Sun Hongbin 'Naked Resignation' Chairman of LeTV.com, let LeTV.com become A-share 'Storm Eye' again. LeTV.com's announcement on the resignation of Chairman of the company was recently revealed: Sun Hongbin applied for resignation as chairman of LeTV.com and withdrew from LeTV.com. He then took any position in LeTV. Sun Hongbin entered LeTV on July 21, 2017, and went off on March 14, 2018. He became Chairman of LeTV for 237 days.
10 days later, on March 25th, “Dialogue Sun Hongbin: Explaining the LeD Difficulty and Resignation of the Lester of LeTV.com” (hereinafter referred to as “Dialogue”) in a circle of friends, Sun Hongbin claimed in the “Dialogue” that LeTV The bank remained in bankruptcy and reorganization, selling assets to pay off debts, and delisted three ways, causing great market concern. After another 4 days, Sunac China (01918.HK) held a 2017 performance announcement in Hong Kong on March 29, Sun Hongbin. It also declared that 'LesVision is a failed investment, and 16.5 billion yuan are all bad debts.'
Under the fermentation of Sun Hongbin's speech, the Shenzhen Stock Exchange issued an 'inquiry letter' on March 30th requesting for an explanation of the insufficient mention of LeTV's asset impairment loss in 2017 and selling of core assets to repay debts. LeTV April 3rd reply: 'Comprehensively consider the provision for impairment loss of various assets. Based on the data so far, the company did not trigger negative net assets as of December 31, 2017. If the company continues to experience large amounts in 2018 Loss, there is a risk of negative net assets. '
LeTV's announcement on April 4 shows that Liu Shuqing has become the chairman of the third session of the LeTV. Liu Shuqing is deputy director of Sun Hongbin and has set up the old department. Why did Sun Hongbin give himself a 'digging hole'? Market participants accepted the report from the China Business News , Sun Hongbin is likely to retreat, seeking further control, restructuring LeTV. The reporter failed to obtain Sun Hongbin and LeTV official response.
Into LeTV, confidence fades
In the "Dialogue", Sun Hongbin already admitted that LeTV's investment was a 'must fail' for Rongchuang, but 'I never regret'.
The reason is that 'investment logic is right: consumption upgrades, good life, big entertainment, big cultural travel, medical care or investment priorities', but 'there are mistakes in LeTV's financial and team's judgments'.
Sun Hongbin thinks: 'The team of LeTV is able to produce a large number of people and dig a lot of cows, but it does not form a joint force. We are a hard core, and many people follow me for many years. The Levision team's combat effectiveness is not like us. Strong team. '
Sun Hongbin’s current conclusions and judgments are actually very interesting. The LeTV News announcement on January 13, 2017 announced that it had secured a strategic investment of 16.8 billion yuan from institutions such as Sunac. Two days later, Sun Hongbin and Jia Yueting attended the same event. The robes of the robes and the future of LeChuang's conferences all indicated that this was a cross-border cooperation of 'love at first sight.' At that time, Jia Yueting said that LeTV plans to sell the Shimao III project because of funding constraints. He met with Sun Hongbin through Gezhouba Real Estate Chairman He Jingang. Sun Hongbin revealed that he led his team to a due diligence investigation of LeTV for 36 days. He came to the conclusion that LeTV's team is also OK. The strategy is also OK. It is short of money. This is easy to handle.
Today, Sun Hongbin talks about '16.5 billion yuan are provisioned bad debts', quite a sense of 'give up and get rid of.' However, Sun Hongbin still quite a lot of expectations. Industry speculation, Sun Hongbin early involvement in the daily affairs of LeTV. For example, at a press conference held in May 2017, Sun Hongbin disclosed that Levi's President Liang Jun has entered Leshi Online City Corporation and fully fulfilled LeTV’s CEO responsibilities. Sun Hongbin also remarked: 'The future LeTV will only be LeTV.com (Listing) And LeTV, LeTV Jia Yueting how to play on how to play, the listed company and I. 'Sun Hongbin broke the news, LeTV in the May 21, 2017 was released in the afternoon to become the general manager of LeTV, Jia Yueting resigned as general manager Announcement of duties.
After resigning as the general manager of LeTV, according to LeTV’s announcement, Jia Yueting resigned from his position on July 6, 2017. Until July 21, 2017, LeTV republished the announcement and Sun Hongbin was elected as the company’s Chairman of the Third Board of Directors, Liang Jun with Sun Hongbin and Zhang Zhao, CEO of LeTV Film also entered the board of directors.
Although Sun Hongbin said at the time that he did not want to be the chairman of LeTV, because Sunac's sales were more than LeTV's, he also said that for LeTV, 'I either do it or I’ll find a partner. If it’s me This is part of the transformation of Sunac. Either looking for a partner, we are willing to be a second shareholder. 'This shows that after the first half year of cooperation, Sun Hongbin is still looking forward to LeTV and sees LeTV as a financial transformation. Part of the story, but when the outside world guessed that Sun Hongbin would aggressively promote Levision in LeTV, Sun Hongbin’s confidence seemed to have begun to 'lose'.
For example, Sun Hongbin said in September 2017, two months after Jia Yueting resigned, “I had no regrets in my life before investing in LeTV. However, after investing in LeTV, if we do not do this company well, I Life really regrets. '
However, on January 23, 2018, at the Lenovo online investor briefing, Sun Hongbin’s attitude became, 'I will try my best (to make new music as well), I hope to leave no regrets. But if there is still no way, then it can only be Sorry. There are many regrets in life.'
