99.06% equity of Jia Yueting LeTV has been frozen. How much money is left to pay off debts？

　　Regarding the problem of arrears, LeTV responded that "LeTV will never owe money to any creditor, including financial institutions, including the supply chain. As long as LeTV is given time, it will definitely be fully repaid." However, in the situation of being chased for the arrears everywhere, for Jia Yueting, even though he may not agree with what Sun Hongbin called "what should be collected, what should be sold", the realistic pressure may force him to consider this way.

　　Letv is facing four debts to be recovered. According to Jia Yueting, over the past six months, LeTV has paid back more than 15 billion yuan. However, LeTV’s money is obviously far from being repaid, which ultimately leads to the fact that most of the shares of LeTV, a listed company held by Jia Yueting, have been frozen.

　　status

　　More than 99% of the shares of LeTV held by Jia Yueting were frozen.

　　According to the announcement issued by LeTV last night, at present, Jia Yueting holds 524,074,478 shares of LeTV directly or indirectly through LeTV Holdings, accounting for 26.27% of the company’s total share capital. Among them, 512,133,322 shares directly held by Jia Yueting have all been frozen; Of the 11,941,156 shares held through LeTV Holdings, 7,000,000 shares were frozen. So far, the accumulated frozen shares of LeTV in Jia Yueting have reached 519,133,322 shares, accounting for 99.06% of the company’s shares. Numerically, the 519,133,322 shares frozen in Jia Yueting are exactly the same as the number of shares frozen by the Shanghai High Court due to a loan dispute with China Merchants Bank the day before.

　　Regarding the problem of arrears, LeTV responded that "LeTV will never owe money to any creditor, including financial institutions, including the supply chain. As long as LeTV is given time, it will definitely be fully repaid." However, for LeTV, how many assets can be used to repay the account?

　　At its most brilliant time, LeTV once had three listed companies, a LeTV network listed on the A-share Growth Enterprise Market, a Cool Group of Hong Kong stocks, and a new three-board company online wine network. This is not counting the new three-board companies such as Ruixin Media, Yongsheng Animation and Yongle Culture. However, two of the three listed companies have suspended trading for several months, and the online wine network has taken the initiative to withdraw from the market in the first half of this year.

　　press sb for an interview

　　Letv has been suspended for nearly three months.

　　Under the pressure of LeTV’s capital chain crisis, the A-share company LeTV has been declining since the end of last year, during which it was suspended. It was rumored that the share price was close to the liquidation line of Jia Yueting’s equity pledge, but it was denied by LeTV. What is particularly embarrassing is that after Sun Hongbin received more than 10 billion emergency funds, it still failed to boost LeTV’s share price. Until April 15 this year, LeTV announced the suspension of trading on the grounds of planning major events, and it has been nearly three months.

　　Until last week’s shareholders’ meeting, LeTV has not given a specific resumption time. However, it is obviously impossible for LeTV to suspend its trading for an indefinite period. According to the new suspension regulations issued by Shenzhen Stock Exchange in May last year, for listed companies planning major asset restructuring, the suspension time is up to six months. But in fact, in the three months since the suspension of trading, the negative news of LeTV has not gradually subsided but has become more and more prominent, which makes it difficult to imagine the stock price trend after its hasty resumption of trading.

　　pay close attention

　　Coolpad will be removed from the Hong Kong Stock Connect Index next week.

　　The acquisition of Coolpad, a well-known domestic mobile phone brand listed in Hong Kong, was also an influential merger and acquisition of LeTV. In June last year, LeTV acquired a total of 28.9% of the shares of Coolpad Group twice and became the largest shareholder of the latter. According to the idea of LeTV at that time, by integrating the existing super mobile phone business of Coolpad and LeTV, "2016 ‘ Letv+Coolpad ’ The total sales volume of smartphones can reach 50 million to 60 million units, and the sales volume is expected to exceed 100 million units in 2017, making it one of the largest mobile phone companies with sales volume. " However, less than half a year later, in November last year, Coolpad Group issued a profit warning on the Hong Kong Stock Exchange, saying that it is expected that the company will lose HK$ 3 billion in 2016. Up to now, Coolpad Group has been unable to publish the 2016 annual report "because the audit problem has still not been solved". According to the regulations, the end of March this year is already the deadline for its disclosure of last year’s annual report. Correspondingly, Coolpad shares have been suspended since March 30 this year. Before the suspension, the share price was 0.72 Hong Kong dollars/share, which was more than half of the loss of 1.5 Hong Kong dollars/share when LeTV acquired it.

　　According to the latest index change notice issued by Hong Kong Hang Seng Index Company this week, Coolpad Group (02369) will be excluded from the Hang Seng Global Composite Index and also be excluded from the Hang Seng Hong Kong Stock Connect Index. This change will take effect from next Tuesday.

