On the afternoon of March 25th, less than 10 days before Sun Hongbin, the former chairman of LeTV.com, stepped down from his position as Chairman of the Board. Sun Hongbin called on several media to warn LeTV's small and medium investors that LeTV.net institutional investors had long fled, LeTV.com debt high barriers. , Its individual has been powerless, LeTV in the future only three roads: bankruptcy reorganization, selling assets to repay debt and delisting.
Sun Hongbin came to persuade those investors who once placed LeTV's revival on him. According to the “21st Century Business Herald” report, Sun Hongbin stated: 'If you make money, congratulations, if you lose money, it does not matter to me.' Don't marry me. I still want to curse people. (Resign from the position of LeEco.) You call me one after the other, I call you 10 sentences! (Because) I have lost more than you. '
Sun Hongbin also reminded investors that 'LeTV is now a typical demon stock', leaving only some hot money and retail investors frying. This is very risky.
After Lexus resumed trading on January 24 this year, after going through 13 daily limit plates, the stock price rose all the way. Large numbers of retail investors and hot money entered the trend. This trend reached its peak on March 13th. LeTV's daily limit was maintained on the same day and continued to increase sharply on the 14th. Rising, music as the network emergency stop.
On the evening of the 14th, LeTV announced that Sun Hongbin had stepped down as chairman. Public opinion was at a loss as to the sudden news. The market speculated about this, and both the vociferous and the rousing were there.
Today, Hongbin Sun, through the media, said: LeTV is already insolvent, retiring from the chairmanship, is worried that the retail market because of Sun Hongbin's optimistic about the future of LeTV, astray.
According to the report from Yema Financial, Sun Hongbin stated that LeTV has 7.5 billion creditors with extremely low debt. At present, LeTV has only three ways left to go: The first is bankruptcy and restructuring. This does not affect the listing status and is a mature solution. However, this requires the supervisory level, the Beijing government, and the court to support the tripartite party. Second, it is to sell assets to pay debts and maintain the listing status. However, there is no asset to sell now. If there is still a loss, the final result may still be delisted. Third, the last Delisting, I do not want to see the delisting. I would not say if the delisting is not delisted, but on the basis of the GEM delisting rules. Now LeTV is likely to have negative net assets. Delisting risk.
Whether it's taking any of these three paths, it's very difficult to maintain the stock price at a better price.'
Sun Hongbin officially took over from LeTV to the post of the retiring chairman, 236 days. Looking back at all the previous LeTVs, Sun Hongbin may have been tired. In September last year, LeTV's board of directors announced in a high profile the 'new and old demarcation' style renamed in 1 It was terminated on the 19th. On February 23, 2018, at the first shareholder meeting of LeTV.com, Sun Hongbin was rare and absent. Grass snakes and gray lines ambushed.
Take over: Hold the moneybag of LeTV
Last summer, Le Shi Building, which was separated from a viaduct in Chaoyang Park in Beijing, was filled with debt collection providers. Leshi had high ecological debt, Jia Yueting and the three companies under the name of a total of 1.237 billion yuan were frozen. Jia Yueting has already resigned as LeTV. Net general manager and chairman of the board, leave the United States and never come back.
On July 21st, Sun Hongbin, who was 'hard-working', formally picked up the baton.
This is the 179th day after it was announced on January 3, 2017 that it was carrying 150 billion yuan to Jia Yueting. Sun Hongbin officially entered the first day. Sun Hongbin’s 15 billion yuan was used to purchase LeTV. LeTV and LeTV. The new shares are 8.61%, 15% and 33.4959% respectively. Both LeTV and LeTV are considered to be excellent assets in the LeTV ecosystem.
For the discussion of whether LeTV is a surname surname or a surname Jia, the people have defaulted on the latter. However, from the layout of the board structure, although Sun Hongbin succeeded the post of chairman, five non-independent directors in the newly established board of directors. The list, Jia Yueting's old general still has 3 seats, and Sun Hongbin only has 2 seats.
In the one month after he took up his job, Sun Hongbin, who is the second shareholder, expanded the five seats on LeTV's existing board of directors to eight. Among them, Liu Shuqing is a financial insider and the remaining four are nominated by Sun Hongbin, including non-independence. Director Le Lezhi to the new former CEO Liang Jun (appointed as CEO of LeTV), Zhang Zhao, a former president of LeTV, a non-independent director (appointed as executive director of LeTV), and independent director Cheng Lu, Vice President of Xinwei Group. In the 3 seats, Liu Hong, a non-independent director, was retained as the co-founder of LeTV, then deputy general manager of LeTV, and independent director Cao Bin, and a new independent director.