On February 23, 2018, LeTV.com held an extraordinary general meeting of shareholders. Sun Hongbin simply absented.
Core assets have been controlled
Sun Hongbin’s thinking is actually very clear. LeTV should be divided into two parts: one is a listed company, and the other is LeTV. The car Jia Yueting wants to figure out how to get it done. The listed company is at his helm, LeTV’s other businesses’ sale, The cooperation in cooperation '. However, from July 21st, 2017 to be the chairman of LeTV.com, although Sun Hongbin has done a lot of layouts in LeTV's personnel, daily operations and management, the results are not satisfactory.
For example, in August 2017, Zhang Zhao was appointed as the chief content officer of LeTV and the listing system. Zhang Zhao also served as Chairman and CEO of LeTV Films, reporting to LeTV CEO Liang Jun. Sun Hongbin was highly valued by Zhang Zhao and LeTV was released once. At the meeting, Sun Hongbin once patted Zhang Zhao's shoulder and said, 'You don't have to think about money, you don't need to worry about money, you just have to be right. You have money.'
Liu Shuqing also served as senior vice president of LeTV.com since August 2017, and fully coordinated the LeTV and listed company system's human resources, legal affairs, finance, administrative management, and reported to Liang Jun, CEO.
After the management’s “change of blood,” LeTV also held a meeting of the core management team at or above the director level on August 17-18, 2017. Sun Hongbin listened to more than 120 people at the meeting and also stressed that the new culture of LeTV is united.
In order to further demarcate the boundaries between Jia Yueting and LeTV, LeTV.com also announced on September 27, 2017 that it intends to change its name to New LeTV Information Technology (Beijing) Co., Ltd. and intends to change the securities abbreviation to New LeTV, but the securities The code remains unchanged.
Although apparently, Jia Yueting did focus on the car, and Sun Hongbin did indeed enter LeTV and led some things. He also tried to further 'Let's,' but it seems that the new LeTV management team does not seem simple. After three months as CEO of LeTV, Liang Jun submitted his resignation in October 2017. The related media disclosed that Sun Hongbin thought that Liang Jun was 'too pride' and Liang Jun said 'has already broken up with Sun Hongbin'. After Liang Jun left office, New LeTV did not reappoint the CEO. Instead, it established the new LeTV Management Committee in October 2017. Zhang Zhao served as the chairman and Liu Shuqing served as the vice chairman.
On the other business of Le Sell, the cooperation and cooperation of the cooperation, Sun Hongbin can only complain about Jia Yueting. 'It is always a continuous one. Last year, he still said that Le Shi could not be less one of the seven children.'
Although the renovation of LeTV is not smooth, and 16.5 billion yuan are provided for bad debts, it is considered that Sun Hongbin’s investment in LeTV’s loss is not necessarily accurate. In fact, as Sunac China’s chief executive officer and executive director Wang Mengde did in 2017 As explained in China's performance briefing session, Sunac China's 'in place' in financial accrual is mainly based on the consideration that 'Let Let's assets have little impact on Sunac's China Reporting in the next two to three years'.
In particular, Wang Mengde pointed out at the press conference on January 15th, 2017, that “We created a financial China” with sales of over 150 billion yuan, and exceeded 60 billion yuan by the end of the year. The cash is on the account. Actually, as this investment, that is, the money we buy for one or two projects is not financially stressful. 'Actually, because Leshi has rich land resources reserves, Sunac invests in Leshi, in the real estate business. Has already gained something.
After Sunac China made a strategic investment in Levision in January 2017, business and industry information showed that LeTV Investment transferred 50% equity interest in Chongqing Levision to Chongqing Sunac on March 13, 2017. By December 14, 2017, Chongqing Sunac Acquired a 100% stake in Chongqing LeTV, which will include 382 acres of land resources in Chongqing Liangjiang New Area, an important asset of Chongqing Levision.
According to other information, Shanghai Sunac acquired the 50% equity interest of Shanghai Longshi Investment Management Co., Ltd. held by LeTV Holdings (Beijing) Co., Ltd. in the morning of March 10, 2017, and obtained the Longview Plaza of Shanghai Hongqiao Business District. North Building ground floor underground 30,000 square meters of property ownership.
In addition, Sunac China obtained 8.61% equity interest in LeTV.com through a strategic investment in January 2017, 15% equity interest in LeTV, and 33.5% stake in LeTV. However, according to the announcement on April 1, LeTV The 40.31% equity of Leshi Zhijia (former LeTV Zhixin) has been fully pledged, of which 34.94% of the equity was pledged to Tianjin Jia Rui Huixin Enterprise Management Co., Ltd. and Sunachuang Real Estate Group Co., Ltd. under Sun Hongbin. That is, if LeTV The net couldn't repay the debt on time. Sun Hongbin will hold nearly 70% of Xinle's Sensei shares.
For LeTV (renamed as the new LeTV Entertainment in September 2017, and renamed as LeChuang Entertainment on March 27, 2018), after obtaining a 15% equity in January 2017, Sun Hongbin’s Tianjin Jiahui Huixin will be held later. After several rounds of capital increase, the accumulated investment exceeded RMB 2 billion, and a total of 40.75% of the shares were acquired. It has become the largest shareholder. And most of LeTV's equity held by LeTV Holdings has also been pledged to Sunac China, if LeTV cannot Repay debt on time, Sun Hongbin will eventually control LeTV.