When a reporter asked whether there is legal means to force Jia Youting to return to perform his duties, Xu Feng said that there is currently no effective means to force Jia Youting to return to China. If there is a transfer of concealed property after the entry into force of the legal document, it will not rule out the possibility of refusing to honor the judgment If convicted, then there may be criminal suspicions of criminal liability that could give rise to the possibility of forcing him to return.
More serious is that Gu Yunting suspected of hollowing out listed companies.Reporters found that in the past two years, LeTV almost all ecological systems are associated with LeTV network transactions.LeTV 2016 annual report, ShineWing accounting firm and around the association The transaction issued "unqualified opinion with paragraph of emphasized issues" and reminded investors to note the relevant notes, and since the listing in 2010, LeTV's audit report has always been "standard unqualified audit opinions."
Relevant auditors interviewed also said that the proportion of related party transactions accounted for more than 50% of operating revenue is a relatively large volume of transactions, which in fact involves the loss of listed companies transferred to the subsidiary, the need to see whether the price of listed companies sold to related parties is far Far higher than the third party, if so, there is suspicion of the listed company arbitrage by the subsidiary.
For the future of the new music as how to go? LeTV Network executives said that as the new music, music video and music as the composition of the new music as a result of a series of recent strategic adjustment, the succession of user experience as the core, focus on the big screen ecological advantages Field, combined with content strategy of content-oriented and self-made, builds a large-screen internet home entertainment platform with smart TV as the core and is committed to becoming the leader of cultural consumption upgrading based on home internet.
For this slightly official reply, the reporter asked whether the detailed refinement of the executives admitted: 'Global giants are doing vertical areas, the future to be done is the combination of music and financial innovation, the application of grandchildren (Sun Hongbin) The company said that in the future, the company will focus on the two core assets of LeTV system, the most valuable asset, big screen business and content self-made business, to eliminate the past ecological environment.
Xinhua attention Jiayue Ting stay overseas: there are nine hours can perform? (On)
Xinhua Beijing December 31 (Liu Xuyao) December 31 - people bid farewell to the day of 2017, the SFC system ordered the actual controller of music net Jiayue Ting return to fulfill the deadline, but also due to the acquisition of LeTV due to the suspension of the film industry, Far beyond the promised time of the first 257. Have been in 'old Lai' status of Jiayuting return or not, the rights and interests of investors and how to reclaim, music stop resumption of trading how much will be the impact of ... ... New Year bells are about to knock Ring, a series of puzzles still to be solved.
Today, at 6:50 am, Jia Yueting's wife Gan Wei updated his Weibo account saying that 'the last day of 2017, the mission will return. "At the beginning of the new year 2018, there was a long way to go ... Good morning, Beijing' and its coordinates were located at Beijing Capital International Airport, indicating that it has returned.
Since 5 months ago claimed to be the financing of Le Su super car project to the United States since the founder of Yue Television system Jiayue Ting has repeatedly said that 'return next week' However, as of press time, still not seen Jia Yunting himself back on the position or performance .
Under the pressure of the CSRC system to order the return of the securities, the public censure of the exchange, and the legal accountability of the court system, whether and when they will return to their country to effectively fulfill the obligations of the actual controller of the company shall become suspenseful links in the development of the LeTV Network Focus on.
Regulatory frequent propaganda return responsibility into focus
On December 29, the Shenzhen Stock Exchange said that it had openly denounced the shareholders of Music Video, Jia Yueting and Jia Yuefang, for having publicly reprimanded the company for disposing of the loan. The Shenzhen Stock Exchange pointed out that it was found that Jia Youting and Jia Yue Fang violated the loan commitments made on December 6, 2014. For Jia Youting, Jia Yuefang These violations and the Shenzhen Stock Exchange to give sanctions, the Shenzhen Stock Exchange will be credited to the integrity of listed companies files and to the public.
On the evening of December 25, the China Securities Regulatory Commission, Beijing Regulatory Authority (the "Beijing Securities Regulatory Bureau") issued the 'Circular on Commanding Jia Youting to Return to Fulfill the Responsibility', and ordered Jia to give instructions before December 31, 2017 to effectively fulfill the Company's actual control People should fulfill their obligations, cooperate with the company to solve problems, properly handle corporate risks and effectively protect the legitimate rights and interests of investors.
As early as September 13, the Beijing Securities Regulatory Bureau issued a "regulatory letter of concern about Jiayue Ting", explicitly calling for immediate return to see the text of Jiayue Pavilion, and properly handle various risks facing the company.
