On the evening of August 29, LeTV.com disclosed 2018 semi-annual report. The company achieved revenue of 1.004 billion yuan in the first half of the year, down 82% year-on-year; net profit attributable to shareholders of listed companies was -1.104 billion yuan, down 73.36% year-on-year.
Regarding the company's total operating income, operating profit, total profit, and the reason for the sharp decline in net assets, LeTV.com Summary: During the reporting period, the company continued to be affected by the financial crisis of related parties, and the reputation and credibility of the company remained in serious negative. In the whirlpool of public opinion, in the first half of 2018, the company's terminal revenue, advertising business income, membership and distribution business income showed a significant decline compared with the same period of last year. As the main business scale decreased, the company's terminal sales cost and daily operations Costs such as CDN and bandwidth fees, labor costs, and amortized costs all have a certain degree of reduction, but the decline is less than the decline in operating income. At the same time, due to the increase in financial expenses during the period, it is also the main reason for the significant decline in total profit during the reporting period. One of the factors.
LeTV.com said that the company's board of directors and management are working hard to solve the company's current operational difficulties. However, due to the related party's debt, the company's funding problems cannot be resolved. There is a possibility of continuous losses in the second half of the year, such as the company's annual 2018 audit. Net assets are negative, the company has the risk of stocks being suspended.
According to the report, at present, LeEco Holdings intends to hold Lerong's new equity auction and repay the new debts from Lerong. The preliminary work required for this auction process has been completed.
According to Jia Yueting's previous email confirmation, all of its stock pledged repo transactions have touched the closing line agreed by the agreement, and all of Jia Yueting's stock pledged repo transactions have defaulted.
The company has not received any notice or arrangement from Jia Yueting about its holding of LeTV shares, and Jia Yueting’s disposal of the company’s stock is affected to some extent by its stock pledge and frozen state, which may lead to the actual controller of the company. The risk of change. At the same time, there is a risk that the company's shareholders and related parties will not be able to repay due debts due to the maturity of the debt, resulting in the risk that the equity of the listed company will be changed according to the law.
In addition, the current financial difficulties and historical debt pressures of LeTV 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 treatment The progress relies heavily on the willingness and actual implementation of the major shareholders. The listed company expects the non-listing system to pay more attention to the debt problem and implement it substantively. So far, no comprehensive and effective solution has been formed.