On August 17th, the legal representative of LeTV.com also changed from the former Jia Yueting to Liang Jun. Liang Jun joined LeTV in 2012 as the new responsible person for LeTV. He is almost regarded as the founding talent of LeTV's cash flow. 5. It is Jia Yueting's left arm and right arm.
LeJun's control of LeTV made it possible to not only sell LeTV's smart TVs from nowhere to domestic sales, but also become the best quality piece of the entire LeTV system. From 2013 to 2015, only hardware revenue contributed to LeTV.com every year. About %. On May 21, 2017, Liang Jun replaced Jia Yueting as the general manager of LeTV.
In addition, LeTV has experienced a series of personnel changes, including Liu Shuqing, Senior General Manager of Sunac China Risk Management and Control Center, who is newly appointed as Senior Vice President of LeTV. At the same time, he has fully coordinated the human resources, legal, financial and administrative management of LeTV.com. It also means that Liu Shuqing, who represents Sun Hongbin, has tightened LeTV's pocketbook and installed a 'firewall' on the intricate funds dismantling model between LeSco's ecology. In the company's business operations, it is almost the same as LeTV. Liang Jun, the newly appointed CEO, subsequently carried out several personnel mobilization arrangements at the position of LeTV.
Attack: It must be good music
On September 1, 2017, Sun Hongbin officially took over the 42nd day of the chairmanship.
On this day, Sun Hongbin was unable to suppress emotions at Sunac China’s interim results conference. He picked himself up from the scene: 'I have always said to myself that I have no regrets in my life. The regret that I have to make up for now is that we must make LeTV do a good job.'
For Sun Hongbin to make this emotion, there is no way for the outside world to make a definite answer. However, the difficult situation faced by LeTV is beyond the judgment of Sun Hongbin.
Recently, LeTV's 2017 semi-annual report, which was just announced recently, listed LeTV as a loss for the first time since its listing. The net profit loss was RMB 637 million. The relationship between LeTV and non-listed companies is complicated and financial affairs are as of June 30, 2017. The balance of receivables of related parties was 5.2 billion yuan, accounting for 52% of the total accounts receivable.
Netease Qingliu Studio According to the disclosure statistics released by LeTV, LeTV's purchase of goods/services with related companies was as high as 8 billion yuan in 2016. These complex connected transactions caused LeTV’s cash flow recovery difficulties and large amount of money. The supplier’s arrears are long.
Sun Hongbin’s strategy is divided into two steps. The first is reshaping LeTV.com and its subsidiaries. Sun Hongbin is trying to create a new LeTV. It will be LeTV, LeTV, LeTV, and LeTV. Become a new concept, focusing on the self-control of LeTV's content resources, from the previous expansion model to the digestion and development of stocks.
Immediately afterwards, the company name was changed from 'Letvision Information Technology (Beijing) Co., Ltd.' to 'New LeTV Information Technology (Beijing) Co., Ltd.', and the stock short title was changed from 'LeTV.net' to 'New LeTV.' by.
But later in the second half of October, LeTV executives were turbulent. LeTV’s original team members Ma Liangjun, Gao Fei and Yang Yongqiang and many other senior executives resigned. These people have followed Jia Yueting for many years, and have experienced LeTV's most beautiful scenery. The time of the market value of 160 billion yuan.
The outside world has no way of knowing the specific reasons. However, Sun Hongbin’s action is to connect LeTV and its group to create China’s interconnection. A “Sunshine Group” widely circulated on the Internet on November 14 was issued and issued “About the company’s configuration of each company. 'LeTV' notice of television', the document said that all regions where there are office areas, demonstration areas or projects that need to configure television, must use 'LeTV' television.
This impressed Sunac China's staff in the Beijing Wanliuyi City Center. As a welfare company, the company provided its sales department staff with hundreds of LeTVs as prizes at its annual conference in 2017.
In November, Sun Hongbin also announced that he would increase the funding for LeTV to create new and LeTV. At the same time, Sunac announced in November that it would provide RMB 500 million, 1.29 billion in loan support to LeTV Zhixin and LeTV respectively. On December 25th, Chuangzeng Levision Film and Video Co., Ltd. raised its shareholding from 21.00% to 40.75%, becoming the largest shareholder.
This was interpreted by the industry as a measure to stabilize the stock price of LeTV. LeTV.com has suspended its business since April 14, 2017. It has experienced several successive private equity valuation cuts; LeTV, which was expected to resume trading on October 16th, is at 10 The announcement on the 9th said that 'this major asset restructuring involves major non-precedent matters' and is expected to not be able to resume trading.
