ã€Global Network Science and Technology Reporter Wang Nan】High-level executives, layoffs, copyright loss, weak financing, unprofitable business, successive defendants, unsatisfactory shipping, failure to issue bonds... It can be said that LeTV made a commercial tragic drama in these two years. The best actor, former LeTV CEO Jia Yueting, also lost his CEO title and became LeTV's chairman of the global automotive ecology.
As the so-called leaking of the house is affected by the night rain, LeTV has recently encountered something.
Recently, there was news that LeTV's office in Damei Center in Beijing has been suspended from providing all of its services because it did not pay the office fee in time. The property company stated that if the company fails to pay before June 8, LeTV employees will be prevented from entering the building. .
The online property notice revealed that Beijing Bo Hao Real Estate Damei Branch and Beijing Modern Management Co., Ltd. had received the property management fee, rent and overdue default fees of Lepa Marketing Services (Beijing) Co., Ltd. on time, according to the relevant contract. Stop all services of the property.
The notice also shows that if the outstanding fees have not been paid before June 8, 2017, employees will be prevented from entering the building. If you can pay the outstanding fees before June 8, the property company will continue to provide services.
Up to now, LeTV’s related parties have stated that the issue of Delta’s property fees has been resolved and employees are working normally.
According to the reporter’s understanding, the location of the Leshi office at Delta Center is located in Building 1 of Delta Center, at the intersection of Youth Road and Yaojiayuan Road, and is about 2 kilometers away from Leshi Building. In January of this year, LeTV's music video, music, entertainment and other business segments just moved to the building, less than half a year ago.
On June 7, the website of the Shenzhen Stock Exchange revealed that the corporate bonds of LeTV Information Technology (Beijing) Co., Ltd. (300104, LeTV) with a scale of 2 billion yuan were discontinued.
According to the prospectus previously disclosed, the bond was approved by the LeTV.com temporary shareholders meeting in August 2016, and the proposed issuance of corporate bonds totaling no more than 3 billion yuan. In the end, the issuance size of the bonds is no more than 2 billion yuan (including 20 yuan). Billion), the funds raised will be used to supplement the company's liquidity.
On the fixed income information platform page of Shenzhen Stock Exchange, the status of the project of “Luxue Information Technology (Beijing) Co., Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2016†has been shown as “terminationâ€. The project was submitted in August 2016 and received three feedbacks in October 2016, November 2016 and April 2017.
According to public information, the project was reviewed and approved at the Extraordinary Shareholders' General Meeting in August 2016, and corporate bonds with a total amount of not more than 3 billion yuan were issued. The issuance size of this bond does not exceed 2 billion yuan. According to the prospectus (submission draft) submitted by LeTV in September last year, the bond was rated AA. In the report, LeTV mentioned that as of June 30, 2016, if the effect of interest-free borrowings of major shareholders was excluded, the company's debt-to-equity ratio was 63.97%, and there was a risk of debt repayment.
In October 2016, the Shenzhen Stock Exchange issued a pre-audit feedback letter, referring to the eight issues, including May 2016. LeTV plans to purchase 100% equity of LeTV Films in combination with cash and issuance of shares, Shenzhen Stock Exchange. Asked LeTV to combine major asset restructuring plans to supplement the impact of this reorganization on production operations and debt repayment ability; and as of June 30, 2016, Jia Yueting accumulatively pledged shares accounted for 31.13% of the total issued share capital of the issue date, Shenzhen Stock Exchange requested the company to provide additional disclosures. Whether there is a risk of actual controller change on the issue date.
At this time, LeTV.com's funding chain issue has just surfaced, and there have been a variety of negative news about LeTV's suppliers.
In November 2016, LeTV.com received the second feedback letter. In this letter of advice, the Shenzhen Stock Exchange targeted negative news on the continued emergence of LeTV: “The US Nevada state government, where LeTV’s electric vehicle factory is located, warned that LeEco’s delay in setting up a construction project may lead to a delay in the factory’s progressâ€; More than one billion suppliers are owed, and they have been refused delivery. In order to ensure the smooth start of the subsequent electric car factory, LeTV even started to use delayed payment of employees' salary; "As a non-real estate and other heavy asset companies, LeTV's direct assets and liabilities The rate of 65.72% has been rare, coupled with the deteriorating cash flow from inventory and impairment of intangible assets, the risk of equity pledges for direct financing, and the expiration of guarantees. The capital chain of listed companies has almost become sore. "Hundred holes" and other situations require that LeTV.com conduct self-examination in conjunction with the company's actual operations and property conditions.
