After 236 days of taking office, Sun Hongbin decided to resign from the position of chairman of LeTV. The capital market gave a strong stress response. They saw the music network as uncertain even more.
This listed company with a revenue of RMB 7.5 billion in 2017 and a net profit loss of RMB 11.6 billion has once again embarked on the crossroads of destiny. There are four guesses for the outcome of sticking to, accepting, bankruptcy, and delisting.
'Demon shares' LeTV.com has grown into a falling vanity field. There are all kinds of power competitions. Sun Hongbin's resignation once again opened up the complicated game situation that LeTV is temporarily unable to solve - the governance structure is out of order, the management is out of control, the power is vacant. When the crux of the problem is eliminated, the exploration and enlightenment it brings must also be the most abundant.
Complex game field
The 45-year-old Jia Yueting has had countless moments focused by the spotlight.
In the most beautiful scenery, Jia Yueting was the richest man on the GEM with a net worth of over 45 billion yuan. In the Hurun Rich List three years ago, he was ranked behind him by Liu Qiangdong. The Summit of Chinese Entrepreneurs Leaders in previous years On the previous page, Jia Yueting was often accompanied by Robin Li and Ma Huateng in the Internet community.
Jia Yueting, surrounded by shots, always responds with his iconic smile. The face that has been indistinguishable from a simple smile or sly smile has already flown to Jia Lianting's 'regular meeting' in Los Angeles, USA, and will never return. Gradually blurred.
Starting from July 2017, LeTV's goodwill and Jia Yueting’s personal reputation spiraled downwards. First, finance, followed by share price, and then confidence. Jia Yueting resigned from the 15th day after the chairman of LeTV.com (2017 On the 21st of the month, Sun Hongbin, the second shareholder, was elected as the new chairman.
Sun Hongbin invested a total of 16.8 billion yuan in LeTV before and after. He originally expected to solve all problems of LeTV except for cars. But cruelly, he could not reverse the downward trend of LeTV.-2017, LeTV.net's net profit. Loss of 11.6 billion yuan.
After the reorganization of LeTV, Jia Yueting's stock pledge of more than 1 billion shares will open up and become one of the tests of LeTV after the resumption of trading at the beginning of the year. At the end of February this year, the first fire went to Western Securities, but also Just the tip of the iceberg.
Up to now, Jia Yueting still holds 1.0243 billion shares in LeTV. The number of pledges is 1.02 billion shares. According to the reporter of Time Weekly, Jia Yueting has nearly 20 equity pledges yet to be lifted. There are many pledges for these 'hot potatoes'. Brokerage.
Theoretically, Jia Yueting has already opened up, but his pledged equity has long since been frozen, so he can't dispose of these shares in reality. The Times Weekly reporter learned that with Jia Yueting’s breach of contract, his 100.43 billion shares of LeTV.com’s equity have been owned by Beijing. The municipal third middle-level people's court and other judicial organs applied one after another to form a waiting list for freezing.
This is similar to the fact that multiple creditors come together to collect debts from Jia Yueting. He resolves a freeze every time he pays a debt, but the latter freeze will also take effect immediately.
According to a rough estimate, Jia Yueting’s 1 billion shares of LeTV are frozen for at least six rounds. In addition, courts in Shanghai, Beijing, Tianjin, and Jinan have successively shot Levision, LeTV, LeTV, LeTV Investment Management and other music companies. Equity is frozen.
An analyst Zhang Wei (a pseudonym) of a Beijing-based brokerage firm told a Times Weekly reporter that at the moment, even if the agency wants to force Jia Yueting to close his position, it cannot be implemented, because in addition to being frozen, his pledged shares are all restricted shares. It is only by May 2019 that the ban will be lifted. In other words, LeTV will always have the risk of changing hands, but at present, Jia Yueting is still the largest shareholder nominally.
'Jia Yueting is destined to be a person who cannot be forgotten in the contemporary Chinese commercial society. It is also a wonderful work.'
Wang Ruchen, the founder of Quark Media, commented that 'his (Jia)'s character, and his ambitions overriding the governance of listed companies for many years, have become more and more, and they have been continuously inflated, causing the consequences to accumulate to the point where they cannot be managed.'
As a major shareholder, he has no real power to determine the future fate of LeTV. 'Wang Ruchen believes that Jia Yueting, who should have been responsible for the entire governance structure of LeTV, is not only in the United States but also constantly stimulated by the 'repairer'. The capital market creates invisible obstacles.
On March 12th, Jia Yueting drew a photo of the snow test for the red Faraday FF91 and a number of ready-made silver real cars on Weibo. On the same day, LeTV.com's stock price closed at 2.56%, and opened higher on the 13th. After that, it quickly rose to daily limit, and the stock price rose to 6.16 yuan, and the transaction amount exceeded 800 million yuan—although investors knew that there was no correlation between Faraday's future in Los Angeles and LeTV.
5. Jia Yueting's solitary survival requires people to look forward to the upcoming dramas that may be staged in the future.
On the second day after Jia Yueting released the FF91 test photo, the Faraday Future Affiliate Company broke news in Nansha, Guangzhou. This news has not yet been confirmed, but this is also LeTV's temporary suspension on March 14 at noon. The delicate place.