It is also at this point in time that Sun Hongbin showed no more patience with LeTV.com and LeTV.com.
On October 27, 2017, LeTV.com first publicly and directly began to shout Jia Yueting to allow him to fulfill his loan commitment. This loan commitment was made in May 2015 when Jia Yueting made reductions in cash at LeTV.com's share price. Jia Yueting not only promised. All the funds used to reduce the holdings were lent to the company as working capital, and no less than RMB 5.7 billion in loans was signed. Since then, Jia Yueting’s loan amount was 0.
In November, Jia Yueting responded that he could not return the funds. On December 7, the CSRC's Jia Yueting and Jia Yuefang issued a severely worded rectification decision: You withdraw all your borrowings when the listed company is in trouble, refuse to honor your commitments, and set company risks. In spite of this, it seriously damaged the vital interests of listed companies and the majority of small and medium-sized investors, and had a bad social influence. It also requested Jia to issue detailed rectification reports and specific repayment plans.
This may eventually prompt Jia Yueting’s statement issued on January 3, 2018, and his individual will appoint his wife Gan Wei and his brother Jia Yuemin to handle the debt on his behalf.
Retreat: 'Is Sun Hongbin's Improper Chairman Important?'
Jia Yueting's debt repayment team did not allow Sun Hongbin to restore 'confidence'.
On the 187th day of January 23, 2018, Sun Hongbin regrettably misjudged Jia Yueting's repayment ability at an exchange meeting with investors and the media. He did not expect that the debt owed by the related party to the listed company could not be effectively repaid. .
In the Spring Festival this year, all the investors in LeTV are unhappy. On January 19th, the reorganization of LeTV Films, which was planned for three years, failed again. This means that both the first major shareholder Sun Hongbin and the second largest shareholder Jia Yueting Holdings’s LeTV Holding, can not enjoy the return of funds from LeTV's reorganization, Jia Yueting also failed to cash out repayment, LeTV can not reverse the horrors of resumption of trading after the stock price.
On January 23, Sun Hongbin told investors: 'People sometimes have to dare to change the sun and moon for the new days, and sometimes they have to be willing to lose.'
Sun Hongbin was absent from the first shareholder meeting of LeTV in 2018. His latest appearance was in public in early March. At the Chinese entrepreneurs' annual meeting held in Yabuli, Heilongjiang, Sun Hongbin said this time: 'It has always been not very conceptual about money.' Actually, I'm not very suitable for a company. Why do you want to cooperate with me? Because I don't like to settle accounts.
'Not counting Sun Hongbin' has now sent LeTV and its LeTV to create new, LeTV's investment amounted to 17.1 billion yuan. With Sun Hongbin's resignation letter submitted to LeTV on March 13, can this account be able to Recall? Sun Hongbin is willing to lose money in the game? What is the future of LeTV? All become market puzzles.
At the time of market confusion, one of LeTV’s senior executives who did not wish to be named responded to Netease’s Qingliu Studio: “Sun Hongbin was improper chairman. Is it important?!”
'Sun Hongbin's departure is a signal now. It is also a last resort.' Huang Lichong, founder of China Animation International Strategic Management Group, explained to the Netease ClearFlow Studio that 'When a company chooses to withdraw from the market or bankruptcy proceedings, directors and shareholders are liable. If the shareholder directors believe that there is a potential delisting legal risk, Sun Hongbin is likely to resign first, thus retaining decent.
Some people inside LeTV also stated to Netease Clearflow Studios that due to the regulations of the current exchange system, LeTV.com has had a huge loss for two consecutive years in 2016 and 2017. We do not rule out the possibility that LeTV will be delisted.
A phenomenon that deserves vigilance is that the number of natural person shareholders of LeTV has soared.
On January 24th this year, LeTV resumed trading. The stock price fell all the way, and the 11 consecutive suspension cards dropped from the initial 13.8 yuan/share to 4.82 yuan/share. After that, they stopped falling on the 13th trading day. , February 14, Valentine's Day began, LeTV's share price is almost all the way, from the day's 4.11 yuan / share, has been chasing until March 14th closing price of 6.59 yuan / share, rose by more than 60%.
It is on the first 13 trading days that the number of shareholders of LeTV.com has increased by 81.6% compared with that before the resumption of trading. The number of natural company shareholders has increased by 151,000 to 336,000.
On March 16th, LeTV resumed trading. After falling for two trading days in a row, LeTV.com's share price has risen against the trend. This may have prompted Sun Hongbin to eventually face media directly.