On the evening of March 14, LeTV posted an announcement: After eight months at the helm of LeTV, Sun Hongbin, chairman of Sunac China (1918.HK), resigned from the position of Chairman of LeTV. The news triggered a huge earthquake.
According to LeTV.com's announcement, the board of directors of the company recently received the resignation report of Chairman Sun Hongbin. Sun Hongbin applied for a resignation of the chairman of LeTV.com due to work arrangement adjustments, withdrew from the board of directors and ceased to hold any position in LeTV. It is reported that Sun Hongbin’s term of office should be until October 13, 2018. It is now 7 months ahead of schedule.
The connection between Sun Hongbin and LeTV.com began in January 2017. At that time, Jia Yueting and his 'Levision' in the 2d91 crisis, chose the 'hometown' of Sun Hongbin as the 'white knight'. A huge sum of 15 billion yuan was announced as a share in LeTV, LeTV and LeTV.
However, Sun Hongbin’s shareholding did not completely ease the crisis of the “LeTVi” capital chain crisis. In May last year, Jia Yueting announced his resignation from the position of General Manager of LeTV. Then he announced his resignation as Chairman, Director and all other positions in June. On July 21, 2017, Sun Hongbin was elected chairman of LeTV.com on the board of directors of LeTV.
After 8 months of service, once the support of Jia Yueting's 'White Knight' took over the Sun's face, facing the status quo of music as a matter of fact, eventually forced to retreat to the cruel reality, the cloud dream of rescue music as broken.
Former chairman of the LeTV network Sun Hongbin
In fact, the retreat of Sun Hongbin from LeTV is not a momentary imaginary brain-hot decision to “slap the head”. There have been some signs before this.
Analysts believe that in the online investor briefing held in January this year, Sun Hongbin revealed for the first time the pessimistic sentiment towards the future of LeTV. Sun Hongbin said: 'People sometimes have to dare to call the sun and the moon for new days, sometimes We must also be willing to lose the game and say, 'There is always profit and loss in doing business. There are risks in doing anything. If there is no risk, there will be no return. LeTV did happen to anyone who did not expect changes...'
In addition, on February 23, 2018, at the first shareholder meeting held by LeTV, the absence of Sun Hongbin's 'accidental' also triggered many speculations inside and outside the industry. Although the explanation given by LeTV at that time was that 'Sun Hongbin' was not due to a temporary arrangement. Can be rushed to the conference site, but the absence of Sun appears to some people to reveal its pessimism about the future of LeTV.
At present, although it is impossible to know the specific reasons why Sun Hongbin chose 'naked resignation' as the Chairman of LeTV, it is almost certain that Sun Hongbin’s departure from LeTV is related to the predicament of the listed companies currently operating.
Previously there was an announcement that LeTV.com expects to accrue bad debts for related party receivables of approximately RMB 4.4 billion. In 2017, the loss was as high as RMB 11.609 billion.
The debt owed by LeTV.com to the listed company exceeds Sun Hongbin's expectations. Sun said that although prior knowledge of LeTV's connected transactions was so serious, it did not expect this debt to be effectively repaid.
The frustration of the future of LeTV.com, and the lack of support for the treatment, caused Sun Hongbin to finally abandon the LeEco. Sun Hongbin said: 'No one is willing to experience failure, but when he comes across, he will face it calmly.'
Regarding the departure of Sun Hongbin, industry observer Liu Buying analyzed that as the real estate tycoon, Sun Hongbin, there is really no need to spend on one thing that does not see hope. Leaving LeTV is the wisest choice.
Once, when Jia Yueting was in danger of breaking the funding chain, Sun Hongbin’s appearance gave a lot of people a glimmer of hope. But now Sun Hongbin's sudden departure, will the future fate of LeTV be going again? Will LeTV be ushered in? A person who “eats the plate” is dying and struggling. LeTV is still alive. Nirvana is born again. A series of questions are given by time to give a final answer.
On the first day when Sun Hongbin withdrew from LeTV, some netizens had given him “Hong Bin Biography” and recorded the first half of Sun Hongbin’s term of office as LeTV. ' The full text is: "Hongbin, Yuncheng Linyi people, full of knowledge to join Lenovo wants to achieve their own, then met with imprisonment, after the resurrection of Dongshan to create a great cause of Shunchi and financial great cause, very rewarding. Ding Xiaonian June, save The fellow townsman Yue Ting was in the water and fired. He took a lot of money. However, he did not accept the grain. In the year of the Wuxu year, Hong Bin resigned himself to the Legion. '