According to LeTV's announcement on the evening of September 24th, with LeChunzhixin Electronic Technology (Tianjin) Co., Ltd. (hereinafter referred to as 'Lerong Zhixin') held by LeTV Holdings on September 22, LeTV's equity auction As a result, LeTV has lost control of its core subsidiary Lerong. This means that Lerongzhixin may no longer be included in the listing of LeTV's financial statements, or will leave the listed company 'single flight' .
From September 21st to 22nd, LeTV Holdings held a 15.33% stake in Xinleshi Zhijia (now renamed 'Lerongzhixin') and a total of 21.81% stake in Leshi Film, which was auctioned by Beijing No. 3 Intermediate People's Court. Only Tianjin Jiarui Huixin Enterprise Management Co., Ltd. (hereinafter referred to as 'Tianjin Jiarui'), which is owned by Sunac Group, was registered. In the end, Tianjin Jiarui obtained three auction targets at the starting price, with a total amount of about 773 million yuan. The amount of the new equity of Rongzhi is about 240 million yuan.
It is worth noting that in the course of this public auction, the new valuation of Lerong has fallen sharply and almost fell to the 'floor price'. If the calculation is based on the equity of 240.30%, the value of Lerong is about 1.57 billion yuan, a far cry from the valuation of 27 billion yuan when Rongchuang increased capital in early 2017. When the new Le Shizhi family invested 3 billion yuan in April 2018, the valuation of about 9 billion yuan also greatly reduced.
Some analysts believe that the current valuation is not the most important. How to get rid of LeTV as soon as possible and usher in new developments is the new important thing for Lerong.
Influence geometry on LeTV
According to the announcement, Tianjin Jiarui will replace LeTV and become the first major shareholder of Lerong. It is foreseeable that Lerong will become the smart home business platform of Sunac Group in the future.
The actual controller behind LeTV Holdings is Jia Yueting. The current largest shareholder of LeTV is also Jia Yueting. Lerong is responsible for the new color TV business, which is an important part of LeTV's ecology and one of its core assets. LeTV Holdings lost its music and new The equity of LeTV has lost its new control, which means that Jia Yueting is again 'lost paradise'.
Le Rongzhi's new executives told the First Financial News: 'As you can see, the results have come out. Next, we will continue to do our best to bring better intelligent products to Chinese families. Super The new Zero65 TV will be available soon. '
According to the announcement, from 10:00 on September 21 to 10:00 on September 22, the equity of Lerong’s new investment of 57.428 million yuan held by Leshi Holdings will be auctioned online at the Third Intermediate People’s Court of Beijing. Tianjin Jiarui In the open bidding, the prices were quoted at 109.8 million yuan and 131 million yuan respectively, until the end of the auction. The online judicial auctions were sold at the aforementioned prices, with a total amount of about 240 million yuan.
After the auction is completed, the buyer shall pay the balance of the auction transaction price before 17:00 on September 29. If the auction subsequently pays the balance of the auction, the court ruled that the transfer of equity and other matters will be completed, and LeTV will lose its holdings. The company is happy to give new control.
Previously, in the new equity structure of Lerong, LeTV Holdings held 36.4%, Tianjin Jiarui held 30.7%, and Leshi Holdings held 15.33%, followed by the first, second and third largest shareholders. The auction was completed. After that, in the new equity structure of Lerong, Tianjin Jiarui Holdings was 46%, and LeTV.com held 36.4%, respectively the first and second largest shareholder.
LeTV.com said that after the completion of the shareholding structure change, the first major shareholder of Lerong is Tianjin Jiarui, and Lerongzhixin will become a shareholding subsidiary of the listed company LeTV. The merger scope of the listed company will ultimately be the opinion of the auditing agency. Prevail.
If Le Rong leads a new 'out of the table', it will have a certain impact on the net assets of the listed company LeTV. However, considering the annual provision for impairment, operating losses, etc., after the audit, the net assets of the Leshinet consolidated statement still exist. Negative risk. In other words, LeTV is still facing a 'delisting' risk due to negative net assets.
Le Yue Holdings and its affiliates under Jia Yueting still owe a large amount of accounts receivable to the listed company LeTV. As a result, LeTV is still in a state of extreme tension in the capital chain. LeTV may be 'delisted' and happy. The new possibility will be 'single flight', perhaps the best 'return' to Jia Yueting by Sun Hongbin, the owner of Sunac Group, which was assisted by LeDeng at the beginning of last year.
Sunac’s considerations
Will the 'single fly' be happy, can it be reborn under the leadership of Sunac? How will the relationship with LeTV be changed?
LeTV's semi-annual report shows that in the first half of this year, LeTV's terminal business revenue decreased by nearly 90% year-on-year, only 245 million yuan. If the average price of a TV of 2000 yuan is calculated, it is estimated that the shipment volume is only 123,000 units. This is a far cry from LeTV Super TV's nearly 6 million units in 2016. According to Avi Cloud (AVC), in the first quarter of 2018, LeTV has fallen out of the top ten sales of color TVs in China. In the heyday of 2016, LeTV Super TV once dominated the top three sales of domestic color TVs.
Instead of putting the color TV business in the music department, it is better to put it in the “creative” of the system, after all, Sunac has spent billions of real money to save the music. Moreover, the current real estate The industry situation is declining. It is necessary to explore new areas in the areas of fine decoration and smart home business. The Internet home entertainment big screen business is of value for Sunac Group.
Therefore, in July this year, Le Rongzhi newly established a new brand, 'Le Rong', to shift its focus to smart homes supported by large-screen TVs. And the Le Rong brand, with the support of Sunac, can get rid of the shadow of LeTV brand. , to achieve another takeoff, not yet known.
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.
LeTV.com said that there is a possibility that the two sides (LeTV and Lerongzhixin) will further adjust the cooperation mode due to changes in business conditions.