Song Hailin, a lawyer at Shanghai Hualian Law Firm, said in an interview with the media earlier that the first issue the Beijing Securities Regulatory Bureau ordered Jia Yuanting to return to perform his duties was whether the notice could be successfully delivered. In fact, As a result of the imposition of the administrative punishment decision, it was finally obliged to announce in the press that the CSRC had the right to administrative punishment. However, it seems that the imposition of compulsory measures on Jia Yueting overseas appears to be inadequate.
So far, securities regulators did not investigate the case of Jiayue Ting and LeTV, and Liu Siyuan, a partner in the securities department of Beijing Jingtian Gongcheng Law Firm, said in a column that may be the regulatory authorities that Jia Yueting and LeTV have now identified Of the acts did not meet the standard of filing for administrative penalty, and regulators have not yet learned that Jiayue Ting and LeTV exist to achieve the standard of administrative penalties.
It is true that there is indeed a lot of controversy as to whether the actual controller of a listed company has failed to fulfill or voluntarily committed it and whether such acts have reached the level that should be imposed on the administrative penalty.Researchers refer to relevant information and the SFC has never given any administrative punishment for such acts.
'Lao Lai' status has been set to return to the country or not
In addition to the Securities and Futures Commission, the legal accountability of the court to Jiayue Ting also continued. In mid-December, Jia Yuanting was listed as a dishonest being executed by the Third Intermediate People's Court of Beijing.
According to China's implementation of information disclosure network information, jiayuenting violation of the property reporting system, has twice been included in the list of dishonest be executed .. December 11, due to the non-return of 462.1 million yuan securities was not yet, the court was the first time to jayuenting As a natural person as a dishonesty by the implementation of the people, on the 14th Jiayue Ting and Huafu Securities more than 300 million yuan dispute once again be classified as dishonest be executed.
Jia Yunting the possibility of returning to China how much? Dongsheng Xin, director of the Institute of Financial Securities, Wuhan University of Science and Technology said in an interview that Jia Youting is unlikely to return. There are two main reasons: First, Jia Yuanting had made interest-free Borrowing promises have not been honored, leaving the company on the occasion of the difficulties, he needs to return to fulfill their commitments; In addition, the relevant companies controlled by Jia Yueting LeTV huge arrears exist.
According to the "Provisions of the Supreme People's Court on Issuing Information on the List of Defectives," Jia Youting, once returned to China, will be limited in spending high on perpetrators of bad faith, For example, by plane, high-star hotel and other places for high consumption, purchase of real estate, rental of high-grade office buildings, their children can not attend high school fee private schools.
In an interview with Prism in November, Jia Youping also said bluntly: 'Debt disputes will involve me and may have the effect of restricting my exit and high spending. Once you return to the United States and you can not come to the United States, the financing of FF is out of business. collapsed. '
Investors how to defend lawyers: do not rule out the mandatory order to return
On December 13, LeTV released a notice to confirm that Jia Yueting, the largest shareholder of the Company, was included in the list of people who have been dishonestly executed by the Third Intermediate People's Court of Beijing. According to the system for querying the information of the people being executed by the courts in the country, Jiayue Ting has been listed four times Into the list of people being executed.LeTV attention at the same time, please investors attention to investment risk.
Reporters on the long-term suspension of music investors suffered as the case and Jiayue Ting refuse to fulfill the relevant matters such as advising the relevant lawyers.Shanghai Chuangyuan Law Firm senior partner Xu Feng lawyer told reporters: 'Investors can not claim. Will be punished, currently do not see the possibility of investors filed a claim. '
When a reporter asked whether there is legal means to force Jia Youting to return to perform his duties, Xu Feng said that there is currently no effective means to force Jia Youting to return to China. If there is a transfer of concealed property after the entry into force of the legal document, it will not rule out the possibility of refusing to honor the judgment If convicted, then there may be criminal suspicions of criminal liability that could give rise to the possibility of forcing him to return.
Li Shuqun, a senior partner of PCCW in Beijing, also agreed that Jia Youting refuses to go back to China and that the CSRC can not take any coercive measures to bring it home. However, such tough stance by government departments is constantly putting pressure on Jiayue Ting. If Jiayue Ting does not cooperate again and again, he may be subject to administrative penalties given by the CSRC, and he will also bear the corresponding liability if his losses increase.
In response to the remaining debt problems of Jiayue Ting, the reporter once again consulted with relevant lawyers. As a follow-up party, Rongcheng takes an equal responsibility to repay the unperformed obligations promised by Jiayue Ting. Xu Feng said: 'Sunac's commitment to Jiayue Ting is not linked unless they Agreement.
