Cover after the cover is a common investment pattern investors, never thought Sunrong Bin, head of financial Chongrun also began to use this model.
On November 10, LeTV (300104.SZ) announced that Jia Youting and Jia Yuefang had no funds to fulfill their loans to listed companies. Five days later, Sunac China Announced that Tianjin Jia Rui provided a total of RMB 1.79 billion to LeTV and LeTV , For the music Watch, music as the new general operating capital.This is the second in January this year, Sun Rongbin took out the second payment after Shen Chuan China's 15 billion strategic stake in music system.
Pursuant to the loan agreement, Tianjin Jia Rui rented 500 million new loans to LeTV, leasing its shares of LeTV and LeChu Sports to Tianjin Jia Rui, and Deloitte provided RMB 1.29 billion loan to Shanghai LeTV, a listed company , LeTV net of its holdings of music as the new 13.54% stake and 50% equity Le music as pledged to Tianjin Jia Rui.
Shenzhen Stock Exchange on November 21 asked LeTV (300104.SZ) to Tianjin Lever Carrefour LeTV, Le Veritas Relevant Issues to be supplemented by November 24 prior to disclosure .Inquiry letter, the Shenzhen Stock Exchange said the matter 'height Concern ', and put forward if the loan can not be repaid, will lead to listed companies' shell' many problems.
For this loan, the focus of the market is that Rongchuang loan is used for the new general operation of LeTV and LeTV. How much Sun Hongbin needs to invest in LeTV as well?
Shanghai private equity fund manager Huo Xin told reporters on the interface: 'For listed companies, the most important thing is credit, music Watch's credit has been completely broken, to some extent this company in the capital market has not made much sense, If Sunac and Sun Hongbin unscrupulous, music as surely die now Sun Hongbin music system as fairly good asset control in their own hands, from Sunac and Sun Hongbin's credit starting, you can continue to go down, which is currently the only music Watch Road. '
Market participants told reporters on the interface that: 'From this 1.79 billion loan terms, Sun Hongbin's goal in the music as the new At present, although Jiayue Ting is the actual controller LeTV, but the shares have been frozen, the market can not otherwise operate the basic investment .This time, Borrowers get more music and new shares and other sections of the equity, is the only way that LeTV can go now, if Sun Hongbin does not borrow money, LeTV may die immediately.If a year later LeTV network can not Repayment, Sun Hongbin Music Holdings will lead to the new plate, the listed company is basically an empty shell.
The Shenzhen Stock Exchange inquiry letter clearly states: 'If the relevant borrowings can not be repayable, the exercise of the security right by the pledgee or the pledge will lead to the de-listing of listed companies.' 'According to the corporate information, % Stake in Tianjin Jia Rui holds 33.5% stake in music as 18.38% stake.
According to the loan agreement, if the loan can not be repayable within the time limit, LeTV needs to pledge the 13.554% equity of LeTVhixin held by it to Tianjin Jia Rui, Tianjin Jiarui will hold 47.0416% The new largest shareholder.In addition, the loan agreement, a wholly-owned subsidiary of Sunac China a subsidiary of real estate will also provide music Watch net no more than 3 billion debt guarantee, The new 26.7702% stake pledge to a real estate.
Sun Hongbin means that the new music is very clear.
The Shenzhen Stock Exchange requires clarification of the necessity and rationality of the guarantee provided by Sunac Real Estate and the counter-guarantee provided by the listed company In addition, the recent news that Sun Hongbin intends to start a new capital increase of music program, the Shenzhen Stock Exchange also requires specific Explain whether if Rongchuang China increases its capital into music, will it lead to a change of music from a new actual controller.
Since January 2017, Sun Hongbin 15 billion yuan strategic stake in music, for this investment, Sun Hongbin in the end is lost or earned, has been a hot issue in the market, but the music system issues continue to be exposed, it is clear that Sun Hongbin Unexpectedly.
Huo Xin interface news reporter said: "Sun Hongbin stake in music should be regarded as 'lost miserable', in fact the so-called Le music system of high-quality assets, if not Sun Hongbin took over in the market, no one will buy the assets loss so much, And the short term can not see the turnaround, the most deadly problem is, as an advertising-based business, your credit has been people do not see tomorrow you can still exist.But now if you do not continue to throw money for the server , Above the equipment, both parties are only a dead end, so now Sun Hongbin will still fairly good control of assets in the hands of wise.
A long-term investment in the market who told reporters on the interface, said: Sun Hongbin Le total investment is certainly lost, did not think the hole will be so large, can be said to be Jiayue Ting pit miserable .How to see Sun Hongbin will continue to vote for the next Or stop the problem, the investor said: 'Only people who know the overall situation know, but most should choose to continue'.
As a result, Sun Hongbin still need to continue to invest how much? Let LeTV 'back to life'?
Earnings reports, as of 2017 third quarter, LeTV asset-liability ratio of 54%, current liabilities of 12.65 billion yuan, short-term loans of 3.0 billion, and integrated music semi-annual report, short-term loans continued to rise in the third quarter, this Figures in the semi-annual report of 2.1 billion yuan.Rongkang's 1.75 billion yuan of loans in the music as high as tens of billions of current liabilities appears to be some drop in the bucket.
As of September 30, 2017, LeTV three quarters of the total revenue of 60.95 billion yuan, down 63.67%, the net loss attributable to shareholders of listed companies was 1.652 billion yuan, down 435.02%; the third quarter operating income A decrease of 91.76% from the same period of last year. The net loss attributable to shareholders of the listed company was RMB10.15 billion, a decrease of 586.49% over the same period of last year.
According to the semi-annual report for 2017, the advertising revenue for the period was 406 million yuan, down 73.94% from the same period of last year. The revenue from terminal business was 2.36 billion yuan, down 54% from the same period of last year. Member and distribution business income of 2.131 billion yuan, representing a decrease of 31.44% over the same period last year, paid business revenue of 1.79 billion yuan, down 34.09% over the same period last year, TV drama distribution 86.6 million yuan, down 96% over the same period last year.
As another example, net cash flow generated from the operating activities of LeTV was -28.15 billion as of the third quarter of 2017. The net cash flow from investing activities was -19.18 billion.
The Tianjin Jia Rui to the music network, music as the new 1.79 billion yuan loan, the deadline for Tianjin Jia Rui to pay the amount of the first loan credited to one year from the date of borrowing interest rate of 10% per annum. Some market participants said: Within a year, can not see the possibility of music network profit, while LeTV has announced that the annual net profit will be at a loss.