The first is bankruptcy and reorganization, but it needs multiple support from regulatory agencies, and the cycle is long. Even if it is restructured, it will require no less than 10 billion in capital. There is no capital available in the current environment. The second is to sell assets to repay the debt. The operation has been very difficult, but it can maintain current profits, and it will barely maintain its listing status in the short term. The third is delisting. On the afternoon of March 25, Sun Hongbin, chairman of Sunac China’s board of directors, disclosed his intention to make this decision for the first time after he resigned as chairman of LeTV for 10 days. He told the First Financial reporter that he did not want speculators on the market to use him and Sunac's credit endorsements arbitrarily hyped the stock price, causing minority shareholders to suffer losses. 'LeTV is already a demon stock, stock prices have skyrocketed and plummeted. I can't afford this pot.' The data shows that since LeTV resumed trading, the agency has fully withdrawn, but the number of retail households has risen from the initial value of about 180,000 yuan. It soared to around 330,000. 'Although the company did a lot of risk warnings during this period, investors in the market still rushed into the company without fully understanding the company's value and logic.' After leaving the chairman of LeTV, Sun Hongbin was a black T-shirt. It seemed rather relaxed. He laughed at himself and said, 'Open it up!' He started off with Sun's usual free and easy time, and he no longer has the spirit to take over as early as 2017. Then there was a heavy case when faced with investors in August 2017. This time, Sun Hongbin admitted that his investment in LeTV was a failure, and admitted that although there are three paths that can be taken before LeTV, the roads are very difficult, and the result is that their investment will be lost. Small shareholders should not blindly Judging from the public information, the current situation of LeTV's listing system LeTV is very difficult. According to Sun Hongbin's words, it is 'the days can't go any longer'. However, in this context, there are still small shareholders who have rushed into the market. As an extremely dangerous act. Based on his responsability towards minority shareholders, Sun Hongbin chose to resign to warn the market and announced his pessimistic attitude towards LeTV. 'Investors' previous investment losses have nothing to do with me, but many new ones came later because of the existence of me and Sunac. For example, a friend recently told me that since I bought LeTV, he also rushed in. This is undoubtedly the market uses my credit endorsement to misjudge the value of LeTV. If it causes the stock price to fluctuate and then plunged, causing losses to investors, I can't afford this pot. ' From this perspective, in order to avoid market use of his personal and Sunac credit endorsements to speculate on LeTV stock prices, Sun Hongbin chose to resign as the chairman of the most important reason. The data show that since LeTV resumption of trading, the stock price has fluctuated On the afternoon of March 14, the Shenzhen Stock Exchange announced that the recent fluctuations in the stock trading of LeTV.com were relatively large and they were suspended from the market in the afternoon. It is also March 14, LeTV said Sun Hongbin has resigned from the position of chairman of LeTV. 'I will be a small shareholder in the future, and I have lost more than others.' In January 2017, Sun Hongbin’s Sunac China invested RMB 15 billion in LeTV. LeTV and LeTV made 8.61%, 15% and 33.4959% of the shares respectively. He was elected as a director of LeTV on July 21 of that year. According to incomplete statistics, together with Rongchuang as a guarantee provided by LeTV, Sun Hongbin's total investment in the LeTV system is close to 20 billion yuan. After resigning, Sun Hongbin, the first thing to do now is to let the market understand the real situation of LeTV, to avoid the blindness of individual investors being blinded by the false news disseminated by speculators. 'I used to be the chairman of the board. I can't say much. Now I am also a retailer. Whoever I want to follow, who I am following, who I sue, I also follow who to sue, I have lost more than others and are more qualified.' According to statistics, LeTV is still a mess: In 2017, the net profit was expected to be 11.6 billion yuan; the related debts were 7.531 billion yuan; debt defaults, lawsuits, etc. LeTV 'dead knot' is difficult to solve At present, LeTV is faced with an embarrassing situation. It is of utmost importance how to reorganize the main business so that LeTV can continue to operate. As of last Friday's close, LeTV's market value was 20.2 billion, but according to Sun Hongbin, the current LeTV's real value is almost zero, or even negative, because of debt and business difficulties. 