LeTV network in a decisive way, completed a series of procedures before the resumption of trading.
On Jan. 19, the music network issued a large number of circular bursts to announce the company's failed restructuring deals, dismal operating conditions, confused accounts receivable, tight capital chain, and music founder Jia Youting's subtle relationship, Breath all pushed to the investors.
Investors will have time to finalize the meeting on January 23. It is generally believed that after the investor briefing will be held, LeTV may resume trading at any time.
So, LeTV is now in the end what kind of status quo?
1, the reorganization failed: Music as the film industry failure
However, with the outbreak of a series of crisis and a change in regulatory oversight, the injection of LeTV has been announced.
The reason for the termination of injection, LeTV net explanation is that music as the controlling stake in music video in the judicial freeze, while music as the film industry still exists for music control 17.1 billion receivables.Movie said that taking into account LeTV Holdings proposed a substantive solution in the short term there is uncertainty, LeTV as holding shares of music frozen can not be lifted, and other related party receivables has yet to be resolved, resulting in the transaction can not be promoted or unable to obtain approval, this Major asset restructuring temporarily do not have the implementation of the foundation.
Music and television industry restructuring failed, can be described as an expected result, but for the music scene in the precarious, but also lost the last good good fantasy.
2, operating status: 2017 full year estimated net loss
LeTV's 2017 Third Quarterly Report shows that LeTV revenue for January to September 2017 was 6.09 billion yuan, down 63.67% over the same period of last year. Net profit attributable to shareholders of the listed company was a loss of 1.65 billion yuan, down YoY 435.02%.
LeTV claimed that the Company had problems such as the difficulty in recovering the related receivables, the failure of the actual controller's loan commitment and the maturity of some debts, which caused the company's cash flow to be extremely tight, resulting in a large amount of unpaid arrears in the company against the suppliers The sales channels fell into a dilemma and the business scale dropped sharply.Although the board of directors and the management of the company have endeavored to solve the current operating problems and difficulties of the company and tried its best to reduce the loss amount of the company's performance but subject to the huge related receivables and major shareholders Violation of borrowing commitments and other issues left over by history continue to affect management into trouble.
In the announcement of the risk alert, LeTV is optimistic that the company's net profit attributable to shareholders of the listed company accumulated in 2017 is estimated to be loss.
At the same time, LeTV 2017 semi-annual report shows that the company accounts payable totaling 5.84 billion yuan.
In the January 19 release of the risk alert, LeTV also said that as of December 31, 2017, the company existing financing loans and loan liabilities totaling 9.288 billion yuan, some of which will expire in 2018, if the company's business scale Unable to regain a high level and credit line recovery, the company will be due to further cash pressure on the company's debt pressure.
3, related party 7.5 billion arrears of the dispute
According to LeTV.com, the company controlled by LeTV Jia Youting owed 7.5 billion yuan to LeTV.
However, Jiayue Ting aspects of this objection.On January 22, LeTV debt processing group issued a statement that LeTV Holdings and related parties on the listed companies need to bear the amount of repayment is expected to be about 6 billion, rather than LeTV notice Of the 7.5 billion. LeTV Holdings believes that the reasons for the differences include inconsistent book value, the relevant subjects found inconsistent, unaudited and other factors.
For music Debt Group's rebuttal, LeTV net in the January 22 announcement of clarification is given in more detail that, according to the statistics of the listed company's financial department, as of November 30, 2017, listed companies and Jiayue Ting-controlled related parties A large amount of accounts receivable, other receivables, prepayments, etc .. The balance of the company's related arrears reached 7.531 billion yuan, involving more than 50 related parties, including music as the terminal technology Co., Ltd. 2.583 billion yuan, music (Beijing) Co., Ltd., Mobile Music Information Technology (Beijing) Co., Ltd., China Mobile Music Information Technology (Beijing) Co., Ltd., R &
The money, music Watch's position, will continue to collect letters to Jiayue Ting.
4, Jia Yueting take car assets debt?
Considering that the domestic assets of Jiayue Ting have generally been frozen or pledged, LeTV also proposed that it take all measures including legal measures to instruct Jiayuenting and its related parties to stop disposing of the LeTV vehicles controlled by them Beijing) Co., Ltd., Faraday Future, Lucid and other related equity and assets, and give priority to practical solutions to its actual liabilities of listed companies, to the greatest extent possible to protect the interests of shareholders of listed companies.
A person close to the music network explained to the surging news reporter that this passage was not intended as a reason for LeTV to instruct Jia Yueting to offset the debts of the listed company directly with the car assets but to return the money to the listed company after Lao Jia handled it 'Otherwise, they will not be allowed to dispose of car assets to third parties.
Jiayue Ting aspects of this demand for music Watch, will take what attitude, the outside world is still unknown.
5, Jiayue Ting out of the largest shareholder is only a matter of time
However, the disharmony between Jia Yunting and Sun Hongbin has become almost public.
From January 19 to January 22, LeTV and Ganwei have made several tit-for-tat pronouncements and expressed their opinions on the guarantee and debt owed by Jia Youting to LeTV.
Although Jia Yuet Ting has the largest shareholder and actual controller of Music Watch, he has been out of management of LeTV since he stepped down as chairman in July last year. Although LeTV stopped temporarily the name change program, People have become Sun Hongbin, chairman of Sunac China, and Jia Yunting no longer so close as in the past, every account began to calculate.
Coupled with Jiayue Ting LeTV's holdings have been multiple mortgage and freeze.Jiayue Ting, who still holds 25.67% stake, retired as the largest shareholder of the music Watch, is only a matter of time.
The last question is only the outside world, Jia Yunting how to withdraw at what price, as well as Sun Hongbin how to take the plate.
6, Sun Hongbin will continue to raise
Sun Hongbin's Corey Huixin, the current stake in music Watch 8.56%, the second largest shareholder.
'Let the share price fall to the end, then the grandson take the shares of Laoja, quite good.' A person close to music as he joked, 'Do not clear the old Jia recovery is meaningless, the big principle is certainly' Jia retreat Sun Jin ' '
Moreover, Sun Hongbin also stressed on multiple occasions, still optimistic about the big screen as the music ecology.
However, LeTV is still in suspension, with the exception of 1.99 billion yuan lent to LeTV in November last year, and Sun Hongbin has not provided any public financial support.
However, as Legend Holdings, a subsidiary of LeTV Group, has changed its name to New Vision Television (CCTV) and Music Entertainment, Sun Hongbin has been re-announcing. According to the plan, LeTV Group and LeTV Group (New LeTV Group) To be fully loaded into the listed company system, which means Sun Hongbin future music network control will further rise.
Light is the new music as a smart home, Rongrui's Credit Agricole Huixin in January 2017 to 79.5 billion yuan capital increase and the acquisition of 33.5% stake, it continued to invest 800 million yuan.
On January 2, LeTV dished out the financing plan of the new LeTV intellectual home and raised RMB 3 billion with a valuation of 12 billion yuan, of which 1.5 billion yuan will be raised in cash from newly-added investors and former investors. It is proposed that the existing creditors of Sinolight Investors will invest 1.5 billion yuan in the debt held by them and Tianjin Kairui Huixin will invest 300 million yuan in cash.
In the announcement of the "Nine Risks", LeTV claimed that the equity financing of the company's subsidiary, New Music Visionary, is underway.A source familiar with LeTV told the surging news reporter that an Internet giant is interested in years Music as an investment, 'may be cast into the music as the new look (that is, the new music as Visionary).'
However, for this statement, the music network has not made a public voice.
Now, people who tell stories on the stage are no longer named.