LeTV online announcement on Friday pointed out that the affiliated companies controlled by Jiayue Ting related companies listed on the outstanding balance of 7531000000 yuan.On January 22nd, the music as the debt processing group through the music as the WeChat public announcement, said some of the matters described in the announcement Incomplete, the amount of repayments due to preliminary accounting needs related parties such as LeTV Holdings is expected to be around 6 billion yuan.
In this regard, LeTV network again issued a statement that the debts, listed companies and Jiayue Ting-related parties controlled 75.31 million in arrears, the debt actually reached a settlement of 92.9 million yuan.
LeTV Holdings: 7.5 billion Music Channel unilaterally identified
On the evening of January 19, LeTV pointed out in the "Notice on Risk Warning of Stocks of Companies" released by LeTV.com that Jia Youting formed a large number of listed companies receivables by means of related party transactions through the associated companies within LeTV Holdings and other LeTV systems controlled by LeTV, As of November 30, 2017, the balance of related-party loans to listed companies amounted to RMB7,753 million.
Leader of LeTV Holdings said on the 22nd that more than 7.5 billion yuan of debt mentioned in the LeTV announcement was unilaterally recognized and announced without confirmation from LeTV Holdings and the Debt Group, and before the announcement, Jia Yueting and Gan Wei and debt handling team are not aware of.
Music as the debt processing group is set up in Jiayue Ting, responsible for financial institutions, loans, listed companies and non-listed companies a series of arrears of suppliers, the core is controlled by Jia Yueting non-public music system.LetTV currently chairman of the financial Sun Hongbin, chairman of China, Tianjin Jiarui Rongchuang is the second largest shareholder of Music Watch.
LeTV Holdings also said in a statement that it expected to assume about 6 billion repayment amount, of which more than 3 billion yuan has been the solution to speed up the implementation, including the previous listed companies have announced that the unlisted music Financial, Le TV Mall And other high-quality assets to inject debt into the listed companies, as well as other solutions in progress (the specific programs and the amount of the announcement of listed companies shall prevail.) The remaining more than 2 billion will be completely resolved under the premise of laws and regulations, the parties are pushing forward .
Letv re-issued notice to clarify the amount of 7.5 billion arrears
For the music as controlling 'related arrears of about 6 billion instead of 7.5 billion' argument, January 22, LeTV released a notice to respond.
LeTV notice states that according to the statistics of the Ministry of Finance of the listed company, as of November 30, 2017, a large amount of accounts receivable, other receivables and prepayments have been formed between listed companies and related parties controlled by Jia Youting. Debt balance reached 7.531 billion yuan, involving more than 50 related parties.
Letvnet said in the announcement that as of now, the debt settlement reached by Jia Yueting's side debt group and the listed company has amounted to 92.9 million yuan. The company's controlling subsidiary, New LeTV Zhijie Electronic Technology (Tianjin) Co., Yuan price transferee music as e-commerce website (music as mall) and related resources, intellectual property and other assets.
LeTV also explained the related arrears in more detail: As of December 31, 2016, the balance of arrears of the related parties of the Company was RMB5,468 million. From January 1, 2017 to November 30, 2017, the related party's accumulative total As of November 30, 2017, the outstanding balance of related-party loans was RMB7,531 million.
Extend
Why arrears data differences?
LeTV announced 7.5 billion and LeTV Holdings debt group announced a far cry from 6 billion for such differences, the industry pointed out that the root causes of dependence on music and non-listed system, the intricacies of capital relations.
LeTV as mentioned in the statement, the reasons for the differences include inconsistent book value, inconsistencies identified by related parties, unaudited and other factors.
On the evening of January 23, Music Watch made further disclosure on the details of the debts. The announcement pointed out that the debts mainly came from LeTV Smart Terminal Technology Co., Ltd. 2.583 billion yuan, LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd. 993 million yuan, LeTV Electronic Commerce (Beijing) Co., Ltd., 566 million yuan, Music Television Holdings (Beijing) Co., Ltd., 486 million yuan, and Music as Mobile e-Commerce (Beijing) Co., Ltd., with 441 million yuan.
'Music as a whole is a muddle in,' senior market analyst Fu Liang said LeTV Listing System and the unlisted did not do a clear cut, the capital relationship is very complicated, 'Some may be circulating debt, or mutual guarantees, as well as investment The company invests in the middle.