'We have already zeroed this investment.' Judging from the current policy and objective conditions, there are only three ways to go before LeTV: The first is bankruptcy and reorganization, but it needs multiple support from regulatory agencies, and the cycle is long. Even if it is restructured, it will require no less than 10 billion in capital. There is no capital available in the current environment. The second is to sell assets to repay the debt. The operation has been very difficult, but it can maintain current profits, and it will barely maintain its listing status in the short term. The third is delisting. Either way, it is not easy under the current circumstances. 'In terms of the first reorganization, the reality is very difficult, it involves litigation, the cycle is long, and the longer the time is, the greater the impact on investors. As for the second way to sell assets, it does not solve the problem of long-term cash flow and profits. To some extent, LeTV has fallen into the awkward situation of dilemma. In the face of this result, Sun Hongbin said that it was quite 'regretful'. 'The original logic for LeTV's investment was still correct, because the big entertainment is still a trend under the 'better life' background, and it was already considered a good deal when it was finished. The money that was put in was originally sufficient for several companies to operate normally. However, there was too much money in the call, and the funds collected by related companies could not be returned. The so-called related parties misappropriated funds, and LeTV has published an announcement to disclose: Since 2016, the company has formed a large number of related receivables through sales transactions such as the sale of goods to related parties controlled by Mr. Jia Yueting, the provision of services and other disbursement operations, and interstitial fees. And prepayments. As of November 30, 2017, the balance of the related arrears of related parties to listed companies reached 7.53 billion yuan. If the associated parties were used for LeTV's funds, the cost was as high as 9.2 billion. Willing to lose As Sun Hongbin resigned from the position of the chairman of LeTV, his personal endorsement of LeTV.com was to some extent ended. At the same time, his current state of mind of 'abandoning' was revealed. For the initial investment, Sun Hongbin concluded that there were several mistakes: First, there was an error in the judgment of the company's value. At the beginning, it overestimated its true value; second, it lacked sufficient understanding of the financial status of the company. Originally thought that the related party’s The funds could be recovered but they could not be recovered. Third, the judgement of the team was insufficient. Although Jia Yueting pulled many cattle, it did not form a synergy. For Jia Yueting, Sun Hongbin still maintained a goodwill evaluation, saying that 'his entrepreneurial spirit is commendable, but personal credit has completely disappeared. In addition, his judgment on the valuation of the company has been wrong, and the value of the company has not been evaluated by him. So high, should not give such a high valuation. ' For Sunac's investors, Sun Hongbin revealed a sincere attitude towards 'mistakes'. 'Investment is problematic, and we have achieved a deficit. We will sum up lessons learned. We used to have mergers and acquisitions failed, but there are also many successful ones. Cases. It's normal to lose or win business. ' Earlier, Sun Hongbin once said that if LeSuccess is not a good thing, it will be a regret for him in life. But now, he has accepted this regret, saying, 'It is difficult to have no regrets in life. The money of Sunac Investment is basically completely lost. If LeTV is better afterwards, it will be earned.'
However, Sun Hongbin’s current pessimism is LeTV.com, which is the listing system. New LeTV Entertainment (former LeTV) and New LeTV (Yue Lezhi) are still pushing forward the related work. It has been revealed that after a new capital increase of RMB 1 billion was made for the new LeTV Entertainment (LTV), the company has basically maintained its normal operation. 'This piece will also be recapitalized in May and June. I am also more confident. It is also good. ' The situation of the new LeTV Wisdom (LesVision) is relatively complex. According to the existing equity relationship, LeTV.com holds Levision’s 40.31% stake in the company’s largest shareholder, and Tianjin Jiarui holds LeTV’s 33.49% stake. As the second largest shareholder, Levision Holdings holds Lexus' new 18% stake as the third largest shareholder. Sun Hongbin emphasized that regardless of the future business prospects of New LeTV Entertainment (former LeTV) and New LeTV Zhijia (former LeTV New), they have little to do with LeTV and will not have a positive impact on LeTV's business.
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