The public's concern for LeTV has not been weakened by the withdrawal of Jia Yueting. The fate of LeTV is also increasingly blurred.
On March 14th, LeTV announced that Sun Hongbin applied for resignation of the chairman of LeTV.com due to work arrangement adjustment reasons, withdrew from the board of directors and no longer held any position in LeTV. The board of directors fully respected Sun Hongbin’s personal wishes and accepted it. Resignation.
On March 16th, after the resumption of trading at LeTV, there were two consecutive low limits, and then the daily limit was approached on March 20th, reaching 9.93%. There are different opinions about why Sun Hongbin resigned, including the introduction of new strategic investors.
However, today when Sun Hongbin was interviewed by several domestic media, he completely revealed the bottom line of LeTV. He collected micro-nets to organize the contents of many media reports such as Yema Finance, CBN, Caixin and 21st Century Business Herald. Questions are as follows:
Reasons for resignation: Unwilling to allow speculators to use him and Rongchuang Credit Endorsement
In an interview with the media, Sun Hongbin emphasized that he had stepped down as chairman and now becomes an ordinary LeTV investor. Today he is telling everyone the real situation of LeTV.com as an investor who knows more about LeTV.
Regarding why he resigned as chairman of the company Le Hongbin, I would like to take responsibility for retail investors. When LeTV reopened, there were only 180,000 retail investors. There were institutional investors. Now there are 330,000 retail investors. The agencies run away and the turnover rate is very high.
The mature capital markets are mainly institutions. We hope that we can gradually cultivate institutions with a market turnover rate of 225%. Let's not sell them, and we don’t sell old ones. Therefore, the concept of a shareholder selling four times is obvious. Hype, investors still have to guard against risk.
He also stated that he did not want speculators in the market to use his and Rongchuang's credit endorsements to speculate on the stock price, resulting in losses to minority shareholders.
LeTV has three remaining paths: bankruptcy and restructuring, selling assets to pay off debts, and delisting
He cautioned many small and mid-sized investors still in the game that LeTV.com had extremely high liabilities and difficulties in operation. Moreover, due to the regulatory requirements of listed companies and the GEM, they could not introduce new funds. Run away, pay attention to prevent risks.
For the future of LeTV, Sun Hongbin thinks there are only three remaining roads:
First, it is a bankruptcy restructuring that does not affect the listing status and is a mature program but it needs the support of the supervisory level, the Beijing government, and the court; secondly, it is selling assets to pay off debts and maintaining the listing status, but now there is no asset to sell, if After the loss, the final result may still be delisting. Third, the last is the delisting. I do not want to see the delisting and I will not withdraw from the market, I said it, but according to the GEM delisting rules, and now LeTV's situation is likely to have a negative net asset and a significant risk of delisting.
In Sun Hongbin's view, whether it's taking any of these three paths, it is very difficult for stock prices to maintain at a better price.
Jia Yueting has nothing to do with LeTV.
At present, many media outlets like to confuse Jia Yueting's car project with LeTV. Sun Hongbin said that 'investment (buying stocks) has a head start, (you can't) rush in when you hear the news, and Jia Jia’s car is unsuccessful. There is a half-dollar relationship with LeTV!'
For online public opinion, Sun Hongbin stated that LeTV's risk has been clearly stated in the announcements of listed companies, but many investors simply do not read it, or interpret it only in terms that are beneficial to them. When they lose money, they come to the rescue. What I want to say to LeTV as an investor is, 'If you make money, congratulations. If you lose money, don't worry about me, don't call me, 'I still want to swear.' (Resign from LeSport) Afterwards, you call me, I骂You ten sentences! (Because) I have lost more than you.'
Sun Hongbin Claims Compensation: Sunac Sets Up Major Earnings For Lexus Investment
Sun Hongbin said that the financial success of Lectronic Investment is not a reality. However, there is such an experience. These failures are also valuable for future mergers and acquisitions by Sunac. He admitted that Sunac will be included in the 2017 financial report. It will make large amount of investment for LeTV.
Previously, the latest report from CIMB Securities stated that since LeTV.com expects to record significant losses last year, Sunac would likely need to make a large provision for LeTV’s investment, ranging from RMB 5 billion to 10 billion.
Sun Hongbin stated that investment will have losses and gains. Investing in LeTV will be consistent with Sunac's basic investment logic. However, there have been many unexpected incidents afterwards, indicating that the pre-investment optimization is not in-depth. Future Sunac's investment focus is still in the big entertainment. Tourism, education, education, medical care.
Sun Hongbin stated that the investment in LeTV was 'financially an investment in finance. I didn't want to manage it personally. At that time, I took over the position of Jia Yueting as Chairman of the Board of Directors. It was also because China Merchants Bank and other companies had frozen the Jia Yueting family and LeTV assets to make LeTV run.'