After LeTV.com's 2017 earnings report with a huge loss of 13.88 billion yuan, yesterday's share price soared. Yesterday morning, LeTV.com's share price opened higher and higher, and the highest daily gain reached 7.94%. Although there was a slight decline after midday, However, it still rose 4.08% throughout the day. It seems to have nothing to do with the annual report of the huge loss of 13.88 billion yuan released the night before.
Performance: Last year's loss was more than 2 billion yuan more than expected
The night before yesterday, LeTV.com finally released an announcement to disclose its 2017 results. This is not only the first full-year financial report after the crisis of LeTV's capital chain, but also Jia Yueting's exit. After Sun Hongbin took over LeTV's first annual report, it received much attention. However, The outside world is also prepared for LeTV's huge loss last year. At the end of January this year, LeTV.com posted a huge amount of pre-losing announcements. It is expected that the annual loss in 2017 will be as high as 11.6 billion yuan.
Since LeTV has a profit of 555 million yuan in 2016, the pre-losing of over a hundred billion yuan in January this year has naturally caused the outside world to surprise. At that time, LeTV explained that the reason for the huge loss in performance was the continuing shortage of funds from related parties. , The impact of liquidity storms, continued public opinion fermentation and continued to expand, have a greater impact on the company's reputation and credibility, the company's advertising revenue, terminal income and membership revenue and other services have experienced a substantial decline. At the same time, the company's daily operating costs (e.g., CDN fees, amortization expenses, etc.) and the increasing cost of financing resulted in an operating loss of approximately RMB 3.7 billion. In addition, taking into account the related party debt risk and recoverability, the company estimates that the company will The provision for bad debts of related party receivables was approximately RMB 4.4 billion. In addition, the company’s management recognises the impairment risk of long-term assets such as film and television copyrights and available-for-sale financial assets in intangible assets due to careful consideration. And judging, after preliminary calculation, the company is expected to make provision for impairment of some long-term assets of about 3.5 billion yuan.
Although LeTV had already considered many unknown factors at the time, the formal announcement of the previous year's 2017 annual report still frightened the outside world, because the actual loss amounted to an additional RMB 2.2 billion, which was 13.88 billion yuan. , LeTV.com conducted a comprehensive inventory and asset impairment test of the assets of the company and its subsidiaries that may show signs of impairment in 2017, and provided a total of RMB 10.882 billion in impairment losses on various assets in 2017, including impairment losses on intangible assets. 3.28 billion yuan, the loss of bad debts was 6.094 billion yuan. This means that LeTV's 2017 loss was more than 2 billion yuan more than expected, mainly because the depreciation charge was increased by nearly 3 billion yuan.
Finding: Jia Yueting is still LeTV's largest shareholder
The Beiqing News reporter learned from LeTV's 2017 financial report that the LeTV.com shares held by the four shareholders associated with Jia Yueting in the top ten shareholders have all been frozen, and the total frozen amount has reached more than 30% of the LeTV.com shares.
Among them, Jia Yueting is still the largest shareholder of LeTV. Its shareholding ratio reached 25.67%, about 1.024 billion shares, and all of them are currently frozen. At the same time, 1019 million shares were pledged. Liu Hongwei, who partnered with Jia Yueting to establish LeTV. LeTV's third-largest shareholder, which holds 122 million shares and accounts for 3.07%, has also been frozen. At the same time, nearly 120 million shares have been pledged. Jia Yueting's brother Jia Yuemin is the fourth largest shareholder, holding 288 million shares, all It was frozen and pledged to close to 87 million shares. LeTV Holdings is LeTV's tenth largest shareholder, holding nearly 24 million shares, all frozen and pledged.
Sun Hongbin's Tianjin Jia Rui Huixin Enterprise Management Co., Ltd. is LeTV's second largest shareholder, holding 340 million shares and is currently being pledged. It is also worth noting that Central Huijin Asset Management is the sixth largest shareholder of LeTV. Industrial Bank - China Post Strategy Emerging Industry Hybrid Securities Investment Fund and Agricultural Bank - China Post's flexible configuration of the information industry hybrid securities investment funds are also ranked in LeTV's top ten shareholders.
Concern: Accountant's Annual Report on LeTV
The annual report of LeTV.com should have been disclosed on the evening of April 24. However, the company had previously announced that it was still in progress and that disclosure of the annual report was postponed for two days. It is understood that LeTV changed its accounting firm earlier this year. Ericsson Certified Public Accountants acted as the company's auditing agency. LeTV.com stated at the time that the company had already communicated in-depth with the Lixin Certified Public Accountants. Lixin Certified Public Accountants has known the company's status quo and problems, but due to limited time, due to careful consideration, there are It is necessary to postpone the company's 2017 annual report.
However, the Beijing Youth Daily reporter noticed that even though the disclosure was postponed for two days, Lixin Certified Public Accountants still issued the 'unable to express opinion' for LeTV's 2017 annual report. In response, the accounting firm stated that it could not express its opinion. The contents of the accounts include receivables and other receivables, impairment of intangible assets and contents of payables.