On November 15, a document titled "Sunac Group" circulated on the Internet. The document said that all businesses in the Sunac Group's area where office needs to be equipped with TV must use 'LeTV' TV, while its residential projects In accordance with the different projects donated 'music' TV.
Yesterday, the Beijing News reporter confirmed to Sunac China the authenticity of the document and Rongchuang China refused to respond.
Although Sun Hongbin 'save' music in various ways, but the public fund is that Music Watch's situation worsened step by step.In twice the valuation of music Watch, the China Post Fund and Harvest Fund November 15 once again Music Watch's valuation will be lowered, they believe that the music video resumption of trading there will be 13 limit.
Sunac China closed up 0.14% yesterday to close at HK $ 34.65 / share.
Leasing a real estate into the LeTV TV
Yesterday, a document titled "Let's Create Group" looked up and dispatched a notice on the allocation of "LeTV" TVs by various companies in the group. The document stated that all areas that need to be equipped with TV, such as office areas, demonstration areas or projects, must use 'LeTV' TV.
According to the document, all uncompleted residential decoration projects were presented to TV equipment according to the grade of the project. The uncompleted apartment and tourism real estate decoration projects were selected and the size and model of the television equipment presented by the regional and project companies were selected according to the actual conditions.
Yesterday, the media quoted the news from LeTV, Sunac China has told all branches, if you need to configure the new TV is preferred music brand.
Although Sunac China is the second shareholder of LeTV, with Jia Younting leaving the country, Sun Hongbin is the chairman of LeTV and fully leads the LeTV system.
For the above documents, Sunac China responsible person on November 15 to the Beijing News reporter said the company did not reply.
Sunac China holds a 33.5% stake in LeTV, the second largest shareholder of the company. However, in the 2017 interim report, Sunac China made an impairment charge of RMB1.1bn on its investment in LeTV and LeTV .
In its report, Sunac China said it is still optimistic about the new long-term value of LeTV, and has taken various measures to further reduce the external negative effects of promoting LeTV and LeTV through new initiatives such as governance, management structure, finance and experience. Influence, in order to guarantee the long-term investment value.
If the above news that LeTV brand TV is preferentially used is true, it may be regarded as a measure taken by Sunac China at the operational level.
Music as the first half of the new inventory balance of 1.44 billion
Rongchuang, China's priority to buy music behind the TV, is optimistic about the new inventory pressures faced.
According to the 2017 Semi-annual Report of LeTV, as of the end of June this year, the inventory balance was RMB1.44 billion, representing an increase of 50.92% as compared to the end of 2016, mainly due to the new inventory of music products due to LeTV.
Lessee Zhixin loss of 280 million yuan in the first half of 2017, compared with its loss of 56.87 million yuan in 2016 compared to the loss rate to further expand; the other hand, music as the first half of the operating cash flow of -25.6 billion.
LeTV's semi-annual report in 2017 said that its TV sales will return to music and new ventures, establishing an end-to-end closed-end operation and control of new businesses, stabilizing the development of third-party online channels and rhythmically opening up major customer markets and operators' channels.
In the third quarter of this year, LeTV Investment Management (Beijing) Co., Ltd. under LeTV was also incorporated into LeTV, becoming a wholly-owned subsidiary of LeTV, which said the deal was intended to rule out possible post-trading obstacles, Protecting LeTV invests its premium assets in its financial businesses and injects it into the listed companies. It can solve the accounts receivable problem between the listed company and its related parties by means of repaying debt.
Four funds 'cut' music video valuation
After twice lowering the valuation of LeTV, China Post Capital, Harvest Fund and E Fund continued their 'bearish' performance. On November 14, the valuation of LeTV dropped once again.
China Post Venture Capital Music Music's valuation will be cut to 3.92 yuan / share; E Fund, Harvest Fund and the Finance Fund was cut to 3.91 yuan / share.According to the valuation of these four raised funds, equivalent to the music after the resumption of trading There are 13 limit.
The end of last month, China Post Venture and Harvest Fund have also lowered the valuation of Music Watch; Prior to July, a number of raised funds have also lowered the valuation of Music Watch.Rarely a company's valuation several times by raised funds Down, or in the eyes of fund managers, 'New Music' there are still many problems.
