On May 14th, LeTV.com held 2017 annual online performance briefing. In this performance briefing, aiming at the delisting risk caused by the decline in performance that investors are concerned with, Leveraging to the new controlling stock, Jia Yueting debt, Jia Yueting FF91 car, etc. The problem, the company management responds online.
This is the first time since the assumption of the chairman and general manager Liu Shuqing of LeTV.com to face the investors as the chairman of LeTV. She stated at the communication meeting that the company is currently faced with major difficulties in overall financial arrangements, the cash flow is extremely tight, and the company’s management All possible plans are being actively pursued, but no specific plan has yet been formed.
Suspension of listing risk
According to the financial report, LeTV's loss in 2017 was RMB 13.8 billion, making it the annual loss leader for A shares. As of the end of December 2017, the net assets of LeTV were 663 million, a significant drop of 93.52% year-on-year. By the end of the first quarter of 2018, LeTV The net assets of the company's shareholders were only 404 million, and net profit loss was 307 million.
LeTV's follow-on debt insolvency is a more realistic issue. In response to this, LeTV's Board Secretary Zhao Kai stated that if the listed company continues to lose money in 2018, there will be a negative net asset attributable to the mother. Currently, the company is actively recovering. debt.
For LeTV, which is deeply involved in the debt crisis, the debt issue is an important focus of the entire communication. In 2017, the financial report showed that the balance of the debt owed by Jia Yueting to LeTV was as high as 7.28 billion yuan. In addition, LeTV's short-term loans amounted to 2.75 billion.
According to Zhang Qi, Chief Financial Officer of LeTV, overall, the company's current overall financial arrangements have significant difficulties and the cash flow is extremely tight. After a substantial asset impairment, some of LeTV's assets are in a frozen state, raising current assets. It is difficult to cover short-term debts and the accumulated lawsuits and disclosures of listed companies by the company. If the above litigation damages further contingent liabilities, it will increase the debt pressure of the company.
For the settlement of the debt problem, through the communication meeting, LeTV is mainly divided into debt collection and self-help.
For self-rescue, Liu Shuqing stated that the company's board of directors and management are struggling to solve the company's current operating difficulties. Improve business operations to restore the company's cash flow and supply and marketing system; actively negotiate loan extensions with relevant financial institutions, and strive to resolve the company's operational difficulties; seek The third party increased capital to solve the current financial pressures of the subsidiary; coordinated related parties to repay the listed company's arrears by way of cash or assets. Liu Shuqing stated that the company's management is actively seeking all possible solutions, but no specific plan has been formed yet. .
For debt collection, LeTV management repeatedly stated that he would urge Jia Yueting to pay back the money.
As for whether or not there is a suspension of the listing risk for investors and Shenzhen Lexus' inquiring LeTV, Zhao Kai responded. In the 2017 audit report disclosed, Lixin Certified Public Accountants issued an audit opinion of 'unable to express opinions'. He stated that If LeTV.com still obtains such opinions in the 2018 audit report, there is a risk of being suspended for listing according to the Shenzhen Stock Exchange regulations.
Or dissatisfaction with new controlling shares
Lok Fuxin’s new controlling share and Jia Yueting’s FF car are also two of the most important focuses of LeTV.
In April of this year, LeTV.com's subsidiary, LeleVision, changed to Lemax. Announced a capital increase of RMB 3 billion in cash and debt at a valuation of RMB 9 billion. Sunac, Tencent, Jingdong, Suning Sports, TCL, Billion Group, SEGA Holdings, Design Valley, Jin Ruixian and Hony Capital are all new intention investors.
Zhao Kai stated at the communication meeting that this time the capital increase was the company’s self-rescue program. The company’s new brand and reputation have been severely damaged. Some receivables are difficult to recover, and LeTV’s cash flow has been extremely tight. The current management of the company focused on restoring the company's business and hoped to salvage the company and improve the company's new operating strength. At the same time, whether this capital increase can restore the company's business scale, there is still uncertainty.
So, LeTV will not lose Leflux to new control rights? Zhao Kai said that after the new financing to the new capital, the proportion of LeTV will be diluted, based on the existing agreement and the intention to increase the capital, after the capital increase LeTV.com's shareholding ratio has dropped to 33.46%. At the same time, 18.38% of the shares held by Lefluxon’s new shareholder LeEco Holdings are frozen, and some or all of them will enter judicial auction procedures. , Loss of the risk of controlling the controlling of the subsidiary.
The FF car is the focus of recent attention. According to reports, Jia Yueting's FF car has arrived in China, and investors have asked questions. Does this mean that future car profits can be paid back to listed companies? Liu Shuqing stated that the media report's Jia Yueting The FF car has arrived in China. 'Unknowingly, I don't understand it. I have repeatedly contacted JIA Yueting's relevant parties, e-mails, and obtained information in a timely manner.
Liu Shuqing stated that LeTV will also strive to further expand the financing channels and obtain the capital and business resources required for the company's business development to address the company’s current funding needs and business development issues. At the same time, LeTV.com’s current management is working to restore various The main business is launched to reactivate the company's cash flow and supply and marketing system.
Liu Shuqing also stated that the listed companies are currently very difficult to manage and the current management team is working hard to change the status quo at the moment. However, it is hampered by the severe funding situation and the company’s normal operations cannot be promoted effectively. The company also expects that Jia Yueting and related parties can come up as soon as possible. Effective solutions and repayment schedules to timely rescue listed companies in the quagmire of funding constraints.