai Daily the TV's panels are made by Sakai Display Products whose investors are Sharp and Foxconn.

In 2012, China's online video advertising revenue jumped 82.7 percent annually to 8.83 billion yuan, said Analysys International, a Beijing-based IT consulting firm.