The valuation plummeted, and Sunac won the Xinle Vision and LeTV. Sun Hongbin did not give up.
Data map
'If anyone in LeTV is willing to take over, you can help me ask, I will sell it to him at a 10% discount. ' At the 2017 China Performance Conference in March of this year, when the reporter asked, Rongchuang would not sell LeTV. ?? Sun Hongbin, Chairman of Sunac China Board of Directors, answered this question.
In 2017, Sunac China's investment provision for the LeTV-related companies totaled 16.56 billion yuan. According to Sun Hongbin, not only is the strong man broken his wrist, 'the head is broken'.
Sun Hongbin (data map, image source: Visual China)
However, Sunac is still optimistic about the cultural and entertainment industry. From the subsequent operations, it can be seen that Sunac did not give up LeTV. Today (September 22), Sunac spent 770 million yuan, which was received through judicial auction. LeTV Holdings holds Xinle Shizhi, LeTV's assets. And LeTV's founder Jia Yueting is completely out of the two companies.
Jia Yueting out, Rongchuang won the Xinle Vision, LeTV
The disposal of the relevant assets of LeTV was conducted through the public auction of the People's Court Litigation Asset Network to ensure the openness, fairness and impartiality of the judicial auction. According to the announcement of the People's Court Litigation Asset Network, September 21 to September to September At 10:00 on the 22nd, the three shares held by LeTV Holdings were auctioned for judicial purposes. The target included the equity of the investment of 31.445 million yuan in Xinleshi Zhijia Electronic Technology (Tianjin) Co., Ltd. (hereinafter referred to as Xinle Shizhijia), Leshi Holdings (Beijing) ) Co., Ltd. (hereinafter referred to as LeTV Holdings) holds a stake in Xinle Shizhi's capital contribution of 26.183 million yuan and a shareholding of LeTing Films (Beijing) Co., Ltd. (hereinafter referred to as LeTV Pictures) of 21.8122%.
The starting prices of the above three equity shares were 131 million yuan, 110 million yuan and 531 million yuan respectively, and the assessed values were 187 million yuan, 157 million yuan and 759 million yuan respectively. The applicants for the three shares are China Minsheng Trust. Ltd., AVIC Trust Co., Ltd. and Sunac Real Estate Group Co., Ltd.
Every Xiaobian (micro-signal: nbdnews) noticed that only one person was registered in the three stock auctions during the 24-hour auction period. At 10:00 on September 22, the auction auction results were released, Tianjin Jiarui Huixin Enterprise Management Co., Ltd. (hereinafter referred to as Tianjin Jiarui) won three shares with a total auction price of 770 million yuan.
According to industry and commerce information, Tianjin Jiarui was established on January 9, 2017. The legal representative is Sun Mengde, executive director and chief executive officer of Sunac China. In 2017, Sunachuang invested 15 billion yuan in LeTV, Lerong Zhixin and LeTV. 4. The company is investing in Tianjin Jiarui as the main body.
It is worth noting that the shareholdings of the two Xinle Visionists won by Rongchuang were converted to a shareholding ratio of 18.34%, and according to the previous announcement, this is almost the share of all Xinle Vision's shares held by LeTV Holdings. After the acquisition of these shares, Sunac will surpass LeTV as the largest shareholder of Xinle Vision.
In April this year, LeTV announced the shareholding of Xinleshi Zhijia shareholders.
As for LeTV, as early as the end of last year, LeTV.com announced that Tianjin Jiarui plans to increase capital for LeTV. After the capital increase, the shareholding ratio of the former holding the latter will rise to 40.75%. However, this equity change Unrealized. When LeTV announced its termination of major asset restructuring on January 19th, LeTV's largest shareholder is still LeEco Holdings, holding 21.81%.
LeTV's previous shareholder holdings and the acquisition of 21.8122% of the shares of LeTV Pictures, Rongchuang really took the position of LeTV's largest shareholder. This also means that LeTV founder Jia Yueting in these two Out of the company.
Tencent, Jingdong quilt, the shareholding of many stars has shrunk
However, it is not easy for Sunac to revitalize Xinle Zhizhi and LeTV.
The equity evaluation report shows that from 2013 to 2016, Xinle Shizhijia is always at a loss, with a net loss ranging from 47.35 million yuan to 730 million yuan. From January to October 2017, Xinle Shizhijia is a huge loss. 2.26 billion yuan.
Xinle Shizhi’s original name is Leshizhixin. In January 2017, Sunac invested 15 billion yuan to invest in LeTV, Leshizhixin and LeTV Pictures, among which 73.5% of Leshizhixin was acquired for 7.95 billion yuan. LeTV's new valuation is 23.7 billion yuan.
In April this year, LeTV, which has been renamed as Xinle Shizhi, plans to introduce Tencent, Jingdong and other companies. At that time, the valuation was still 9 billion yuan.
Today, according to the proportion of auction equity and the transaction price, LeTV's new valuation has suffered a significant decline, only about 1.3 billion. Compared with the valuation in April, it has evaporated by 85%, which is 95% lower than that at the peak. This also means that Tencent, Jingdong and other companies that had previously invested in the stock have also been deeply stuck.
LeTV Pictures also experienced a sharp fall in valuations. According to the equity evaluation, as of the end of December 2017, the book value of LeTV's net assets was 1.94 billion, which was evaluated on the premise that LeEco Pictures could continue to operate as planned and achieve corresponding revenue forecasts. The value is 3.482 billion, and according to today's auction transaction price, LeTV's valuation is only about 2.4 billion yuan.
Image source: Vision China and LeTV's valuation was 9.8 billion when LeTV was proposed to acquire LeTV Pictures in 2016. Lexmark's valuation was 7 billion at the beginning of 2017 when Sunac China acquired part of LeTV's equity. From 9.8 billion to 7 billion, to 2.4 billion, LeTV's valuation fell by 75% in just over two years.
Previously, LeTV's listing of Dreams, Zhang Yimou, Sun Yi, Li Xiaowei, Guo Jingming and other large-scale LeTV movie star shareholders 'selling stocks' became shareholders, and now the shareholding value of these shareholders has also dropped significantly.
Jia Yueting or lost the right to control the music network
It is worth noting that because the debt crisis has lost the Xinle Vision and LeTV's Jia Yueting, it may lose the controlling stake in LeTV.
At present, Jia Yueting holds a 25.63% stake in LeTV. It is the controlling shareholder of LeTV. However, its shareholding in LeTV has been frozen, and 86% of the shares have been pledged.
On September 19th, LeTV.com announced that Guotai Junan intends to use the judicial saleable frozen secondary market centralized bidding transaction within 90 natural days from September 13 to dispose of Jiayueting’s pledged securities shares, which may lead to Jia Yueting’s passive maximum reduction. The company's stock of 39.54 million shares and its shareholding ratio decreased by 0.99%.
Jia Yueting (data map, image source: Visual China)
On the same day, LeTV.com announced that according to the company's inquiry of China Securities Depository and Clearing Co., Ltd.'s share freeze details, it was learned that the 137 million shares held by Jia Yueting were deconciled on September 14, 2018, accounting for 13.35% of the total shares held by the company. This part of the shares has a reduction in holdings and is likely to be disposed of.
LeTV.com stated that all the stock pledged repo transactions of Jia Yueting have touched the closing line agreed by the agreement, and all the stock pledged repo transactions of Jia Yueting have been breached. Jia Yueting’s disposal of the company’s stock has been pledged by its stock to a certain extent. The impact of the state, which may lead to the risk of changes in the actual controller of the company.