On the evening of January 2, 2017, when LeTV Disclosures the capital increase and debt-to-equity swap plan of the controlling subsidiary New LeTV Zhijie Electronic Technology (Tianjin) Co., Ltd. (hereinafter referred to as Le LeTV), as a participant, 002512, SZ) made the announcement again on the evening of January 3, revealing that LeTV has initially communicated with investors from all parties and agreed that LeTV Group, a new LeTV intellectual home, has decided to increase its capital investment plan and plans to increase its investment by more than 12 billion yuan , Financing 3 billion yuan while Dahua smart subsidiaries have decided to cash and debt into shares way.
'New music as intellectual' plans to raise 3 billion yuan
Dahua intelligent announcement disclosure: January 3, Dahua intelligent board of directors passed the motion, the company wholly-owned subsidiary of Shenzhen Jin Ruixian Digital Technology Co., Ltd. (hereinafter referred to Jinrui significant), and the new music as the intellectual Electronic Technology (Tianjin) Co., Ltd. Hereinafter referred to as the new music as the wisdom of home) signed << Debt to Equity Agreement >> Jin Rui Xian will be from the new music as the 'creditors' to the latter's 'shareholders'.
As of December 25, 2017, the new LETV intellectual Jin Ruixian expired payment of 1.46 billion yuan.The two sides agreed that Jin Rui Xian the matured claims and cash of 3.77 million yuan, a total of 150 million yuan, into the new music as intellectual, as One of the shareholders of the new music as a wise man, holding 1%.
LeTV, a subsidiary of LeTV Group, originally took the lead in LeTV and currently holds 40.31% of the shares in LeTV, which is engaged in the research and development, production and sales of smart Internet TV with LeTV Super TV as its brand name. , Carrying LeTV big screen ecological business.As of September 30, 2017, the new LETV intellectual property total assets of 10.942 billion yuan, net assets of 3.133 billion yuan, the operating income of 4.973 billion yuan, net profit was 855 million yuan The above data is unaudited).
Jinrui significant the debt into shares, is based on the music network and all shareholders of the capital increase agreement.Administration said the music network and all investors initial communication and agreement, the new music as the intellectuals to determine the capital increase plan, to be in accordance with '120 One hundred million yuan above the valuation of financing 3 billion yuan, of which proposed by the new investors and the original investors to increase capital 1.5 billion yuan; proposed by the new music as the existing intellectual property intellectual property creditors to hold the price of 1.5 billion.
Valuation of 'New LeTV' drops
According to this plan, there will be a number of creditors will be in the hands of a total of 1.5 billion 'accounts receivable' into the new music as a wise home investment and the ownership structure of the new music as a smart home, there will be greater changes.
Prior to the capital increase, LeTV holds approximately 40.31% of the shares of the new music intellectuals, shareholding as shown:
As the replenishment plan, "Wishful," the overall completion of the new music as the ownership structure of the intellectual will become:
The new shareholders are: Jinrui significantly holding shares 1%, other new debt-equity provider 7% stake, the new cash replenishment investors hold a total of 8%.
Dahua intelligence said that the debt restructuring, properly resolved Jin Ruixian and the new music as intellectual property issues between the debt, while holding a new music as the wisdom of intellectual equity can increase the possibility of future cash inflows.
"Daily Economic News" reporter noted that the valuation of the new music as a smart home compared to a year ago has greatly reduced .In January 2017, Sunac China (01918, HK) by Tianjin Jia Rui to 150 billion investment LeTV (Now renamed as the new music as Visionary) and LeTV as three companies, of which 7.95 billion yuan to obtain a 33.5% stake in the new music intellectuals, the new music as the wisdom of the current valuation of 23.7 billion yuan, while The debt to equity program, the new music as the valuation of intellectual home only 12 billion yuan.
Dahua Intelligence admitted in the announcement that with the overall crisis of music as the end of 2016, the brand and reputation of LeTV and XinLeiVision were severely damaged, making it harder to recycle part of the receivables, resulting in a significant cash flow Tension.The new capital as a whole after the completion of the capital increase, can enhance the operating strength of the new music as intellectuals to meet the urgent need to solve the funding requirements of the introduction of strategic investors, while optimizing the debt structure.Validat smart also aware of the transaction risks: ' The risk of subordinated corporate bonds to equity conversion is mainly the follow-up operation of New Music Visionary. '