LeTV capital chain crisis temporarily resolved: the transfer of 6 billion shares to Sunac

Electronic enthusiasts eight o'clock in the morning: On the evening of March 30, LeTV.com announced that it had received the "Securities Transfer Confirmation Confirmation" issued by China Securities Depository and Clearing Co., Ltd. Shenzhen Branch, and Jia Yueting transferred the music license with the agreement of 35.39 yuan/share. 171 million shares of the company (involving an amount of 6.041 billion yuan) accounted for 8.56% of the company's total share capital, and all the transfer registration procedures have been completed and registered under the name of Tianjin Jiarui Huixin Enterprise Management Co., Ltd. (hereinafter referred to as Jiarui Huixin). Ruihuixin has paid all the payment in accordance with the agreement. The announcement shows that on January 13, 2017, Mr. Jia Yueting, the controlling shareholder of LeTV, signed the “Share Transfer Agreement” with Jiarui Huixin.

The announcement marks that Jia Yueting has completed the agreement of LeTV's equity of 6 billion yuan to transfer to Sunac China. "LeTV's capital chain crisis has been temporarily solved." Internet analyst Liu Huafang told the "Daily Economic News" reporter that after the event, the company will promote LeTV's capital chain health, and Leshi Zhixin and LeTV are relatively high-quality assets. LeTV is safe to land. However, Liu Huafang pointed out that he wants to achieve the positive revenue target in the second stage of strategy as LeTV said. The profit challenge is still very large. Coupled with the recovery of traditional forces in the mobile phone and television fields, it is not easy to make real profits.

"Daily Economic News" reporters inquired about enterprise information found that Jiarui Huixin was established on January 9, 2017, and its business scope includes marketing planning services, commodity information consulting, business management consulting services, etc.; the legal representative is Wang Mengde, he also He is also an executive director of Sunac China. The company is under the actual control of Sunac China Holdings Limited.

On January 13, 2017, LeTV announced that the company and its controlling shareholder and actual controller Jia Yueting intend to introduce strategic investors Jiarui Huixin and Sunac China. The transaction is divided into Jia Yueting agreement to transfer LeTV shares (involving an amount of 6.041 billion yuan), LeTV to introduce new strategic investors (through the transfer of old shares and capital increase and share expansion, involving a total amount of 7.95 billion yuan), and LeTV Holdings transferred LeTV's equity ( The three parts involved in the amount of 1.05 billion yuan. At the same time, Leshi Zhixin also made an equity financing of 1.83 billion yuan to other investors, Ningbo Hangzhou Bay New District Leran Investment Management Partnership (Limited Partnership) and Huaxia Life Insurance Co., Ltd.

According to the announcement, in the three transactions, the shares transferred by Jia Yueting have been transferred, and Jiarui Huixin has already paid the full amount; LeTV Holdings’ transfer of LeTV’s equity is promoting the completion of share delivery and industrial and commercial changes, and the new board of directors has completed the restructuring. After the normal performance, Jiarui Huixin has paid the amount according to the agreement; LeTV has introduced the strategic investor matters, the current share delivery and the industrial and commercial changes involved in this matter have all been completed, and the new board of directors has completed the reorganization and normal performance. In the middle of the job, and the investment amount of Jiarui Huixin has reached approximately 5.462 billion yuan, and the rest will be settled in accordance with the agreement. In addition, LeTV's new equity financing of RMB 1.83 billion to other investors has been completed.

According to Sun Hongbin, chairman of Sunac China's board of directors, at the 2016 results conference held on March 28, “the company has already invested (LeTV) 12.4 billion yuan.”

In addition, the announcement also shows that in order to resolve the horizontal competition involving the company's controlling shareholder Jia Yueting and her spouse, Ms. Gan Wei, the company intends to acquire a 47.8261% stake in Beijing Leyi Film & Television Media Co., Ltd. held by Ms. Gan Wei. After the implementation of the above-mentioned program, Ms. Gan Wei no longer holds the equity of Leyi Film and Television.

According to Jia Yueting's plan, Leshi's ecological strategy is formed from the first stage of ecological layout and the open-loop closed-loop shared ecosystem of LeTV Globalization, and smoothly transitions to the second stage, focusing on ecological value creation. In the second stage, Jia Yueting's primary goal is to stop Leos from strategic expansion. Starting in 2017, LeTV will have a positive cash flow, and the first business to be profitable is LeTV.

For the LeTV TV business, Sun Hongbin is highly recognized. At the Sunac results conference, Sun Hongbin said, "The logic of our investment in LeTV has not changed. LeTV is a great company. It is particularly forward-looking. I am looking at things after 3~5 years. Now the stock has fallen and we have a relationship. It’s not big. LeTV is better than Apple’s APP. It’s recognized all over the world. It’s definitely worth it. I am particularly confident.”

According to the investment plan, Sunac China is actually investing its funds mainly in LeTV's listing system, including LeTV Video, LeTV Super TV, and uninjected LeTV, as well as LeTV Super Mobile, LeTV Sports, etc. Non-listed system.

Zhou, the industry's leading business strategy expert, told the reporter of "Daily Economic News" that LeTV's super TV and other businesses have proved that the future can generate positive cash flow after the market proves that this is also LeTV hardware plus content forming a closed business model, being marketed. Accept the fundamental foothold. Sun Hongbin is interested in the entertainment business, and his vision is very sharp. As long as LeTV's share price is supported, Sun Hongbin's investment margin is still very high.

For the investment logic of this LeTV and Sunac Trading, Sun Hongbin mentioned two points in the interview. The first one is to provide funds guarantee for LeTV, to solve all the funding problems at one time, and how much to solve. The second is to solve the governance structure of LeTV and reassure investors.

Although the current LeEco acquisition of Sunac Investment has temporarily eased the problem of LeTV's lack of money, it is not easy to make a force or even reverse the situation in many areas of LeEco's ecology.

Liu Huafang said that IP purchases in film and television are big money, and bandwidth costs are also a lot of pressure. It is relatively easy to maintain the situation, but the challenge for profit is still very big. In addition, the traditional forces in the mobile phone and television fields are recovering, and the advantages of the Internet are weakening. It is not easy to make real profits.

However, the entry of Sunac may be able to suspend the blind expansion of LeTV. It is understood that at present, Sun Hongbin has sent directors to the three companies invested by Sunac. In addition, according to the announcement, LeTV's vice chairman and director Han Fangming submitted a written resignation. On the same day, Jiali Huixin, the second largest shareholder, sent a “Nomination Letter” to nominate Ms. Liu Shuqing as a candidate for a non-independent director of the third board of directors of the company.

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