'Music as' and 'music as the story'
Just passed in 2017, there are two capital stories to attract attention, one is 'White Horse Totem' Maotai interpretation of the situation, the other is music.
The latter, a well-known listed company on the GEM, has "locked" 185,900 shareholders, including all public agencies, before the suspension, and of course, always concerned about the progress of the LeTV event, as well as LeTV employees and former employees.
It is no longer news in retrospect of the market value of evapotranspiration.As the capital story changes, both the ambition and tragedy of capital hackers, the growth and reflection of the market system and the shortcuts of Chinese enterprises to explore the mode of development tortuous.
The conclusion is still too early, but behind it are many individual stories, and as far as music is destined to become a 'symbol', it will also be relevant to many people.
For a capital story, we expect, but also the warm sun sprinkled on the face.
On December 25, 2017, CSRC Beijing Securities Regulatory Bureau ordered Jia Youting to return home before December 31, 2017, and the actual controller of the fulfillment company shall fulfill its obligations and cooperate to solve the problems of the company.
On the same day, Jia Yueting, the founder of LeTV Holding Group, which owns 16.74 million Weibo fans, dried his photo and Christmas greetings from FF employees in the United States on Weibo.
Five months ago, on July 4, 2017, Jia Yunting, in a dilemma, left for the United States alone on the grounds of financing the Le Su Super Car Project.
Jia Yunting will return home? This speculation continues.
However, the other side of the coin is that in addition to the rapid expansion of the "Big Seven" eco-economy and the tight capital chain encountered, suppliers to Beijing LeTV Tower, financial institutions, internal employees of LeTV, and investors who buy LeTV shares constitute the reverse Music as the different 'ecology'.
On the other hand, LeTV has announced on 23 September 2017 that it has renamed 'LeTV' and renamed LeTV, TV, Cloud Platform and Video, LeTV and LeTV New respectively as 'New Music Entertainment' And "New LeTV", showing their determination to make a farewell to the past.
Music as the story, not a single person's story.
Former Secretary of the Board to Venture Road
Zhang is one of the few former musicians who are willing to tell their stories in real names.
'I have not recalled the past for a long time, before the picture seems to no longer belong to me.'
In October 2015, he quit his position as Vice President and General Manager of LeTV, and started his own business. At present, Zhang's position is to send the founder of Sports Team. In contrast, Zhang is more willing to talk about business stories, of course, in the eyes of others , Which ultimately music element.
Zhang special selection sports industry as an entry point, the introduction of team APP soon.
In any case, during the period of music is still a special experience.
'LeTV's influence on me is to affix a brilliant label, which is, after all, the history of my growth and can not be ignored.' 'On December 28, 2017, Zhang told 21st Century Business Herald reporter Many benefits, including the impact of his thinking.
'I left in 2015 just to come up with something myself, when many people laughed and did not understand, but I think the general sentence Jia can explain, he said 99% of people eastward I prefer west.' Say.
After talking about the difference between working conditions and before work, Zhang said: "After all, as a professional manager at LeTV, it is possible for you to start your own business and may differ in your way of thinking. Now, every day you open your eyes and think I am a company Pillar, go to carry a lot of responsibility.
Zhang has already done a good job of planning the future of sports for the team. He mentioned that in the next three to five years, he will send team sports to become the first Internet + sports platform in China. The positioning is to serve the sports events of the general public and achieve the full race Process Internet, efficient and fully commercial operation.
Seen from the industry characteristics, sending team is a big platform concept, one end connected to the event organization, one end connected to the participants in the event, the organization released the event on the platform, contestants in the platform selected events.
'We need to position ourselves at the core to integrate sports and social essentials into a business model to better serve the industry.Positioning for Internet sports events platform for the event organization for the event organizers is like To set up the team to send people to participate in the team to participate in the people who send team sports is like that 'Zhang said.
Looking back, in 2015 is still the music of the moment, at which time it is indeed not to be understood that Zhang 1%.
But what is the relationship? After the interview, Zhang wrote in a circle of friends: Why choose to leave 2015 entrepreneurial career? The world is so big, I just want to go out blindfolded bolted!
'Omen' in the eyes of former executives
Not every manager has left like Zhang as frankly.Shortly after the merger into office, when the top executive Wang Fang (a pseudonym) left LeTV.
Wang Fang is now the new company responsible for investment and financing business, into the company is also to promote the company in the capital market development.Perhaps because of work reasons, Wang Fang chose to anonymously tell him and LeTV story.
