On October 15, LeTV.com held the third extraordinary shareholders meeting in Beijing Leshi Building in 2018, deliberating and passing the relevant proposals of the board of directors and the election of the board of supervisors.
At the EGM, LeTV's CFO Zhang Wei said that the company's quarterly losses mainly come from historical copyright amortization costs and LeTV's financing costs. Now the company has no particularly effective way to change the current situation, for 2018 At the end of the year, whether the listing conditions can still be met, the company has no particularly clear method.
According to the results announcement of the first three quarters of 2018 released by LeTV, the company expects a loss of 1.479 billion yuan to 1.484 billion yuan in the first three quarters of this year, and a loss of 1.65 billion yuan in the same period of last year. It is expected that the company will be listed company from January to September 2018. The net assets of shareholders are negative, and there is a risk that the net assets will be negative after auditing for the whole year of 2018.
For the reasons for the loss, Zhang Wei said that in the first three quarters of 2018, the company's terminal revenue, advertising business income, membership and distribution business income decreased significantly compared with the same period of the previous year, except for normal operating costs (such as CDN fees, human resources). In addition to expenses, etc., the company's other costs did not fall during the reporting period. The company expects to continue to lose about 1.5 billion yuan in operating profit in the first three quarters of 2018.
Shouting Jia Yueting’s debts
At the end of October, there was a debt of 1.9 billion yuan due
At the site of the extraordinary general meeting, some investors asked questions about the debt overdue company. Zhang Wei said that the company’s debt in the third quarter has been overdue for 75 million yuan, and there are still nearly 1.9 billion yuan in debt in the later period. Communicate with creditors and continue to negotiate follow-up debts.
In fact, LeTV.com disclosed in the announcement that the company has a large risk of repaying debts and the risk of not being able to pay debts on time. In particular, the debt maturity of some financial institutions is approaching, which will bring certain funds to the company's short-term fund planning and arrangement. Uncertainty. According to LeTV's announcement, the company's borrowing debts of financial institutions expected to expire at the end of October 2018 are about 1.918 billion yuan.
Previously, LeTV had once called out Jia Yueting to repay the debt, saying that the company is currently actively asking Jia Yueting to be responsible for the related debts of listed companies, and instructed Jia Yueting and his related parties to solve their problems with listed companies in cash or their holdings of equity and assets. Actual debt.
However, as of now, the settlement plan of the non-listed debt handling team has not been repaid in cash. The listed company is unable to obtain cash support in the short term. The difficulty in operating the listed company due to lack of funds cannot be directly and effectively lifted.
Regarding the lack of funds, LeTV's chairman and general manager Liu Shuqing explained that the listed company's funds are mainly due to the lack of funds for the related party transactions, which leads to the company's tight funds, because the related transaction funds are not recovered as scheduled. Did not get a fundamental solution.
In addition to the financial constraints, high debt and other issues, there are investors who care about LeTV's loss of music and new control rights, how will Le Rong's new business change.
On September 22 this year, Tianjin Jiarui Huixin Enterprise Management Co., Ltd., which is owned by Sunac, took a total of 770 million yuan to capture the 21.8122% stake in Lectra Entertainment and the 18.38% stake in Lerongzhixin. After the completion of the change in the auction share structure, Tianjin Jiarui held a new registered capital ratio of Lerong to 46.0507%, and LeTV held the new registered capital ratio of Lerong to 36.4046%. Tianjin Jiarui replaced LeTV as Lerong To the new largest shareholder, which means that LeTV has lost its new control.
In this regard, Zhang Wei said that according to the current auction situation, the next big shareholder of Le Rong may change, and there is the possibility that Le Rong will make a new listing. The financial statements of listed companies will therefore appear larger. Change, however, after the follow-up music and new LeTV network, cooperation will be based on the original cooperation.
Liu Shuqing said: 'This change is actually the increase in the shareholding ratio of Sunac. The shareholding of LeTV has not changed, so it will not affect the business direction of LeTV.'
In addition, for the recent FF to lift all disputes with Evergrande and cause controversy, some investors have asked whether it will affect Jia Yueting and its related parties to repay the debt to LeTV.
Liu Shuqing responded: 'We are also through the media to understand the information, what is the situation between Evergrande and FF, we can not know whether it will affect Jia Yueting's solvency.'
Board change
'Original music system'
The extraordinary general meeting of shareholders elected Liu Shuqing, Li Yuhao, Zhang Wei, Chen Hao and other non-independent directors of the fourth board of directors, Zheng Lu and Wang Leirang as independent directors. Among them, Zhang Zhao, a non-independent director of the third board of directors, was not in LeTV. Web director.
It is understood that Zhang Zhao is the founder and chairman of LeTV. In August last year, Zhang Zhao was appointed as the chief content officer of the LeTV online market system, responsible for the global strategy of LeTV content, the creation of self-control capabilities and the operation of content and members; In October last year, he was appointed as the chairman of the New LeTV Management Committee. He is the highest responsible person in the company's management and crisis management. However, Zhang Zhao has not held any position in LeTV.
Since last year, many senior executives of the LeTV listing system, including Liang Jun, have resigned. Today, Zhang Zhao’s departure means that the original LeTV team is almost empty in the LeTV network board.