　　Net Wine Network used to be the second LeTV company to independently land in the capital market after LeTV. On August 24th, 2016, the online wine network was listed and traded on the New Third Board. The controlling shareholder of the company is LeTV Holdings, and Jia Yueting indirectly holds 50.35% of the shares of the company through LeTV Holdings. The online wine network is also an organic part of the LeTV ecosystem.

　　However, in less than eight months, on April 24 this year, the online wine network announced the termination of listing on the New Third Board. The scene that appeared before its delisting from the New Third Board was also the failure to disclose the 2016 annual report on time. In addition, 70% of the shares indirectly held by Jia Yueting in the online wine network have been pledged.

　　focus

　　Letv has experienced negative growth this year.

　　LeTV’s super tv business has always been a relatively good asset of LeTV, which was also recognized by Sun Hongbin, a real estate player who rescued LeTV for more than 10 billion yuan at the beginning of the year. But the unavoidable fact is that as of the end of last year, LeTV has not been able to achieve profitability. At the beginning of this year, Liang Jun, the head of LeTV TV, issued a military order to make a profit this year, but there are indeed too many variables in LeTV this year. In the case that other professional color TV manufacturers are in a tight situation this year, LeTV TV obviously needs to accept greater challenges if it wants to turn a profit in this difficult period. Moreover, Liang Jun admitted at the shareholders’ meeting of LeTV last week that LeTV had experienced negative growth since the first half of this year.

　　Another bad news for LeTV is that Foxconn, which had worked closely with LeTV before, has now almost broken up with it. For LeTV, which does not have its own manufacturing business, OEM companies like Foxconn were once important partners in its hardware development. LeTV’s super tv used to leverage Foxconn’s cheap manufacturing to be influential in the color TV market. In addition to the business connection in OEM, LeTV and Foxconn once had a close capital bond. In 2013, LeTV.com disclosed the resolution of the board of directors. Shenzhen Guanding Construction Engineering Co., Ltd., an affiliated company of Foxconn, achieved a 20% share by increasing its capital to LeEco Zhixin Company, which is mainly engaged in LeTV TV.

　　However, with the financial shortage of LeTV, Foxconn has quietly broken up with LeTV. According to media reports, since 2016, Shenzhen Guanding has been out of LeTV’s new shareholder list. According to the data of Aoweiyun.com, a data company in the domestic household appliance industry, in the first four months of this year, the number of LeTV TVs shipped by Foxconn was only 6,600, 3,200, 7,200 and 4,500 respectively. This means that the vast majority of LeTV TVs are not from Foxconn, and the cooperation between them has almost broken up.

　　analyse

　　The unlisted part is afraid of "selling the sale"

　　According to the analysis of people close to LeTV, after Sun Hongbin invested real money in LeTV, the supervision of LeTV’s funds has been significantly strengthened. At present, the pattern formed is that Sun Hongbin keeps an eye on the operation of some listed companies of LeTV; For the unlisted part of LeTV business, Jia Yueting is in charge, the largest part of which is LeTV. Although the listed company and the unlisted part are still connected in many businesses, it is impossible to transfer funds, which is why Jia Yueting admitted at the shareholders’ meeting last week that the financial pressure of the unlisted part of LeTV is greater than expected.

　　For Jia Yueting, he now needs to take care of various businesses such as LeTV Sports and LeTV Mobile Phone with extremely limited funds. Even though he may not agree with what Sun Hongbin called "what should be collected, what should be sold", the realistic pressure may force him to consider this way. Easy access was once an important part of Jia Yueting’s ideal LeTV car ecology. When it was first acquired, Jia Yueting was ambitious. "Through completely independent research and development, we will build the best Internet smart electric car and establish the car Internet ecosystem, so that China’s automobile industry will subvert the traditional giants in Europe, America, Japan and South Korea, effectively solve urban smog and traffic congestion, and let everyone drive super cars and breathe pure air." But today, it is a foregone conclusion that LeTV is easy to sell.

　　prospect

　　Letv will sell the mobile phone sector in the future?

　　In addition, some media expect that LeTV will sell the mobile phone sector next, so what really triggered the crisis of LeTV’s capital chain at the end of last year was the arrears of suppliers in the mobile phone business. Almost all of Jia Yueting’s shares in LeTV were frozen this time because of the property preservation caused by his personal joint guarantee for the financing of LeTV’s mobile phone business.

　　It is worth noting that Jia Yueting said at the shareholders’ meeting last week that in the future, LeTV will focus on two major industries, namely, listed companies and automobile business. He also specifically mentioned that businesses that are not included in the "focus" category, such as LeTV’s mobile phone, LeTV Sports and Easy Access, "I hope that in the next two or three months, everyone will gradually see LeTV’s determination this time, and its limited assets will gain the greatest value". As soon as the voice just fell, it was announced that the controlling shareholder was no longer LeTV, which naturally increased people’s association with the future LeTV mobile phone business. However, in response to the Beijing Youth Daily reporter yesterday, LeTV Mobile said, "All the business of LeTV Mobile is normal at present, and the release of new machines is also planned."

　　Text/reporter zhangqin for the picture/vision china