Maybe LeTV has been in the trough for too long, so when it released a loss of 1.1 billion yuan in the first half of 2018, the loss exceeded the total operating income, and the net assets were -47 million yuan in the semi-annual report, the stock price rose in the morning, and Once approached the daily limit. Maybe people believe that 'no extreme Thai', but does not rule out sometimes only wishful thinking.
If Jia Yueting continues to repay the debt, LeTV and Lerong will part in the new future. LeTV may lose its new controlling stake in its core subsidiary, Lerong, and thus its operating income and net profit will further decrease if the net assets for the year continue to be negative. , there is a risk of delisting.
At present, LeTV and Jia Yueting's affiliates, such as LeTV Holdings, have confirmed about 6.7 billion in debt. From the published progress, the first is Lerong's new acquisition of LeTV Finance, which is used for debt-for-equity swaps, of which 1.37 billion yuan is used. In order to offset the related party's debt to LeTV; the second is to transfer the debt of the relevant party to RMB 100 million to LeTV; the third is to pay the loan of RMB 550 million in the future; in addition, LeTV Holdings intends to auction the music it holds. Incorporate new equity to repay new debts to Le Rong.
From the above progress, LeTV has not formed a 'full and effective' debt solution with related parties. Therefore, LeTV is still short of money. The net cash flow generated from operating activities in the first half of the year was -850 million yuan.
Besides, at present, the second shareholder of LeTV's management right, Sunac (the actual controller of Tianjin Jiarui), if LeTV is done well, the biggest beneficiary is still the major shareholder of LeTV. Jia Yueting (the actual control of Leshi Holdings) Sun Hongbin, the owner of Sunac Group, has become smarter now. Last year, he invested 15 billion yuan into LeTV. Le Rongzhi and LeTV’s 'rescue' did not expect Jia Yueting’s owing to the listed company’s 6.7 billion. You are not responsible, I am still helping you? But everyone is not playing.
LeTV has been getting closer and closer to the 'delisting' channel. Sun Hongbin will not want to see the 15 billion investment all in the water. The Lerong brand was founded in the first half of this year, and it is obviously his ' backhand'.
This year, LeTV, which is responsible for the LeTV color TV business, completed a new round of financing, introducing strategic investors such as Tencent, Jingdong, Suning and TCL, raising about 2.7 billion yuan, and Leshi Zhixin was renamed Le Rongzhixin. Not long ago, Le Rongzhi newly launched a new brand 'Lerong'. And LeTV's chairman and general manager Liu Shuqing, now another head is the CEO of Lerong Group.
Seeing that LeTV's 'ship' is going to sink, why do Internet and manufacturing giants like Tencent, Jingdong, Suning, TCL and other companies want to invest in Lerong? The answer is simple: the future of betting smart home.
Although the domestic color TV market sales decline in the first half of the year, the trend of real estate decoration in the future is certain, so direct counterpart real estate developers, providing smart home solutions, is one of the important breakthroughs in the color TV industry. The supporters behind the Lerong brand are the Sunac Group. It can be expected that regardless of the ups and downs of the domestic color TV market, smart homes, smart communities, and intelligent business solutions for the real estate and business travel projects of Sunac Group are clear-cut real needs. Why not invest a little money, point to the market?
In terms of activating the value of the big screen of smart TV, Jia Yueting’s road of selling content and sending TV has gone. However, the real spring of intelligent big screen has only just begun. The 2018 OTT industry development trend analysis report shows that with intelligence The number of TV and smart box activations has risen, and digital TV payment users have declined. The number of OTT user activations will exceed the number of digital TV payment users in 2019. In 2017, domestic OTT advertising revenue was 2.6 billion yuan, up 147% year-on-year. OTT big screen media value is Quickly zoom in. Therefore, after experiencing the pain, the Internet TV camp has re-started, and Le Rong has launched a new brand of 'Le Rong', which is a market segment for projection.
There is still a good day ahead, but Jia Yueting is in arrears with LeTV. Such a huge amount of accounts receivable, Sun Hongbin does not want to play with him. At present, LeTV has pledged 34.9398% of the total registered capital of Lerong to Tianjin Jiarui and Sunac. Group. Next, look at Jia Yueting's attitude. He paid the money to the listed company, and then Le Rongzhi and LeTV.com will be bundled up. If you don't pay the debt, Lerong will become a 'single fly'.