Everyone is staring at Jia Yueting's final hole. Jia Yueting wants to come back? LeTV's official Weibo posted such a meaningful microblog at 11:20 on March 14th: In time, Bashan night rain rose Qiqiu.
This is the crux of the deadly malaise of Letv.com now, with multiple stakeholders entangled in an erroneous manner, and the responsibilities have become vacant. This has created a complicated game situation that cannot be resolved until now.
Sun Hongbin’s resignation is bound to have this contradictory background. At least for a long period of time, he faced such an embarrassment that he and Rongchuang were in fact unable to control the future of LeTV.
In fact, it is difficult for any party, including Sunac, to dominate LeTV's debt restructuring and asset restructuring process alone.
Secretly contested capital wrists
After the Spring Festival in 2017, LeTV.com actively welcomed the formal entry of Sun Hongbin, the second shareholder. At the time, Jia Yueting arranged for the subordinate to separate two separate offices with glass partitions without a separate office.
From the beginning of the huge sums of money to help, and later unable to parry, Sun Hongbin shirked away in just one year – his efforts at the business level have not yet been effective (at least did not let LeTV and Raymond create a resonance). He worked hard to LeTV's resources were injected into LeTV. However, due to difficulties in supervision and other aspects, it eventually led to a 9-month restructuring failure.
No one had thought of the change in LeTV. After his predecessors, the most talked about by Sun Hongbin was to be willing to lose.
However, in the eyes of the outside world, Sun Hongbin must still look forward to, but it is not just in front of him.
“It is unacceptable for both creditors and investors to fill up the pie. From the current point of view, it is only possible for LeTV to see a bit of hope.” Tan Haojun, a research fellow of the Asset Industry Alliance, said that the resignation of Sun Hongbin would make LeTV worse, and that the benefits of Jia Yueting’s financing and vehicle repair information would all vanish. Sun’s resignation is one way and three birds with one stone, which can both impel Jia Yueting and It can control creditors and can also repel investors.
For Sun Hongbin, although he resigned from the chairman of LeTV, he certainly would not be a bystander. From July last year, Sun Hongbin took office as the chairman of LeTV. He held a closed-door meeting to turn the tide and change the blood to the board of directors. After Sun Hongbin enters LeTV, Sunac has firmly occupied the main seat of the LeTV.com Board of Directors. At present, Sun Hongbin’s Finance Minister Liu Shuqing, Leightsightnet’s director, and the general manager are acting as the chairman.
What is the future of LeTV?
Delisting is definitely the worst plan.
However, some investors have indicated that the key to LeTV's delisting depends on the willingness of the regulators. Prior to the new financial report, he also mentioned that Sun Hongbin had communicated with the supervisory level several times, including reorganization, and was unable to advance. Delisting may be the ultimate outcome. ending.
Before discussing the possibility of delisting, we must also look at the feasibility of other options. For LeTV, which has a huge loss of 11.6 billion, there are three ways to go except for delisting: First, reorganization, second, debt service, and third, Find a new disk player.
'Restructuring failure is a foregone conclusion. There is no new concept stimulus in the short term. How big is the debt hole?' said Zhang Wei. Next, LeTV may adopt new methods to resolve debts. In extreme cases, it does not rule out. Proper bankruptcy restructuring possibilities.
According to the data, LeTV.com estimated that it will set aside bad debts for related party receivables of about 4.4 billion yuan last year, accounting for nearly 40% of last year's net loss. LeTV.com also admits that the company has owed large amounts to upstream suppliers. The money can not be paid, a lot of debt defaults and lawsuits and other issues.
LeTV was very sensitive to the 'bankruptcy reform' and announced the clarification. Up to now, the company has not undergone any bankruptcy reform or any related procedures. So far, LeTV.net's new 'Patch Party' has not yet appeared. , LeTV.com has not yet formed any plans to introduce investor replenishment plans and intentions. More than 5% of the company’s shareholders have no plan to reduce their shareholdings in the company.
Right now, related transaction settlement is still the most difficult issue faced by the Liu Shuqing team. She admitted at the temporary shareholders meeting one month ago that 'currently there has been no substantive progress'.
On July 16, 2017, before taking over as chairman of LeTV, Sun Hongbin confessed in a circle of friends: 'The old Jia still has a good hand and the old man is still young. We should have the environment and the atmosphere of tolerance for failure. We should support it. The old Jacobian entrepreneurial spirit without hesitation. Do not cover indefinitely. Support old Jia. '
However, after LeTV resumed trading, the relationship between Sun Hongbin and Jia Yueting seems to have been out of control. Tensions between LeTV and LeTV Holdings are frequently 'speaking over each other' and revealing scars. Jia Yueting's wife, Gan Wei, just claimed that more than RMB 3 billion in related debt has been formed. The solution, LeTV immediately issued a clarification announcement to deny. LeTV.com just announced LeTV.com's related debt is 7.531 billion yuan. LeTV Holdings clarified that only 6 billion.
Until today, does Sun Hongbin have any regrets? If he can come back, he will not join the LeTV network? Sun Hongbin did not reply.