At the beginning of 2017, Sun Hongbin and Jia Yueting shook hands in a screen of friends circle, which caused ripples in the market. With a speed of 15 billion yuan, the former took the lead in LeTV and became the second shareholder of LeTV as the right to speak. At that time, Sun Hongbin was a member of Jia Yueting 'Dream partner'.
'At that time still want to change the working environment, hoping to find a good company to accompany company growth, while the music has been more mature, I would like other platforms to play a greater initiative' On December 28, Wang Fang told 21 Century Economic Reporter.
During the communication between reporter and Wang Fang, he failed to hear the bloody rehearsal in management's 'renewal' and was more like a calm narration of others bystanders.
Turning to the music crisis, Wang Fang said, 'I think the company's ability to keep up with the pace of development, business direction go right, that is, some operations are not meticulous. For example, the cost of 100 dollars can have 90 dollars Buy and sometimes spend 110, which was very common at the time.
'A company started to be people-driven, employing people to solve problems. When the company was big, resources were used to solve the problems. Originally, the problems that were solved by employing people but solved by money were naturally problems.'
However, the working atmosphere of music, Wang Fang still expressed his approval.
When you encounter a problem, everyone is going to solve the problem. He will not ignore anyone who is in any department. He will help you introduce who he thinks he will manage and let You do it.
'This atmosphere may also be related to the development of LeTV,' Wang Fang said. 'But the risks are cumulative. There is a warning of the crisis in the music industry. Later we can clearly see the deficiencies. Some of our operations are beginning to have problems. 'To find some people, but people do not fly, this is a big problem.'
Wang Fang is still full of expectations for the development of music and television. "In fact, Jia always looks forward to the foresight, and there is no direction in these ecologies. Such as film, finance, and the public company system, these are good prospects for doing well.
Former employees look at 'growth'
He Ran (a pseudonym) to join music as mobile in 2016, just ran into April 20, the music as the 'non-breaking non-ecological' conference, music 2, music 2Pro and Music Max2, including music as the second generation of super mobile phone release .
He Ran in the traditional media for four years, choose to transition to music as mobile public relations planning, 'the main consideration that LeTV attaches great importance to public relations, want to go to a place with more opportunities to learn.'
On November 6, 2016, on the 12th anniversary of the founding of the music industry, Jia Yueting, CEO of LeTV, made an internal letter of more than 5,000 words entitled "Melodious Sea Water and Fire: Is it Swallowed by Big Waves or Boiled the Sea?" 'Le Pro 3 delivery problems, LeEco strategy to achieve too fast pace, the ecological organization's ability to lag'.
This internal letter was followed by a sensation in the outside world. However, the first reaction was "rather unexpected. I did not expect the senior executives of the company to voluntarily give such an opinion internally." She still remembered that she had just finished a press conference in Qingdao and was working with her colleagues at From Qingdao on the way back to Beijing.
In stark contrast, the internal letter was released a month ago, the United States and west time on October 19, 2016, LeTV in San Francisco Art Palace held a massive Big Bang conference, invited nearly 1,500 media and guests to announce Enter North America.
"Let's start North American press conference in summer and start a media solicitation, but it will be delayed twice in August-September. Moreover, the final realization will be greatly different from the original project budget." This detail is out of media's Sensitive, He Ran guess, music is not encountered financial problems.
In April 2017, Le mobile launched Le Pro3AI version, becoming the last cell phone launched.
In May, according to media reports, LeTV involved more than a thousand people.
Heran chose to stick to the end, 'completed new product release and pre-sales preparation', she resigned in July the same year.
Looking back, why not regret having been to music, music as a public relations and the importance of communication, so she got a lot of training.
For example, as the music industry has held a conference with the Tomb Notes, Music as Mobile also introduced a customized version of the phone, the rehearsal of the night, music video CEO Zhang Zhao is off the plane is 11-12 o'clock in the evening to rehearsal site more than 12, he is still Change PPT at the scene, along the word device, Shun 2-3 points, 'December 28, 2017, He Ran to reporters for example.
'Let's hope that through the cheap or even a slight loss of hardware, quickly roll out the amount of hardware at the same time by allowing consumers to purchase content such as music subscription members to achieve the content, this idea I approve' for the former 'GEM The first stock ', why feel regret,' I hope music can revive life '.
Different people have different stories, but may have similar mood out of 'love of the domestic film industry', Wang Xiao (a pseudonym) joined the music video industry, a year later, because 'did not realize enough personal value', he was The end of 2016 choose to leave.
Wang Xiao hugged the former owner more hug mentality, 'there is a benchmark LeTV, here have come a lot of talented people'.
