The debt problem between LeTV and LeEco has made new progress.
On August 17, LeTV released a risk warning announcement saying that after the listed company and the non-listed company continued to communicate, the two sides have reached a debt scale of about 6.7 billion yuan, and the final data is subject to the agreement signed by both parties.
LeTV said that the company's current financial difficulties and historical debt pressures have created a huge obstacle to the listed company's business, capital market reputation, brand establishment and recovery. The current management of the company continues to urge non-listed affiliates to promote debt settlement, but this debt The progress of the treatment relies heavily on the willingness and actual implementation of the major shareholders. As of now, no comprehensive solution has yet been formed.
"Securities Daily" reporter noted that at present, LeTV's controlling shareholder and actual controller are still Jia Yueting, whose shareholding ratio is 25.67%, which has all been frozen; the second largest shareholder is Tianjin Jiarui Huixin Enterprise under the control of Sunac Management Co., Ltd., with a shareholding ratio of 8.56%, has been pledged.
On January 19 this year, LeTV announced that since 2016, the company has formed a large number of related receivables and prepayments through the sale of goods to related parties controlled by Jia Yueting, the provision of services and other business transactions and the cost of inter-subsidy. As of November 30, 2017, the balance of the LeTV non-listing system for the listed company LeTV.com reached 7.531 billion yuan. However, LeTV Holdings objected to this debt amount, which should be 6 billion yuan. Check and confirm the debt problem.
LeTV.com said that LeEco Holdings intends to hold Lerong’s new equity auction and repay Lecong’s new arrears. The preliminary work required for this auction process was completed in February 2018, and it is expected that the court will issue an auction announcement. You can enter the substantive execution process, but as of now the auction announcement has not been released.
It is understood that LeTV Holdings holds 18.38% equity of Lerongzhixin, which is all frozen. On June 26, LeTV.com announced that it has reached three debt relief plans with LeTV Holdings, including LeTV Holdings. A happy 10% equity interest in Le Rong was pledged, and a loan of 1.1 billion yuan was obtained for Lerong to China Minsheng Trust Co., Ltd.
The failure to complete the equity auction in time will result in: On the one hand, LeEco Holdings will delay the repayment of the risk of the implementation of the new related arrears plan; on the other hand, Le Rongzhixin may not be able to change the business due to partial equity freeze or other reasons. Completion, and thus unable to complete the capital increase delivery clause by September 30, 2018 and constitute a new breach of contract by Le Rong, resulting in the completion of the new capital work of Le Rong will not be completed as scheduled.
In April this year, in order to obtain mobile working capital, Lerong introduced new investors such as Tencent, Jingdong, Suning, TCL, etc., and plans to increase the capital by 2.74 billion yuan. According to the agreement of the parties, if the second delivery cannot be reached before September 30th. Conditions, the investor has the right to terminate the agreement, which may directly lead to the failure of this new business.
It is worth mentioning that Le Rongzhixin is the core asset of LeTV. It is currently facing the risk of being listed. LeTV has previously announced that the 34.9398% stake in Lerongzhixin has been pledged, and the company has lost its holdings. The risk of the controlling interest of the company may result in Le Rongzhi being unable to count the scope of the consolidated statement of the listed company.
Shen Meng, executive director of Shannon Capital, told the Securities Daily that the loss of core assets of listed companies will affect performance and asset structure, which may cause problems that are not suitable for listing. If it is not possible to restructure and obtain business assets that can produce results, Exclusion will be required to delist.
LeTV's results announcement for the first half of 2018 shows that it is expected to lose 110 million yuan to 111 million yuan in the first half of 2018, which will result in the company's net assets attributable to shareholders of listed companies on June 30, 2018.
LeTV.com said that the company's board of directors and management are trying to solve the company's current operational difficulties, but there is a possibility of sustained losses in the second half of the year. Currently, listed companies have not received direct cash inflows due to debt settlement, and listed companies cannot be reached in the short term. The related party debt problem solving plan has obtained cash support. The operating difficulties of listed companies due to lack of funds cannot be directly and effectively lifted. If the company's net assets for the whole year of 2018 are negative after auditing, the Shenzhen Stock Exchange may decide to suspend the company's stock listing.
'The core of LeTV's debt problem lies in repayment. At present, the listed company's ability to recover Jia Yueting is still seriously insufficient. In the future, some debts will not be ruled out as bad debts, and they have to be written down. ' Shen Meng said.