At 9:30 on February 23, LeTV network in Beijing's Chancery Hill Hotel International Conference Center held in 2018 the first provisional shareholders meeting, which is also the first shareholder meeting after the resumption of trading.
Participate in this general meeting of shareholders, including Music Watch Director, General Manager Liu Shuqing, LeTV Director, Music as Television CEO Zhang Zhao, Zhang Wei, LeTV's financial director, Zhao Kai, LeTV's secretarial manager, and Wu Meng, supervisor Tian Bingxin, chairman of the board of supervisors. Sun Hongbin, the chairman of LeTV failed to attend.
For Sun Hongbin absent shareholders' meeting, Zhao Kai, the deputy general manager of LeTV, said that Sun Hongbin was not disappointed with LeTV because of the temporary arrangement and was unable to get to the conference site. "Sun always attaches great importance to LeTV."
Sun Hongbin
According to the plan, this general meeting of shareholders will consider six proposals, including:
1. Examining the Proposal on the Change of Registered Capital of the Company, the total share capital of the Company increased from 1,994,720,096 shares to 3,989,440,192 shares, and the registered capital of the Company increased from 1,994,720,096 yuan to 3,989,440,192 yuan.
2, consider "on the amendment <公司章程>Motion "(August 2017);
3. Reviewed the Proposal on Providing Guarantee for Holding Subsidiaries;
4, consider "on the appointment of Ms. Yang Qing as the third supervisor of the Board of Supervisors motion";
5, consider "on the replacement of accounting firm motion";
6. Reviewed the Proposal on Nomination of Mr. Wang Leirang as Independent Director Candidate for the Third Board of Directors of the Company.
In addition to the deliberations on the six proposals, given that LeTV is still in a dilemma, what is the concern of the EGM, LeTV and Rongchuang regarding market concerns has aroused widespread concern inside and outside the industry. Response to the music of several major focus issues:
Music Watch Internet TV future development?
In the music video this shareholder meeting questions, some shareholders asked the music network business system, the future of Internet TV to go. In this regard, Liu Shuqing, general manager of music network, said the accounts receivable did not take back the funds have a significant impact in 2017 Smart TV is affected, and now is committed to resuming business, the difficulty is still, Internet TV is still LeTV advantage, I hope shareholders continue to believe in music, I believe Sun total (Sun Hongbin). Liu Shuqing also said that TV is still a very advantageous area of music Watch is Build the heart of home entertainment.
After the termination of the acquisition of music and television industry, the impact of the music network?
In response to a reporter's question about the termination of the purchase of the music video industry, Zhao Kai said that the music video acquisition is due to the objective factors of all parties, and the current acquisition of the music video industry is not the right time. Will have a real impact on the music Watch business, as music Watch's future strategic adjustment will continue to seek.
From Jiayue Pavilion's music as ecological model to Zhang Zhao's Internet Disney mode, the current music and television support mode, the future of music network three to five years what is the direction?
Zhang Zhao: Thanks to shareholders still remember the Internet Disney mode, the big direction is still very confident in my heart, the immediate difficulties are very large, from a industrial perspective is a new journey, from the company's operation, by the past too much drag. The content itself will also be self-made and open.Although the failure of the acquisition of music video, music video content development direction has not changed, music video content open strategy remains unchanged, promote home Internet direction.
Liu Shuqing: In the strategic direction, LeTV focuses on enhancing the user experience of its products and takes advantage of past platforms, including terminals and users. It integrates user resources, focuses on home Internet users, reduces reliance on resources and shrinks non-performing assets. In this way we can solve the related capital issue, and we are also seeking shareholders' support in the hope that everyone will believe in LeTV.
How to solve the bad accounts Receivable Bad debt problems?
Liu Shuqing: Related Receivables No collection has indeed caused a great impact, is still working to restore business, the difficulty is still in the receivables recovery difficult, but management did not give up, and the parties are continuing communication, but at present Substantial results are small, but are working hard.
Does the company handle the ownership of Jiayue Ting without a plan or plan?
Zhao Kai: The communication with Jia Yueting is very smooth. Disposal (LeTV holding) is his own personal affairs and may be liquidated. It is also his personal affairs. If we trigger the liquidation line, we will disclose it. There may be more than one risk alert, including the possibility of notifying him of the business himself, and we will make announcements at the appropriate stage. There are no further disclosures at this time.
Music as the new 30 million financing has been completed?
Zhao Kai: follow-up progress will be announced.
It is reported that LeTV earlier announcement shows that the new music as the wisdom of the capital increase program, according to more than 12 billion yuan of valuation to be 3 billion yuan of financing: which proposed by the new investors and the original investors to 1.5 billion yuan in cash replenishment; The new music as the existing intellectual intellectuals creditors to the current price of 1.5 billion.
However, Zhao Kai said he is following up on the shareholder's question of why China Rongchuang's 1.9 billion yuan loan was not considered at the general meeting.
Since the resumption of trading, although the listed companies and exchanges continue to guard against risks, but the game funds continue to inflow.It is understood that, due to the institutional level is not allowed to be arbitrarily liquidated positions, resulting in a rapid rise in the number of natural persons after the resumption of trading, This also means that hot money and retail investors have become the main strength. According to Cai Xin News, only the resumption of trading within 13 trading days, the number of shareholders of Lotte has increased before the resumption of trading 81.6% before the resumption of trading on January 24, LeTV natural number of shareholders was 185,000, but as of February 9 On the day, the number of natural person shareholders of the Company has risen to 336,000. In the case of Music Watch debt and restructuring is unknown, which means that there is no market risk flood, but have focused.
In addition, it is worth mentioning that, according to surging news reports, following the close of the previous trading day after the close, the music video network in the convening of the EGM continue to rise the same day .February 23 morning, music Watch (300,104) opened higher quickly Pull up and hit the daily limit, has been hovering since the limit position. As of midday close, music video shares rose 9.67% to 5.33 yuan.