In his opinion, the significance of the music scene once existed is more worthy of discussion than its existing problems.
Lepar partner's insistence and bitterness
Music for Zhang Wei is already the heart of the 'knot'.
As a lepar partner in Sichuan, Zhang Wei may feel more of a change from the user terminal than the white collar 'colleague' at the office.
Insisted for a long time, from heaven in 2016 to the bottom of the valley now, recalls the opening day as if still yesterday, Zhang Wei think the bad day is from the end of 2016.
When November, LeTV owed money to suppliers of news spread like wildfire, Zhang Wei was also reported terrified reports, but music comfort is that some people in the 'black' music, music as everything is operating normally.Tarly after a month, Financial Sun Hongbin announced a strategic investment LeTV, tens of billions of aid. Zhang Wei hanging peace of mind set.
Sun Hongbin said in the investment conference that the final decision is to recognize the strategic logic of LeTV; recognize LeTV as the people and teams; Lectronic invested LeTV as the three major segments and the future real estate service market is closely related to the existence of synergies.
Zhang Wei very much agree, he felt that Sun Hongbin is the new helm of music as the network, certainly can bring music to create a brilliant future, but the next six months, the music network is not fully revived.
On June 28, 2017, at the shareholders' meeting of Letv.cn, Jia Younting admitted: "The funding of the non-listing system is far more serious than we think."
As early as August 2014, LeTV opened the 'Lepar Super Partner' program, the offline retailer's dealer model.
21st Century Business Herald correspondent statistics lepar official map of the city distribution network found that the current national lepar stores a total of 5710. Prior to the October 2016 LeTV publicity in the official number of lepar stores more than 7600.
Followed by that, Jia Yueting flew to the United States in July 2017 'repairer' has not yet returned, when CEO Liang Jun called the core LePar in Beijing in July to hold a sweeping reform of the LePar system.
LePar channel system reform, the establishment of the eastern, central, southern and northern regions of the four sales headquarters, sub-regional management of the previous 13 LePar area; LePar revenue system reform, the implementation of the national grid, the main grid not only Get the front-end revenue from selling hardware products and back-end revenue related to products and internet services.
Involved too much Zhang Wei, no doubt it is a firm music, but for Jiayue Ting made his car still nasty: 'repairer so much money ye do not come back to our music TV get better?
However, he still thinks that MTV Television is of good quality: "95% of the customers who come to the store will buy it." For many bad news now, he thinks he follows the trend: "It is normal for me to pay back the money, Yes, some shopkeepers open their shops and wait for customers to check in. The company gave the platform a look at how to do it.
On November 26, 2017, Zhang Wei cooked rice, a little paste pot and put it on the coffee table in the living room. He hung a music TV on the wall opposite him. He made a micro-blog: 'LeTV Super TV has never relied on marketing and hopes we can develop Ministry to bring better products, lunch.
December 26, has been renamed the new music as a smart home release breath of 10 new TV, while offline Xiamen, Nanchang invited a thousand lepar partners involved.
However, among February 2014 retail sales and retail sales, LeTV recorded a year-on-year decrease of 75.2% in the number of retail sales and TV sales. In the same year double-11, LeTV ranked the top ten in terms of retail sales.
Intern experience prosperous decline
21st century economic coverage of the reporter interviewed the object, there is a special group, is an intern.
As a third-year graduate student at a prestigious university, Ada Bean (not his real name) is scheduled to sign a tripartite agreement in March and April 2017. After graduation, he officially joined the group. He came to LeTV two months before the crisis began.
At that time I went to the office and felt a lot of people, the station was full, and the office was a bit crowded and messy. My leadership was very busy and I can see that the pace of work here was very fast. Most of the opinions of the students Music as a large Internet company, a good development, and position also consistent with my long-term career planning.
Eventually Bean came to a music company, he mentioned, there are also affected by the enthusiasm of music as the leadership work, 'saw that he really need help, that kind of entrepreneurial company's charm, impulsive, I want to join '.
After coming to music, adzuki beans really gain a lot.
Looking back now, the problem of music has long appeared, and at that time my leadership there was still a great deal of various leaders and men who did not work under him, pressing all over him, so he urgently needed help.
But at that time adzuki bean did not think that this crisis will be so rapid fermentation.
On November 6, 2016, Jia Youting released the historic open letter and the bad news about LeTV was overwhelming. The team at Xiaodou was hosting a major commercial event on that day.
'Internal is still full of vigor, full of confidence, those' ecological transformation ', those great dreams and strategies, but in fact, I was some time' brainwashed '.
