It is possible that there is only one dream left for Jia Yueting, who is gradually loaning Leslie's "core assets" to Sun Hongbin, but there is no right to dream about the core members of LeTV's company.
LeTV Listing System The company LeTV and LeTV Innovation finally ushered in a new round of financial support for China, but most of LeTV's employees are unhappy.
Recently, the core employees of LeTV Group, such as LeTV Group, were informed that all of their equity interests have been 'zeroed out', making Leyuan the ownership agreement of core, senior and ordinary employees into a waste paper, among them Part of the people choose to go out of anger, while the original video of Jia Yueting booth as a whole equity incentive plan has officially become a bubble.
The incident dates back to early this year when LeTV acquired a strategic investment of 15.041 billion yuan from Sunac China, in which Jia Youting set aside 10% and 15% of the registered capital of LeTV held by LeTV and Xinle Asset 5 billion yuan was sold to Sun Hongbin, while Xinle assets is the music as the staff holding platform.
Music insiders disclosed to the Securities Daily: 'Now with the completion of the transaction, the employee's shares have also been declared' void '. "
Suddenly 'cleared'
Commitment to equity in the past into 'waste paper'?
In addition, Jia Yunting declared his promise of lending to Music Watch could not be honored, but in addition, there was a promise that he did not honor.
With Sunac China stationed and accelerated infiltration, LeTV system ushered in several waves of large-scale transfusion.Many employees take the initiative or passive from LeTV company to leave, many of whom are the core senior, core technical staff.
Recently, however, when it was revealed that some of the music's top executives such as Le Veritas left its core, they were rumored to have "cleared" the company's share of the company they previously enjoyed.
'In the early days, Jia Yunting was' digging' a large number of elites and leaders in various industries given the original shares of the corresponding companies, and now the equity of these people has turned into a 'bubble.' "A source close to LeTV said.
"Securities Daily" reporter learned that the shareholding granted to retrospective two years ago, when Jiayue Ting Le total music company has announced that all employees, to take out Le total 50% of the original total share capital for employee incentives to achieve large LeTV's 'People Share Ownership' program.
In November 2015, all employees of LeTV received an e-mail titled "All-Incentive Program Officially Launched," which said that LeTV Holdings (Global) would give 50% of the original total share capital to employees , And in principle does not require investment to buy.
According to the company's plan, LeTV Holdings (Global) expects to achieve an IPO in 2022 and estimate the market capitalization to reach 1.7 trillion yuan by that time. At that time, some insiders initially calculated that once LeTV Holdings went public, LeTV staff May receive 850 billion yuan of wealth.
Earlier this year, Sun Hongbin extended his 'Olive Branch' to Jia Yueting, who is facing a huge funding gap. Rongcheng China has become the second largest shareholder in LeTV's listing system with a market capitalization of 15 billion Yuan and has also become an important shareholder of LeTV Zhixin and LeTV. .
It is noteworthy that in this transaction, Sunac China respectively levied a total revenue of RMB29.23 million (accounting for 10.3964% of the total registered capital of LeTV and 44.17 million yuan Music as the new total registered capital of 15.7102%) registered capital, transferee prices were 2.3 billion and 2.6 billion.
While Xinle assets is actually the equity platform of the music viewing staff.One Music as the company's employees to the "Securities Daily" told reporters: 'Jiayue Ting Xinhong assets sold to Sun Hongbin held by the music as the new equity, In fact, LeTV regards its employees as a new equity stake in LeTV. Although Jia Youting is a majority shareholder of Xinle Asset, which sells the assets, it violated its commitments to employees when the transaction was conducted.
Initially, the company signed an agreement with each employee in the implementation of the equity incentive plan.The company agreed with the staff to exercise the conditions, but also agreed that if employees leave half of their names can be taken away, but now these companies Most of the shares that have been motivated have been transferred to Sun Hongbin by Jiayue Ting. "A middle-class musician told reporters.
He said: "When LeTV introduced Rongchuang, the company's internal staff raised questions about the transfer of shares, but the company gave an explanation at the time that the transfer of shares to Sunac should have been held by LeTV Holdings However, as the equity is pledged and can not be used, Jiayuenting temporarily borrowed the equity stake in Xinle Asset Management Co., Ltd. to secure a new equity stake in Lessee to complete the transaction, meanwhile, Jia Yuanting promised its employees that in the future After redeeming the pledged equity, it will be returned to Xinle Asset, but afterwards, we found that the pledged equity has been frozen by turns and the money it has received from Suntron has not been used to redeem it.