Xinhua at the end of music as a ring: money go where? Jia Yunting suspected of emptied (in)
Xinhua BEIJING, Dec. 31 (Liu Xuyao) rose 500% in half a year with a market capitalization of over RMB170 billion. Its business covers a number of focus areas such as television, mobile phones, sports, film and television, - LeTV Ecology, LeTV has been known as 'GEM stocks' companies, and now by the Shenzhen Stock Exchange, Shenzhen 100 Index (5713.993, 26.51, 0.47%), the GEM refers to these three major indexes Kick out the door.
Jiayinting, who was advertised as 'Jabusi' two years ago, is almost the most dazzling capital darling in China. Now many of his equity interests in LeTV Holdings, LeTV and LeTV have been frozen. In the meantime, Jiayue Ting was also included in the list of derelict contacts by the court in December. Beijing Securities Regulatory Bureau made three propaganda calls on Jia Youting to return to perform duties.
High commitment to a substantial reduction so far failed to cash
On the evening of December 25, Beijing Securities Regulatory Bureau issued the Circular on Commanding Jia Youting to Return His Country for Responsibility. The circular alleges that the company controlled by Jia Yueting has huge debts to listed companies and has not repaid so far, and the related acts have seriously violated the listing The legal rights of the company and the immediate interests of the vast number of investors, the social impact is extremely harsh. '
'Huge arrears' 'not yet returned' expression, perhaps the most cut the facts crucial, and back to 2015 LeTV, valuation of more than 150 billion yuan in the past two years, from the market generally optimistic about the financial difficulties worse In the end what happened?
On May 26, 2015, LeTV announced that it plans to reduce its holdings of not more than 8% of LeTV's total share capital to 148 million shares in the first half of 2016. In the same period, Mr. Jia made a commitment to lend all the proceeds from the sale of LeTV shares In December 2014, Jia Yueting, sister of Jiao Yueting, also promised to lend all the proceeds from the music video stock holdings to the listed company for use as working capital, free of interest.
But the money actually did not lend to listed companies from LeTV disclosure announcement, Jiayue Ting siblings did not honor the previous interest-free loan commitments .2017 on September 21 and 21, And Jia Yuefang sent a letter on reminding and requiring Mr. Jia Yunting to continue performing their loan commitments and a letter on reminding and requesting Ms. Jia Yuefang to continue to honor their loan commitments. However, on the issue date of the above letter, Or new borrowings.In order to further supervise the continued fulfillment of the original loan commitments, LeTV Board of Directors again sent a reminder on Oct. 27 reminding that Jia Yueting and Jia Yuefang continue to fulfill their loan commitments and continue to lend the original reduction funds to listed companies for use.
In November of this year, Jiayue Ting and Jia Yuefang made it clear that they could no longer continue to fulfill their interest-free borrowing commitment to LeTV.
In a reply letter dated November 10, Jiayuenting said: 'Because of the financial crisis in the second half of 2016, the capital crisis continued to worsen in the first half of 2017. I have used all the funds for the reduction of the proceeds for the unlisted market and for myself Involved in debt repayment and so on, has no longer been able to continue to carry out the interest-free borrowing to the listed company's commitment, also unable to fulfill the commitments to increase the shares of listed companies'.
So 'cool about' behavior caused the attention of regulators, the evening of December 7, LeTV released a notice that the Beijing Securities Regulatory Bureau of Jiayue Ting, Jia Yuefang take ordered to correct the regulatory measures.Bureau of the Beijing Securities Regulatory Commission, Jia Yueting, Jia Yuefang two music Withdrawing all loans on the occasion of difficult operation of the network, refusing to honor its commitments, disregarding the risks of the Company, seriously damaging the immediate interests of listed companies and large and medium-sized investors, and adversely affected the society. Since the acts of Jia Youting and Jia Yuefang violated the relevant provisions, Board decided to Jia Yunting, Jia Yuefang ordered to correct the regulatory measures.
Related transactions frequent Music Network cash flow is tight
Through the LeTV announcement in the past two years, the connected transaction has become the hot word frequently mentioned in the announcement.
According to the announcement, the amount of goods and services purchased by LeTV from related parties in 2016 amounted to RMB7.498 billion, an increase of RMB4,788 million as compared with the same period of last year, and the related purchases accounted for the Company's business in that year Cost over 30% .Total music watch business revenue 21.951 billion, related party transactions was 117.85 billion, accounting for more than 50% of operating income, associated sales increased by 600% over the previous year.