Fu Liang pointed out that on the one hand, the listed and unlisted system exists for the buck on the bond subject relationship, LeTV believes that it has with the company, including easy to, cool and other companies to clear out the relationship.However, the system of listed companies that former affiliates Are related to LeTV Holdings. "In addition, so far, Sunac did not become a major shareholder of LeTV, in which case Leetown may also be owed debt to LeTV Holdings.
'These problems stem from the excessive cross-subsidization and abnormal financial operations in many fields before LeTV, resulting in a very complicated financial relationship. "Fu Liang said that since January last year, Melco became a shareholder of LeTV, In depth, more and more complex debt problems have been exposed.It can not be overlooked that, in the context of overall losses and financial loss, the actual assets of LeTV Holdings are getting lower and lower, and the high-quality assets are gradually stripping off.
Music as controlling how to solve the huge debt?
LeTV Holdings said in its statement on the 22nd that among the estimated 6 billion repayments it is expected to take, more than 3 billion yuan has already been put in place to speed up the implementation of solutions, including but not limited to unlisted public announcements already made by listed companies Music companies such as music, music as the mall and other high-quality assets in order to pay debt into the listed companies, and other solutions in progress.
From Jiayuenting's wife Wei Wei's Weibo, the current debt solution includes asset-backed debt and asset sale, and in her Weibo microblog on January 7, she mentioned that the core premium assets of LeTV Mall will be settled at a price of 92.9 million yuan As the controlling subsidiary of the music as a listed company, the new music as intellectuals, repayment of part of the debt of listed companies; Cool shares for sale, the transfer price of 807 million Hong Kong dollars directly offset by China Merchants Bank corresponding part of the debt (the original principal and interest of about 1.4 billion Hong Kong dollars) 60%.
LeTV is divided into listed companies, unlisted companies and automobile ecology three plates, the music as the capital chain crisis was the earliest non-listed system, LeTV mobile phone triggered by the beginning of this year after China's investment in LeTV, LeTV, LeTV video as the core Assets of the listing system were incorporated into the financial, but the overall financial status and reputation of LeTV still affect the listing part.
Four days prior to the announcement, Music Financial announced on its official website that Renamed Rendezvous is financial, and the announcement said its products are smooth on the line, trading operations, cash receipts and disbursement, and abide by its commitment to 100% redemption of users. News reports, while changing the name of the brand, at the same time, the staff of Rongchuangren has also entered the important position of being financial director and chief financial officer, etc. However, as early as last year, when the spread of music financial injection system was heard, some analysts believed that LeTV Limited financial imagination, music financial executives leave the news constantly, its existing problems include the risk of related financing, the current financing of suspected financial pool, opaque opaque, demolition standard, the timing of the mismatch situation is serious and so on.
LeTV Holdings and LeTV What are the differences?
The music as Debt Group and LeTV different announcement, the industry voices that this shows that the relationship between the new music and the group such as Jiayue Ting debt has been very subtle, from the earlier close partnership, into the relationship between creditors and debtors, By declaring apartheid propaganda, it shows even more that the two sides have come to a mutual non-contact situation.
In fact, the differences between the two sides existed some time ago, showing an increasingly clear relationship between creditors and debtors.
LeTV today issued a public notice requiring Jiayue Ting responsible for the debt it causes to listed companies.LeTV said it will adopt all means, including legal measures, to instruct Jiayue Ting and its related parties to stop disposing of the LeTV car , Faraday Future, Lucid and other related equity and assets, and give priority to practical solutions to its actual composition of the listed company debt.
On January 2, Jia Yueting replied to a circular circulated by Beijing Securities Regulatory Bureau to order it to return to perform its duties, saying that it has discussed the communication with listed companies and put forth a clear intention of repayment and a preliminary plan for the two parties to form a debt-settlement intention. However, The announcement pointed out that both parties have not yet formed an executable substantive written overall debt solution to resolve the intention.
Later, on January 3, Gan Wei dispatched that 'Lao Jia personally secured more than 10 billion debts for the company, resulting in numerous debts for individuals and families.' In this regard, LeTV clarified that among the various loans that exist in listed companies, Jia Youting And LeTV Holdings (Beijing) Co., Ltd., and jointly with other parties to provide guarantees for listed companies and subsidiaries amounted to 1.417 billion yuan, a figure that was different from the more than 10 billion reported in previous online reports.
Some media think, this shows that Sun Hongbin after entering the music network has not been with the company's major shareholders have good communication, but also shows that the existing music board there is still a lot of differences between the board of directors.