Music as the change came more quickly than the adolescent imagination.
In July, Jiayue Ting stepped down from the company; my company merged into the listing system in September; and in October, the leader who took me to join the TV program left the company. "(Editor: Li Xinjiang)
LeTV and its creditors
Li Wei; Zhu Yi Yi; Wang Dan; Pang Hua Wei
Reporter Li Wei Zhu Yi Yi Wang Dan Pang Hua Wei Beijing, Shanghai, Guangzhou reported
In addition to the music before the staff, the evolution of music crisis, a number of financial institutions to form a huge 'ecology'.
As early as November 12, 2016, Jiayue Ting has pledged 566.77 million shares and raised funds of 11.614 billion yuan.At the same time, due to the shareholders of Music Watch pledge and other reasons, at least 15 brokers name and music as the TV show, including Haitong, Huarong, Hua Fu and so on.
China Execution Information Disclosure Network disclosed that a document put on September 28, 2017 put it on the table that Jiayuenting was included in the list of dishonest executors for 'breaching property reporting system', and Ping An Securities required it to pay a total of 477 million yuan.
On the afternoon of December 28, 2017, Ping An Securities confirmed the above to 21st Century Business Herald reporter. Regarding the fact that this fund involves specific businesses, it only stated that 'the business under the directional asset management plan Out party) '.
In addition, investment agencies 'bad debt provisions' are numerous and these funds are mostly direct investments.
21st Century Business Herald reporter was informed that Ningbo Bay District, Ranan investment management partnership (limited partnership) (hereinafter referred to as Rakuten investment) is its important representative, from which you can grasp Jiayue Ting financing logic, but also shows the nested asset management The Uncertainty Caused by Product Financing to Current Financial Risks.
Music as debt chain
The lawsuit of Ping An Securities attracted much attention as it has a special status and is the sponsor of LeTV Online.
In the music before the Commission issued a review committee members were investigated, there are safe securities to 21st Century Business Herald reporter revealed that 'the current financial point of view there should be no problem, because Ping An Securities has so far received no notice of investigation. '
The Ping An Securities confirmed that the Shenzhen Stock Exchange turned Pinguo Securities prepared by the music as the Internet worksheet, but did not find peace securities to chat, investigate or assist.
Media reports that LeTV IPO underwriting and sponsorship costs 45.04 million yuan, audit and verification costs 2.52 million yuan, information disclosure costs 2.514 million yuan. (2010) Ping An Securities as the lead underwriter's revenue ranked first, IPO income nearly Two billion yuan, it seems music is not its 'big project'.
Another document shows that Huafu Securities also requires Jia Yueting to pay over 300 million yuan.
More than institutions, the same GEM GEM (300133.SZ) is one of the music as the creditor.
21st Century Business Herald reporter learned that, at the end of the first quarter of 2017, the music visual network 340 million yuan receivables balance, Nov. 19 notice shows that the music accounts receivable balance dropped to 120 million yuan After deducting other investors, the amount attributable to Huace Television is estimated to be no more than 80 million yuan.
On the afternoon of December 28, 2017, a staff member of the Huace Film and Television Securities Department told 21st Century Business Herald. Some of the series that have been broadcast include accounts receivable, some have not yet broadcast the series receivables And the company and LeTV as the amount of joint investment, have done the corresponding debt liquidation ', he pointed out that' 2017 LeTV to pay the proportion of not more than 1%, most of the money will be paid in 2018 and 2019 '.
In addition, the Ming Allied Group (300242.SZ), and the power Chen light (836201.OC), Jiaxing Media (830951.OC) are all music as the creditor.
21st Century Business Herald reporter learned that an East China metal parts and components processing enterprises are still fortunate to 'exit' early, there is no depth involved in the supply of music products.
According to the above-mentioned insiders, the company has been involved in the production and processing of some parts of LeTV's first-generation handsets since the fourth quarter of 2015. To be honest, the price and account receivables LeTV gave were not bad at that time and we are also more optimistic This cooperation ', the source said.
At that time optimistic, mobile phones seem okay, the first batch of products listed popular.
According to insiders, AAC Technologies, Compal and other companies due to the cooperation with the music 'body mass' is more serious impact on the hearing in November 2016, AAC Technologies said publicly that: the issue of music as arrears be Solve before, do not consider and then deal with each other if arrears too long, do not rule out legal action .And then the company apply to the court for property preservation.
2 billion bank non-standard thunder-ray sample
When music embarrassment is frequently talked about, the market more memories of various details.