In 7.498 billion yuan of goods procurement, membership and other related transactions, LeTV network to music as the value of e-commerce (Beijing) Co., Ltd. purchased goods amounted to 3.139 billion yuan, and music as Mobile Intelligent Information Technology (Beijing) Co., Ltd. occurred members Into the purchase of goods amounted to 1.37 billion yuan, the purchase of goods to TCL Overseas Electronics (Huizhou) Co., Ltd. 1.266 billion yuan.Levision and the three companies part of the related party transactions reached 5.757 billion yuan.
Reporter combing found that in the past two years, LeTV almost all ecological systems are associated with the LeTV network transactions. LeTV 2016 annual report, ShineWing accounting law firm issued on the related transactions' with emphasis on the paragraph without reservation Opinions, "and prompts investors to note the relevant notes that the listing so far in 2010, LeTV's audit report has always been a" standard unqualified audit opinion. "
Relevant auditors interviewed also said that the proportion of related party transactions accounted for more than 50% of operating revenue is a relatively large volume of transactions, which in fact involves the loss of listed companies transferred to the subsidiary, the need to see whether the price of listed companies sold to related parties is far Far higher than the third party, if so, there is suspicion of the listed company arbitrage by the subsidiary.
Behind the huge amount of related party transactions is the rapid growth of receivables.LeTV's Annual Report 2016 shows that the trade receivables amounted to RMB8,686 million in 2016, representing an increase of 158.5% as compared to RMB3,360 million at the end of 2015; as of the end of 2016, other receivables The balance increased 320.25% from the end of 2015.
According to the 2016 annual report of LeTV, the cash flow of the Company is -106.8 million yuan yuan.
Equity frequent pledge financial innovation department 'bomb disposal' difficult
According to the "Securities Daily" reporter statistics, listed more than 7 years Jiayue Ting for a total of 34 equity pledges, involving 12 brokers.Among them, the most noteworthy is that Jiayue Ting in October 2015 one-time pledged 507 million shares of LeTV stock (After the re-shares of 1.014 billion shares), the pledge side who is still unknown.
Three quarters of 2017 show that Jiayue Ting is still the largest shareholder of Music Watch, a total of about 1.024 billion shares held shares, 25.67% stake, of which 1.02 billion shares were pledged, the pledge ratio reached 99.53%, while the music crisis after the financial crisis , Jia Yueting shares held by all have been frozen.
So frequent and large-scale pledge of equity, the current situation for the future development of music left many obstacles.Chongjin company a Korean surnamed analyst told reporters: 'Currently jia yingting is the largest shareholder of music watch, its holdings All the shares are frozen, which means that the ownership structure of LeTV can not be easily changed, which makes investors interested in entering LeTV quite concerned.
'Music as the group listed the various parts valuation system confusing, difficult to access but also to outside investors, asset restructuring progress will be very slow. "The analyst stressed.
As early as November, the music, as the Zhixin and music, as the studios have started the Industrial and Commercial renamed. December 5 evening, the music network announced that the company owned subsidiary of music, as the Zhixin has been renamed to new music as the intellectual home. And the music as the Motion Picture at In late November changed its name to New Music as entertainment.
Industry analysts pointed out that once the resumption music Watch, Jia Yueting almost full warehouse pledged shares will face the same risk of closing, when it comes to closing line, Jia Yueting pledge of the shares will make music Watch the share price will no longer blow.
Brokerage insiders, according to broker pledges business, the general alert line is usually 160%, usually 140% closed line, near the line of warning funds will notify additional pledges or additional margin, if the fall through the open line will be Demanded to be terminated trading redemption, unable to redeem will be forced to open.
According to private-sector sources, if this ratio to calculate Jiayue Ting latest equity pledge flat line, you can get about 11 yuan / share after the ex-dividend, the warning line is 13 yuan / share.
There are also data show, LeTV equity pledge ratio mostly between 24% -38% .Therefore, conservative estimates, Jiayue Ting average pledge was about 8 yuan / share.
According to various agencies on the latest music stock price estimates, China Post Fund, E Fund and Harvest Fund valuation of music as the stock price of less than 4 yuan / share.
Xinhua News Agency Rating as Rebirth: How to Open a New Way to Jia's Tag?
Xinhua BEIJING, December 31 (Liu Xuyao) In late December, Rongsheng system executive Liu Shuqing was confirmed within the company has taken over as the LeTV CEO, and a week ago she had just served as general manager of music Watch. From the past experience, this Bit Music as the new core management member has served as financial manager of Tianjin Sunac, and later served as director of internal control of Sunac China Financial Management Center, whose professional focus is on finance and risk control.
The departure of former CEO Liang Jun and the appointment of Liu Shuqing, a new 'family member,' attracted the attention of all walks of life and marked the new phase of LeTV's 'Going into Jiayue Pavilion' that will open the highlight of this investment and development. The next step will be how to improve the company Management, improve the governance mechanism, the outside world is waiting to see.