While Jia Yueting holds a 25.67% stake in LeTV, in which 99.5% of the shares are pledged and all the shares are frozen by the judiciary.
Since late October, the music network, including General Manager Liang Jun, including six executives to resign collectively, and no longer music Watch as Liang Jun was replaced in May this year, Jia Yueting served as general manager of LeTV, but only half a year .
LeTV has been suspended since April 17, and according to the valuation of public funds such as E Fund, the total market value of LeTV currently stands at 15.6 billion yuan, almost one-tenth of its peak in 2015.
'Capital's lack of interest and confidence in MTV
As a result, it has been considered as a premium asset for the Music Empire. Even if the music channel is strained, the company still receives more investments.
In January of this year, Tianjin Rongrui Huaxin Enterprise Management Co., Ltd., a subsidiary of Rongchuang, acquired a 33.5% equity interest in LeTV due to RMB 7.95 billion. In February, LeTV initiated a new capital increase and share expansion. Xinli Electronics Co., Ltd. invested RMB720 million ; In March, Kunshan, with a capital contribution of 700 million yuan, became the sixth largest shareholder of Lesotho. After the announcement of the trust of E-Finance, Liang Jun said that he has externally valued a new valuation of 30 billion yuan.
It is noteworthy that, Truly Electronics, Compal Kunshan are later suffer music supplier phone debt.
According to the business information, a total of 5 corporate legal persons are LeTV Electronic Technology (Tianjin) Co., Ltd., namely LeTV Information Technology (Beijing) Co., Ltd., LeTV Holdings (Beijing) Co., Ltd., Beijing Bei Meihong Technology Co., Ltd., Life Insurance Co., Ltd., Tianjin Jia Rui Hui Xin Enterprise Management Co., Ltd., in addition to two partnerships, Xin Le Asset Management (Tianjin) Partnership (Limited Partnership), Hangzhou Bay New District Le Ran Investment Management Partnership (Limited partnership).
Most of the time, the capital is rational. So, the capital is still favored music as new? Appliance analyst Liu Buchen said that the original music as the new capital favored because of the ecological model of music as it turns out that music as ecological model does not work, music The whole system is in trouble, and capital has no interest or confidence in LeTV.
LeTV market share declined, Ovum cloud data survey showed that in the first half of 2017 the global market share of major TV brands, LeTV accounted for 1.4%, down 1.3% over the same period last year. (Ma Jing)
'Worried about the quality of music and television service and after-sales service'
For the capital side, a new premise is to see how much the LeTV TV is attractive to users, so double 11 is undoubtedly the best training ground.
Since late last year and early this year, LeTV has twice raised the selling price of LeTV, and LeTV Co., Ltd. revealed that in November 2016, LeTV TV reported that due to the insufficient supply of upstream supply chain panels and the continuous rise in panel prices , The company decided to raise 100 yuan for each of the 40-inch, 43-inch, 50-inch and 55-inch models, and increase the price of some 65-inch models by 300 yuan per unit.
According to media reports, music and television have recently launched a 'crazy price cuts' mode.But on the eve of double 11 compared to multiple TV brands do not think so,' This year's promotion efforts are not very satisfactory, not every model There is a big effort.The price of the entire television industry are going down, music preferences are not big in the past.
A music insider revealed that the music as the new realization of the dual 11,000 54,000 sets of sales.Jingdong appliance 45-50 inches range, music super 4 × 50M topped the list of best-selling.
Tung dual-11 this year, Lynx TV as the flagship store bought the above models, he told reporters that this is his purchase of the second TV LeTV, 'I like music TV, mainly content and hardware model is very attractive to me Originally called watching TV, now called TV, I go home every day to open this big screen.
However, the reporter noticed that more than one netizen released the Weibo TV service called Music as worrying, and nicknamed 'The Entertainer 29' netizens said 'Letv TV today is the 76th day of maintenance, or no delivery.'
Mr. Wang told reporters that the main consideration is the price factor to buy Internet TV, the music section of the TV station, there are many other brands can be replaced, because heard some music as the rumor, he himself a bit worried about the quality of music and after-sales service, He is more inclined to buy other brands of Internet TV.