According to the latest progress of the auction of the People's Court Litigation Assets Network, yesterday, people have signed up to participate in the three LeTV Holdings related assets. The market has only one doubt at this time: Will the taker be a Silicone?
On the evening of September 19th, LeTV.com announced that Jia Yueting’s optimistic shareholding was forced to liquidate. According to the People’s Court Litigation Assets Network, there will be three auctions of LeTV’s related assets at 10:00 tomorrow. Once the auction is successful, LeTV has lost. The risk of the controlling interest of Xinle Shizhi (now renamed Lerong Zhixin) may make it impossible to count into the consolidated statements of listed companies.
Forced liquidation, forced judicial auction, means that Jia Yueting's LeTV shares are getting less and less, and may be completely out of LeTV. According to the latest progress of the auction by the People's Court Litigation Assets Network, today, people have signed up to participate in the three LeTV Holdings. Assets. The market has only one doubt at this time: Will the taker be a creator?
Valuation diving
Under the promotion of Sun Hongbin, in April 2018, LeTV.com announced that Xinle’s new investors include Linzhi Lichuang (Tencent), Jingdong Bangneng, Suning Sports, TCL Group, Yiyi Investment, Sega Holding, Hongyi Hongxin (Lenovo) and supplier Jin Ruixian 8 companies invested a total of 3 billion yuan. At that time, the valuation of Xinle Shizhijia still reached 9 billion yuan. Therefore, this time, Lerong was newly valued at 1.87 billion. Yuan was unexpected, and the valuation evaporated by 79.2%.
In May 2016, LeTV.com announced that it planned to purchase a 100% stake in LeTV Pictures for a price of RMB 9.8 billion. However, in November of the same year, LeTV broke the funding crisis and the process of LeTV's injection into LeTV was continuously delayed. At the beginning of 2017, Sunac acquired a 15% stake in LeTV Pictures for RMB 1.05 billion, which means that LeTV's valuation has dropped from RMB 9.8 billion to RMB 7 billion. On the other hand, the prospects of LeTV are not optimistic.
LeTV.com repeatedly stressed in the announcement that LeTV's related party, Lele Holdings, had a deficit of 1.71 billion yuan for LeTV. Moreover, due to events such as yin and yang contracts, the current film and television listed companies are at a low valuation, LeTV is even more May face the dilemma of revaluation and major reshuffle.
Rongchuang is still possible
As the two core assets with the strongest ability to realize the music, Xinle Vision and LeTV have a deep connection with Sun Hongbin. It is understood that Xinle Vision is regarded as one of the keys to Sun Hongbin’s revitalization. In March, Sun Hongbin said in an interview with the media that 'Xin Le Shi Entertainment and Xin Le Shi Zhi Jia, we will find a way to do it well, because it is not a listed company, relatively speaking, the introduction of funds will be more flexible.
On the other hand, Sunac has also been deeply involved in LeTV's film industry. If Rongchuang took over the 21.81% stake in the auction of LeTV Holdings, then the 42.81% stake in Sunac can almost achieve absolute control of LeTV.
Dr. Pan Helin, Ph.D. in Applied Economics at the China Academy of Fiscal Science, said that the auctioned Xinleshi Zhijia and Leshi Films are the relatively high-quality assets of the LeTV network in the China-Africa-listed sector, among which Xinle Shizhijia contributed to LeTV's 2017 camp. 83% of the collection, it is a set of terminals, channels, content in one of the service providers, there is still imagination in the future. Currently influenced by LeTV, Xinle Shizhi and LeTV are 'pool fish', so estimate The value is low.
However, regardless of whether or not the market is closed, industry insiders analyzed that the possibility of a successful equity auction is still very high, because the auction start price is very low. As for when LeTV can get out of the storm, it is unknown. As of September 19 On the close of the day, LeTV.com closed for the third consecutive day, closing down 6.14% on the same day, reporting 3.21 yuan, and the turnover rate was 9.84%.