'Jabs' blinded
'If only one sentence of evaluation, once the music, can be said to be a aggressive, gambling, do not know how to compromise the company,' a practitioner of 12 years of science and technology portal media evaluation of his eyes on the music as' Jiayue Ting is music This machine's remote control, he put on the music as' Jia 'brand mark.'
After returning from Jia Youting in 2014, he has always been pressing the 'Fast Forward' button as the 'remote control' of music. From super-TV to mobile digital, from entertainment to super-making vehicles, the outside world creatively He is called China's 'Jibus.' The most famous incident is that in April 2016, Jia Youting published an open letter entitled 'From Blog to Hardware Free: 414 About You into the Era of Ecology', saying that Apple, Samsung, Huawei and other companies are using 'silly' type of consumer-induced not rational enough users for the brand, channel, hardware to pay the daily premium, and music to lead the hardware into the free era.
At that time, some commented that the same product launch, the same 'black T-shirt, blue jeans', there is Jobs and Apple, here is Jiayue Ting and music, while Jiayue Ting in the public speech or interview did not Cover up to disrupt themselves, introduced products to more than Apple as the goal, repeatedly expressed disappointment Apple innovation.
'99% of people are not optimistic about things that subversive achievements may be achieved 'This is by 2017, Jia Yueting openly said no less than ten the original words However, what is the fundamental subversion?
'Do not Understand' - This is the most common comment from the outside world on the LeTV ecology when interviewed by reporters in the past two years. Through a large number of subsidiaries, Jia Yueting built a huge commercial map of LeTV, engaging in film, television, mobile phones, Sports, automobiles, finance and even real estate.
Different from other companies, the various sections included in the music and TV ecosystem are illegally woven together by Jiayue Ting. With the listing company LeTV as the core link, the entire music ecosystem is connected in series through related party transactions and fund exchanges in order to maintain its normal circulation .
Go 'Jia Yueting' music video
Since January 2017, Rongchuang strategically invested in LeTV, Sun Hongbin, the chairman of the board of directors, was voted the sole chairman of the board in July, and he completely resigned as Jia Yunting. Liu Shuqing officially assumed the position of CEO of LeTV, which is bound to be the capital market of China Outstanding touch of color.
'Shares of music as a strategic investment, financial innovation in the enjoyment of the music system, the most high-quality asset sector investment returns, it will also make full use of music as their own resources, in the industrial real estate and smart hardware, smart home, smart community and other fields Cooperation in the direction of a 'LeTV executives said in an interview that both sides will further consolidate the two sides in their respective industry's leading position in the future to achieve win-win development.
Since July 4, 2017, the sound of Jia Youting's visit to the United States has been gradually diminished, the reporter tried unsuccessfully to contact Jia Youting unsuccessfully, while from other media interviews, Jiayue Ting's reflections on LeTV talked about 'I really do not understand capital '
In Tencent Finance "prism dialogue Jiayue Ting: What to think of the United States in April this year," a text, Jiayue Ting's reflections on music focused on the bright spot, that music should not rely solely on financing cash flow, operational cash flow should be valued; should not be To safeguard the credibility of financial institutions to repay principal, but only interest, the majority of financing used in business.
'Or adventurous, the direction is right, the ecological strategy is right, but the rhythm is completely wrong.' This is Jiayue Ting think their more than 10 years of music as the most worthy of reflection pounding pain points.
Analysts pointed out that LeTV network management system to increase the non-listed companies as an intermediate part of the practice, resulting in music net cash flow was extracorporeal circulation, leading to a large number of cash flow controlled by Jiayuting affiliates, the formation of complex left-handed down the right hand Situation, will also belong to the blood of listed companies were taken away to Jiayue Ting huge stall spread.
For the future of the new music as to go? The above music executives said that as the new music, music and entertainment as the music video and the composition of the new music as a result of a series of recent strategic adjustments, inherited the user experience as the core, focus on resources focus on large-screen ecological advantages , Combined with content strategy of content-oriented and self-made, builds a large-screen internet home entertainment platform with smart TV as the core and is committed to becoming a leader in upgrading cultural consumption based on home internet.
For this slightly official reply, the reporter asked whether the detailed refinement of the executives admitted: 'Global giants are doing vertical areas, the future to be done is the combination of music and financial innovation, the application of grandchildren (Sun Hongbin) The company said that in the future, the company will focus on the two core assets of LeTV system, the most valuable asset, big screen business and content self-made business, to eliminate the past ecological environment.