The suspension of music has more than half a year net, hurt the hearts of shareholders of A shares, and even investors who have been trapped in the contribution of the 'drop wax complex' such a divination.
However, the Daily Economic News reporter noticed that the uncertain prospects of LeTV so far have not only hurt the "leeks", but also the "brains and elders" who once played the war with Jia Yunting.
On the evening of December 4, Founder Securities announced that in two major lawsuits, investors pledged LeTV shares to Founder Securities for financing but did not fulfill their obligations as agreed. Founder Securities applied to the court for enforcement according to law , Requiring the executed person to repay the company's financing capital and interest as soon as possible.
Daily Economic News reporter noted that the two parties litigant, turned out to be the former music executives and current executives!
Music as co-founder, since 2004, has assumed the music executives so far Liu Hong has pledged 850 million LeTV stock (ex-rights), raising 100 million yuan, litigation involving the amount of about 108.5 million yuan.
Since 2008, LeTV Financial Chief Financial Officer (CFO) until May this year, Yang Lijie has pledged 616.2 million shares (before ex-dividend), financing 80 million yuan, the amount of litigation involving about 83.7 million yuan.
Daily Economic News (micro channel: nbdnews) Reporters noted that the slump in the value of the music video stock, apparently directly related to the deterioration of the pledge of the financial position.
Although the suspension has been more than six months of music Watch shares, the true value of the hard to estimate, but each fund companies have given the 'no minimum, only lower' target valuation.
April 14 this year, the music stop net closing price of 30.68 yuan before the suspension (after ex-rights for 15.33 yuan), but the Zheshang Fund Music Video stock valuation of only 3.89 yuan / share. According to this calculation, Liu, Yang Er The shares pledged by Founder Securities were worth only 66.13 million yuan and 47.94 million yuan, respectively, which is far from sufficient for the two parties to raise capital.
LeTV stock pledged litigation focus
According to the announcement of Founder Securities, the Company made statistics on the litigation issues involved in the recent total amount, with the total amount of litigation amounting to approximately RMB 317 million, of which, the amount of major lawsuit cases was RMB 192 million, mainly involving two cases of stock pledge.
In October 2016, Liu Hong and Founder Securities entered into a pledged repo transaction-related agreement. Liu Hong pledged 650 million LeTV shares held by it to Founder Securities and integrated the principal amount of the initial transaction of RMB100 million.
In early July 2017, Liu Hong signed a supplementary pledge agreement with Founder Securities to pledge Founder Securities with 2 million shares of LeTV stock held by it, bringing the number of shares pledged by Liu Hong to Founder Securities to 8.5 million. August 25, the music network to implement 10 to 10, Liu Hong pledged the number of shares into 1700 shares.
Founder Securities said that in late July of this year, all the underlying securities pledged by Liu Hong to the Company have been subject to judicial freeze. According to the agreement, the company reserves the right to require Liu Hong to repurchase ahead of time. However, Liu Hong and Shan Liuan did not agree The Company fulfilled its obligations to the Company according to law, and the Company applied to the court for compulsory execution according to law, requiring the executed party to repay all the debts of the Company as soon as possible with a capital of RMB 100 million and corresponding interest, liquidated damages and the full cost of realizing the claims and pledges.
Daily Economic News (WeChat: nbdnews) reporter noted that the second case involved the pledge target is also the same music Watch shares.
In June 2016, Yang Lijie and Founder Securities entered into a pledge collateral repo transaction-related agreement. Yang Lijie pledged 480 million LeTV shares to Founder Securities with an initial transaction principal of RMB80 million.
From March 2017 to July 2017, Yang Lijie and Founder Securities successively signed supplementary pledge agreements and voluntarily pledged them to Founder Securities with a total of 1.362 million shares of Lotte Stock held by them. At this point, Yang Lijie pledged Founder Securities to hold the total number of LSTV shares 6,162,000 shares (10 to 10 after the change to 12,324,000 shares.) At the same time, LeTV as a guarantor voluntarily Yang Liewei financing to provide joint and several liability guarantee.
Founder Securities said that in November 2017, due to deteriorating financial conditions such as pledged securities, the company asked Yang Lijie to buy back in advance, but Yang Lijie and others were not fulfilled. In view of this, Founder Securities applied to the court for enforcement according to law, requiring Yang Lijie, Zhao Dragon, LeTV as soon as possible to repay the company's financing capital and interest.
The parties are music as an important figure
Daily Economic News (WeChat: nbdnews) Reporters noted that Liu Hong and Yang Lijie can be said to be very experienced musicians.
According to public information, Liu Hong is one of the co-founders of LeTV and at least vice chairman, chief operating officer (COO) and deputy general manager of LeTV.com etc. Liu Hong, a reporter from China Radio International, People's Network has been hailed as 'successful transition media entrepreneurs venture sample'.
The most profound impression left by Liu Hong to the outside world is his firm belief in the concept of "Internet Ecology", once a brilliant moment for LeTV.
At the Yabuli Entrepreneurs Forum 2016, Liu Hong said that the era represented by BAT has passed and that there is a default TABLE concept (BAT + LeTV) proposed by guests.
In the same year, when Liu Hong was interviewed by the Financial Times, he even left a golden phrase for the industry that he believed the leather can become a reality.
The Daily Economic News (WeChat: nbdnews) reporter noted that in its real-name authentication Sina microblogging account, Liu Hong made the last state is on June 27, its microblogging page and mostly between Jiayue Ting Of the interaction in November this year, after Jia Yunting quit Cool chairman, it is replaced by Liu Hong.
According to the music video 2017 third quarter report shows that as of the end of September, Liu Hong holds the company's shares up to 122 million shares, the company's third-largest shareholder.
Yang Lijie served as financial director of LeTV since 2008. May 21 this year, LeTV notice that the company received Yang Lijie submitted his resignation application, Yang Lijie for personal reasons to apply for resignation as chief financial officer. Yang Lijie was appointed as LeTV global monitor And vice president of Internal Audit.According to the 2016 annual report of LeTV, as of the end of 2016, Yang Lijie holds 9,364,400 shares of Lotte.
Music Watch shares have been frequently undervalued
The two will fall into such a dilemma, apparently with the music stock valuation crash can not be detached.
The reporter noted that although the music video stocks have been suspended since the end of April, the market (mainly the fund companies) has been "valuing" its share prices and its valuations continue to decline.
Overall, as of the end of November, the valuation of LeTV shares suffered three rounds.
The first round of the downgrade occurred in July, when LeTV was exposed as a result of assets freeze by the court and other news. The valuation price given by such fund companies as China Post and Jiashi was 22.37 yuan.
On October 28, LeTV revealed its third quarterly report of 2017 with a net loss of RMB1.652 billion and the fund company started a new round of price adjustment, generally adjusting the valuation of LeTV's stock price to 7.5 yuan / share.
In November this year, Jiayue Ting, Jia Yuefang due to personal funds, debt problems can not perform the promises of the loan broke the news on the music Watch false listing of the rise of the market, many fund companies once again bearish audience, they generally music video stock price Valuation adjusted to less than 4 yuan / share level of which, Zheshang Fund even adjusted to 3.89 yuan / share low.
To 3.89 yuan / share valuation estimates, Liu Hong and Yang Lijie to Founder Securities pledge for the music valuation of the shares were only 66.13 million yuan valuation, 47.94 million yuan.