It is worth noting that when LeTV made its announcement in January this year, it made it clear that Xinle Assets will use its funds for Sunac's sale of assets to acquire a new proportion of equity interest in LeTV held by LeTV through par or other reasonable means, Continue to be used for employee stock ownership.At the same time, there are also people in the industry questioned the great possibility of this fund will be infused into the music as the control, rather than attribution of staff.
At that time, Jiayue Ting promised that we would redeem the music as a new share, and now we have the agreement on the original stock 'pool' are gone.Although we know the original stock has been devalued, and the short term can not exercise, But how to exercise power and whether to count are two different things, and nowadays we all feel cheated. "An employee at Le Son Ecology Company told reporters.
It is understood that, after the completion of the transaction, LeTV's new shareholding structure will be as follows: LeTV holds a 40% equity interest in LeTV and remains the controlling shareholder; Rui Xin holds 33% equity interest in LeTV and becomes the Music as the second largest shareholder of the new music and music assets held by Music as the new only 1.9777%, less left, fifth in the list of shareholders. In other words, Xinle assets currently held by the music as the new Of the shares completely unable to support the original Jiayue Ting commitment to give employees the company's equity.
And this phenomenon is not only in the music as the new, in the music as the cloud, music and other music as the sub-eco-sports company also exist.
To this end, Zhao Kai, Deputy General Manager of LeTV Network, said in an interview with Securities Daily: "The shareholding of this employee is in fact a full-fledged incentive plan implemented by Jia Youting, whose vision is to achieve ' However, due to the financial crisis that followed, some of the companies' equity incentive plans were shelved. Only music, music and music companies, employees of Lesotho signed an agreement.
He said: 'This is a way that Mr. Joycet was motivated by the employees that he implemented at the time and did commit employees to promise that the employees should own the shares. "However, he said the incident was triggered by the company's long-term incentives Group is responsible for, and they are currently on leave, the specific situation of the company do not know, but music Watch employees holding the situation, saying: 'is not affected.'
'We know Lao Jia (Jiayue Ting) is not easy to understand today, but also know the status of the company, but after leaving the company, the company has been previously granted the original shares have been' cleared ', which is right for us And now no one in the company has any idea of the situation. "A Le Grandview company, who has just resigned, reluctantly told reporters: 'We can all comply with the conditions of the exercise of power. At present, we are not Asked to exercise the right, but to ask 'where's the pool'. "
Personnel shocks frequently
Important reasons: Equity has changed
The ownership of the hands of executives was 'cleared', but also accelerated the high-level music scene as a large-scale runaway.
LeTV CFO Wu Hui, LeTV Sports CEO Zhang Zhiyong, LeTV vice president of marketing and music as the new CMO Ren champion, LeTV CMO Zhang, Le TV Mall Zhao Yicheng and other executives have now left Last month, LeTV CEO Liang Jun also announced that he had already submitted his resignation.
Most of these executives are Gu Yueting spent the previous two years to dig 'talent', and let these music as the core high-level executives to leave because: the ownership has changed.
A music insider told reporters: 'In recent years, due to financial constraints, music as new, music as the cloud, music and music as the majority of music companies as the end of the year awards issued by employees, bonuses are the original shares, but in fact all 'Bamboo basket water an empty'. '
'For Lotte employees, including many executives, the returns on their previously held shares have given them confidence and confidence in the future of Letv but now, for this part of the employees, , Not only struggling for many years without the results, the company expected and longing gone.Non the future, which is also led to many executives have an important reason to leave.'A source close to the music said.
It is understood that the statutory executives holding the music network deadline, the most brilliant music at the time when the stock price has not seen the phenomenon of large-scale reduction.
'Many executives hold the music video stock, but since the music market, almost few executives overweight, in fact, Jia Yueting also requires executives to not reduce the internal. Tax, many executives at Music for so many years not only did not make any money, but also pay a lot of taxes and fees. "The above LeTV insiders told reporters." Some of the holders of a lot of music Watch executives also large shareholders pledged equity Together with the signing of the security agreement and assume joint and several liability, most of its equity is also currently frozen. '
He told reporters: 'At the time, Jia Yuetting promised to give all its shareholdings when he was' digging 'a large number of people in the industry. Now these shares have been voided and the employees have been greatly shaken. Several thousand people have been granted equity incentive by the company.'
In response, Yang Zhaoquan, a partner of Beijing Wynn Law Firm, told Securities Daily in an interview: "Jia Youting will promise that placing equity interests in LeTV executives in the holding company is in fact acting on behalf of the holding company. , Jia yingting is a prominent shareholder, the other shareholders can not be displayed in the legal status.So, jia yingting sell equity there is no legal obstacle.However, since it is promised to other executives of the equity, if not authorized by others jayuan booth Disposal would violate the rights of these actual shareholders, while the actual shareholders may claim compensation from Jia Yunting.