In April 2017, LeTV was plagued by negative news. In this case, the Shenzhen Stock Exchange issued a third feedback letter on the issuance of this bond, requesting LeTV to supplement the submission of the 2016 annual financial report, and additionally disclose 2016 financial data and financial analysis in the prospectus.
Two months later yesterday, the Shenzhen Stock Exchange terminated the issuance of corporate bonds.
According to the reporter's understanding, the current financial pressure on LeTV is still very large, and its actual controller, Jia Yueting, holds a levy of 97.2% of LeTV. He holds a total of 512 million shares of LeTV.com, accounting for 25.67%. At the end of 2016, Jia Yueting pledged 614 million shares, accounting for 89.9% of the total 683 million shares.
It is reported that Jia Yueting has pledged 96.66% of the shares in his hands. According to statistics, from 2013 to date, Jia Yueting has pledged 34 equity shares and Jia Yuefang has pledged 4 shares. According to statistics, Jia Yueting has raised more than RMB 30 billion through equity pledges.
Pledge of stocks is usually one of the means for the financing of listed company shareholders. The higher the pledged shares, the more serious the shortage of funds. Jia Yueting’s stock pledge rate has reached its peak, indicating that LeTV’s funds have been severely in short supply.
The shortage of funding chain "the wolf" in the former, the debt crisis "after the tiger".
The A-share listed company Mingjia Joint Announcement announced on the evening of June 6 that the company’s controlling subsidiaries Beijing Jinyuan Interactive Technology Co., Ltd. and the controlling shareholder company Beijing Jinyuan Interactive Advertising Co., Ltd. recently litigated LeTV LeTV company.
According to the announcement, Jinyuan Science and Technology filed a lawsuit against LeTV Sports, LeTV Holdings, LeTV, and LeTV.com, and the negotiation was unsuccessful. The total amount owed was 58.924 million yuan; Jinyuan Advertising Lawsuit LeTV.net owed advertising money and negotiated Unsuccessful, the amount of arrears was 3.9796 million yuan.
On the same day, LeTV.com announced an announcement that Jia Yueting, chairman of LeTV.com, presided over a board meeting to discuss and prepare to hold the 2016 annual general meeting of shareholders on June 28, 2017. The company and the related party involved in the restructuring actively promoted the reorganization-related work, and carried out a new audit and evaluation work on December 31, 2016 as the benchmark date for the audit evaluation, and renegotiated this reorganization plan with the counterparty.
According to suppliers, delays seem to have become a consistent LeTV approach.
On June 1st, some suppliers told the media that since October of last year, LeTV had delayed payment due to the “internal process adjustmentâ€. "Before the end of the year, capital chain issues were exposed, they were frank because 'no money'."
Dissatisfied with the attitude of LeTV, some suppliers have chosen to sued LeTV in Chaoyang Court. A local supplier in Beijing told the media that the company had entered into a cooperation with LeTV in July of LeTV’s tender. LeTV originally refused to sign the contract after the financial approval failed because the company delayed the project payment and signed the contract. The payment of the contract payment was delayed for various reasons.
It is reported that the company has already brought LeTV to the court in April this year and has issued a lawyer letter to Levision, indicating that it will safeguard its rights through legal means.
In November last year, with the problem of LeTV's arrears of suppliers' funds, it triggered the butterfly effect of the follow-up LeTV funds chain crisis. The financial issues around Letv Ecology have always attracted the attention of the media, and LeSco's business model has even been referred to as a “Ponzi scheme†by certain media.
Since last year, LeTV has struggled in the mudlock of the capital chain, but the situation seems to be getting worse.
At the recent LeTV Media Communication Conference, Jia Yueting announced his resignation from the position of General Manager of the company and he assumed full-time chairmanship of the company. Jia Yueting announced that in the future LeTV will only have two ecosystems - the listed company system and the automobile system, while other businesses will merge into Listed company.
Jia Yueting went to work, LeEco deconstructed, segregated listed business and non-listed business. This may be the idea of ​​LeTV’s White Knight, Sun Hongbin, chairman of China. Then, how should the music-listed company system of Sun Hongbin's trader break through to survive in a besieged song, and will Jia Yueting, who is committed to building a car, gradually fade out of LeTV, with his car dream gone forever? We do not know yet.
However, Sun Hongbin once said: "Letvision will have LeTV and LeTV as the two systems in the future. Let's talk about how to play LeJie Jiayueting and how to play. Jia Yueting's main energy will also be on LeTV, and the listed company will have me." The words worth pondering also seem to indicate Sun Hongbin’s ambitions. The future of LeTV is exactly who the surnames are, and we slowly look at them.
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