'Acting!' For the music network founder Jia Yueting and his wife Gan Wei will be responsible for the debt in the end of the statement, a music insiders to reporters so respond.
Although LeTV want to try to get rid of the negative impact of Jiayue Ting, but the first trading day in 2018 because of Jia Yunting hot list.
On January 2, Jiayue Ting and his wife Gan Wei made speeches on Weibo. In response to the circular of Beijing Securities Regulatory Bureau, Jia Yunting said that he will conscientiously solve the debt problem, communicate with listed companies to form a debt-settlement intention, obtain assets through sale of assets and offset assets with assets Way, to solve the problem of arrears of listed companies, this special commissioned Gan Wei, Jia Yuemin in the country as its plenipotentiary, but did not indicate that he personally will be returned to China according to the requirements of the Beijing Securities Regulatory Bureau.Jagan two did not get the response LeTV's trust, the same day the night LeTV announcement said that the debt problems of the company and the non-listed system, has yet to resolve the intention to form an executable substantive solution.
Music Watch 'play face' Jiayue Pavilion
Jiayue Ting said he has entrusted Gan Wei and Jia Yuemin to act as their sole agent to exercise the shareholders' rights and fulfill their responsibilities as listed companies.Gan Wei also publicly said that Jia Yunting has been heavily indebted and will personally work with the debt team to solve the problem of Jia Yueting's debt. In the statement, Jiayue Ting did not say he will return home. In contrast, the financing of FF company in the United States has made significant progress. There are many tasks that need him to promote.
A music network insiders responded to the First Financial said that the current status of Jiayue Ting is just a major shareholder of Music as the net, the company will go all out to be responsible for Jiayue Ting stand in the opposite with the Jiayue Ting, debt held at the same time, the music Watch also face Investors questioned, was called the Shenzhen Component Index and other index music Watch, how long the reorganization will take place, in the end when the resumption of trading, regulatory tough attitude toward Jia Youting, whether the same will be the same music Watch, forced to end the indefinite suspension. For these issues, the response of the insiders of the music network is "negotiating with the regulator."
'For Jiayue Ting and Gan Wei's argument, we are certainly not too sure, Jia Yunting now status is only a major shareholder of Music Watch, and music Watch certainly go all out to pursue responsibility.' For Jiayue Ting and Gan Wei's statement, the music Internet users are quite demoralized.
In the evening, LeTV released a clarification announcement, saying that listed companies have been continuously pushing forward the debt problem with the non-listed system so as to solve the capital problem currently faced by the company and restore the normal operation of listed companies, but as of now, both parties have not yet formed an executable The substantive written overall debt solution.
'Listed companies have a large number of non-listed system related parties to the company's debt, leading directly to listed companies to form a large number of upstream suppliers arrears unable to pay.' 'LeTV et al in the announcement bluntly pointed out that because of the debt Problems, the company a large number of debt default and litigation, endangering the credit system of listed companies, cash flow is extremely tight, problems in their daily operations.
The latest public information shows that, personally, Jia Yuanting has been on the list of losers five times. In addition to be forced to return by Beijing Securities Regulatory Bureau to fulfill their duties, the Shenzhen Stock Exchange has also publicly condemned the Jia Yueting, Jia Yuefang siblings in violation of the listed company made Borrowed promises.Jiayue Ting sisters two people in the music holdings when the stock has publicly pledged to reduce the funds will be wholly interest-free loan to LeTV to support its operations, the loan period will not be less than 5 years.Sex listed for Jiayue Pavilion, Jia Yuefang failed to fulfill its promises violations Shenzhen Stock Exchange to give punishment, punishment will be credited to the integrity of listed companies files and to the public.
Supervision of Jiayue Ting, Jia Yuefang's tough attitude, the music video network is also not soft hand. "Following the transfer of the two financial standards in October last year, starting in 2018, LeTV net was transferred to Shenzhen Component Index, Shenzhen 100, venture Plate and other indexes.
'LeTV network resumption of trading will certainly fall, but the major indices brought out the impact on the market will be reduced.' Shanghai private chairman and chief investment officer that the supervision of Jiayue Ting, LeTV adopted a series of measures actually for the music video resumption of trading Preparation, after the market worried that the music resumption of GEM GEM will plunge the situation will be somewhat reduced.
Resumption and repayments
Although the regulator has taken "demining" measures successively for the Letv resumption, when the market asks for the resumption of trading, the unavoidable issue will first of all be the reorganization of LeTV for the development of music and video industry. A copy of the progress notice, but the current music Watch still did not come up with the corresponding program for the reorganization.
On the evening of January 2, while releasing the clarification notice, LeTV released 11 announcements at the same time, including "Announcement of Progress During Suspension of Significant Assets Restructuring." According to the announcement, LeTV plans to make adjustments in terms of equity, Tianjin Jiarui Huixin Enterprise Management Co., Ltd. (hereinafter referred to as 'Tianjin Jia Rui'), a subsidiary of the Company, intends to increase the capital of the music video industry. After the capital increase, Tianjin Jiarui holds 40.7500% of the equity interest in the music video industry and is the largest shareholder. Holding (Beijing) Co., Ltd. holds the subject of the company's equity will be reduced from 21.81% to 16.3592%, the second largest shareholder.
This will be the third time that Rongchuang will increase its stake in LeTV in 2016. In January 2016, Sunac China had acquired a 15% stake in LeTV through equity transfer and subsequently increased its stake to 21%.
LeTV's reorganization of LeTV started as early as May 2016, but with the music fund crisis, LeTV entered a long-term, unprecedented suspension on April 17, 2017, on the grounds of restructuring LeTV. So far, the music network suspended for about 260 days, has exceeded regulatory requirements of A-share listed companies involved in major asset restructuring suspension of the upper limit of the suspension of music Watch also let a large number of retail investors, financial investors and even into a body Loss is expected.
'Waiting for the Letv resumption of trading, with the pending sentencing mood is the same.' In the private chairman seems long-term suspension of the reorganization no progress, the market has already lost its confidence in LeTV mergers and acquisitions LeTV, a television media concept already Not as good as planned in 2016 when the reorganization, two even if the reorganization of the success of the music for the stock price boost can not say how much.
In terms of performance, Leslie Entertainment's profitability is not good.SELAC China announced in August 2017 earnings report, in 2016 Le film revenue of 1.098 billion yuan, net profit attributable to equity holders of 145 million , Which is less than 30% of the promised performance at the time of the plan to inject LeTV in 2015, well below expectations.
In addition to the stagnant restructuring, one of the major challenges facing LeTV before the resumption of trading will be 'paying off debts.' According to the aforementioned LeTV announcement, there are a large number of listed companies that have debt to the company due to related parties in the unlisted system, which directly causes the listed companies For the formation of a large number of upstream suppliers can not pay arrears .To this end, the current response to music Watch is LeTV as a non-listed companies to inject debt into the listing system, in addition, LeTV net creditor implementation of the relevant debt-to-equity program.