In the sample selected in the 21st Century Business Herald, the time when Rakuten invests into public view is January 2017.
At that time, the LeTV website at the stage of financial emergency said that it welcomed the strategic investors, that is, while obtaining a total investment of 15 billion in Sunac China, it was also provided with a total contribution of RMB1.83 billion provided by China Life Insurance Limited and Le Ran Investment.
Le Ran Investment was established on July 5, 2016. Among them, Ying Tai Capital, a subsidiary of Great Britain Fund, invested 2 billion RMB, accounting for 57.06% of the total. Linfen Investment Group (Linfen City Investment), LeTV Holdings and LeTV Investment Holding 28.53%, 14.27% and 0.14% respectively, and the four shareholders contributed a total of RMB3,505 million.
According to the information from the eye, the amount of 3.505 billion yuan of music investment only under the name of an investment, that is, LeTV's super-TV business carrier 'music as the new'; after a year of Rongchuang China and Sun Hongbin operation, 'Music New 'has been renamed as' New LeTV' on December 4, 2017.
Business information, optimistic about the amount of its investment 12,663,600 yuan, where the remaining funds to invest unknown.
Since the capital after Great Britain is pleased to invest in controlling shareholders, and its parent Great Britain Fund is a national grid holding company, some media said that music as the state-owned assets support.
However, according to a 21st-century economic report survey, optimistic investment is still controlled by LeTV as part of the LeTV financing, which is essentially a structured partnership-based private equity fund that takes only the LeTV investment as GP As the inferior music control.
The difference is that in the business information invested 2 billion British capital and 1 billion Linfen City vote only as a priority and mezzanine exist. British capital only as a special channel exist, and 2 billion from a bank Beijing Branches, as of the end of July 2017, the funds have been interest default.
'This non-standard business is not uncommon in the bank's capital business, banks are equivalent to M & A loans, and Jiayue Ting guarantees personal and LeTV assets.' A brokerage close to LeTV revealed that 'the funds were not directly From the bank to the British capital account, in the middle there is a brokerage owned hands over.
According to the source, the loan issuance is not unrelated to the support of individual leaders of the above stock banks. The reporter learned that soon after the completion of the 2 billion yuan priority investment, the leader has been taken away by the relevant departments for investigation.
As a channel side of British Capital and LeTV more than this relationship.It has been reported that in September 2016, it participated in the music as the first car Supermarket financing.
Coincidentally invested another one billion yuan mezzanine investment comes from the hometown of Jiayunting Linfen City vote.
'Jiayue Ting proactively strived to provide the home for the $ 1 billion mezzanine support because without the 10 billion, the levers on the other side of the bank are too high, which may lead to the failure of financing.' Another source close to LES revealed that ' Bankruptcy liquidation, Linfen City voted to give way to the bank, but in fact all state-owned assets pay. '
'In this financing chain, LeTV is equivalent to only investing 505 million yuan, financing leverage ratio close to 1: 7, but when these debt financing into the financial into the music into the new (as the new music intellectual).' The person admitted .
'Full-panel warranty' alert list
In fact, similar to the music investment partnership fund traps, as well as music depends on Haitong Securities issued music as convertible bonds project.
In May 2015, Haitong Creation, a private equity firm of Haitong Securities, initiated a partnership fund of 410 million yuan and targeted to invest convertible bonds issued by LeTV Mobile as overseas carrier of LeTV mobile phone carrier with an annualized yield of 15%.
Convertible bonds, which later became the subject of investment, did not appear, and the aforesaid partnership fund did not record the proceedings in the fund industry association.
21st Century Business Herald reporter learned from close to the LeTV Department was informed that the partnership fund shortly after its establishment, it borrowed the name of the music as the company's 'transfer', involved in music financing trap.
In fact, the fundraising features of the FTV and Jiayue Ting can find many features such as debt-sharing and related-party transaction opaque. Many still fall into the ranks or, more often, they are not proficient in their personal and all assets Of the 'full-type guarantee' bet, but this time they bet lost.
For example, when investigating more than a debt financing project, the reporter found that most of its guarantees are shown as' Guanying Pavilion and its personal assets assume unlimited joint and several liability guarantee ', sometimes the terms also note that their personal assets include' in addition to the listed company's shares, there are unlisted companies Assets, including film and television, super TV, sports, cars, cloud computing 'and so on.
The real wind control effect of such 'all-encumbered guarantee' is how it is worth reflecting on whether or not the real boundaries of the helm's personal assets and business are adequately recognized by the market in the face of bigger and bigger businesses like LeTV.