LeTV’s debt turmoil has never stopped.
LeTV, as LeSime’s capital-bursting “fire guide†and “hard-hit areaâ€, can be described as a problem. However, LeTV is just a pawn in the music vision, and the example of a chess game that kills the whole game is continuously performed on LeTV.
Another crisis triggered by LeTV
At the beginning of June, it was reported that a lot of debt collection suppliers gathered in front of the Leshi Building on Yaojiayuan Road, Chaoyang District, Beijing.
It is reported that at noon on June 1st, more than a dozen suppliers sat in the LeTV hall and shouted from time to time: “Debts are repaying moneyâ€.
On June 5th, more than 50 suppliers gathered outside LeTV Building and they were asked to pay more than half a year to LeTV.
It is reported that LeTV’s outstanding payments to more than 50 suppliers amounted to 70 million. The negotiation proceeded for one morning and LeTV’s reply was “The money will be paid off in March 2018â€.
Due to dissatisfaction with LeTV’s response, on the morning of June 6th, there were still a large number of suppliers who had posted “Let’s pay for the money†notes.
A copy of the "Luxury Mobile Area 25 Providers Withdrawing Dunning Letter" was circulated on the Internet. This time, the debt collection service was mainly for advertising companies that are doing promotional activities for LeTV and offline stores for LeTV. the company. The dunning letter shows that LeTV Mobile had a total of 46.54 million yuan outstanding for these suppliers, of which the higher outstanding balance was 5.83 million yuan.
Some suppliers indicated that they had been looking for music as a debt payment since October last year, but the money was still not coming. An event execution and store renovation service provider said that this was his sixth visit to Beijing to collect money. “Our company is regarded as being more than 1 million by LeTV in the 5th and 6th tier cities. How do you survive?â€
Yesterday afternoon, A-share listed company Mingjia jointly announced that the company’s controlling subsidiaries, Beijing Jinyuan Interactive Technology Co., Ltd. and its holding company, Beijing Jinyuan Interactive Advertising Co., Ltd., sued LeTV.com and several LeTV systems due to disputes over advertising contracts. The company arrears over 60 million yuan in advertisements.
Procrastination has become a consistent practice
Since October of last year, LeTV has been delaying payments due to "internal process adjustments". Until November, a message of LeTV owes money to suppliers has spread without a trace, revealing the financial problems of LeTV.
Until this time, many suppliers realized that LeTV had no money.
Since then, LeTV has become the fuse of the huge financial crisis of LeTV. On May 21, Jia Yueting held a media communication meeting on the layoffs. He also mentioned in particular that: “Lesco’s layoffs are mainly concentrated in the non-listed system, and LeTV's lack of mobile phone funds is a lesson.â€
Although shortly after the crisis broke out, LeTV Jia Yueting issued an internal letter admitting that the company had financial problems and promised to resolve the issue within 3-4 months. However, it was increasingly fermented and gradually reached an uncontrollable level, even triggering a domino effect.
In addition to repeated news of LeTV’s financing difficulties and even the breakdown of the funding chain, various sub-ecosystems, including LeTV, have also been implicated in varying degrees, and have been trapped in long-term financial difficulties.
Lack of money implicates numerous businesses
It took half a month before Jia Yueting resigned as the general manager of LeTV. At the same time, it was already half a month before his “prescription†was issued.
However, his "prescription" is still invalid, or it has caused a large number of debt collectors to come to the door. In the past, LeTV, LeTV, LeTV, LeEco's subsidiaries in the United States and many other LeTV companies, as well as LeTV's shares in Coolpad, Easy Access, etc., have all been smashed.
"Eco-reverse" means that through the "content + terminal + application" to open up seven unrelated vertical business, and then through the integration of each vertical business each other "chemical reaction", and ultimately the formation of music as the unique "ecosystem."
However, for the time being, among these seven major ecosystems, half of the ecological areas have already been “collapsedâ€, covering four major ecosystems: mobile phone ecology, content ecology, sports ecology, and automobile ecology.
Regarding the biggest fuse in its ecology, LeTV seems to have reached the point where the debtor was pushed to the cliff.
Previously, panel supplier Truly Electronics, the assembly and supply of Compal Computers, and the supply of wire module suppliers, Master Ball, all got new shares of LeTV, a subsidiary of LeTV. LeTV’s commitment is to restructure LeTV’s new equity into the listed company and report it to the CSRC before December 31, 2019.
Because of financial problems, some of LeTV's new products failed to be released on schedule. In this way, the normal market rhythm of LeTV was disrupted. This makes LeTV miss many opportunities.
According to the January 2017 mobile phone sales data released by Sino, the end of 2016 was still LeTV handsets of the top ten list members, but in January this year, the shipment was only 210,000 units, which was a 42.4% year-on-year drop, and the sales decrease was also Up to 46.1%.
Cheng Ye Motors Co., Ltd.
In 2014, the online booking market began to attract the attention of capital, and the capital injection drove the rapid rise of Didi and Uber. Under the pervading subsidies, Yi Zhi insisted that it would never subsidize a penny.
In this way, easy-to-origin users began to switch to Ubuntu and Uber. In October 2015, the volume of orders from the easy to the daily market continued to slump, shrinking to less than 20,000 units. At that time, orders for more than 7 million were already on-drop. As soon as everyone thinks it is easy to die, LeTV appears.
In October 2015, LeTV took the charcoal, purchased a 70% stake in Easy to 700 million U.S. dollars, and Levision became an easy-to-reach controlling shareholder.
Later, under the control of LeTV, Easy Easy began to play a crazy subsidy and launched a marketing campaign that lasted for several months and was filled with a lot of consumers. Also re-embarked on the fast lane of the network about car capital bidding.
Until the end of 2016, it was easy to find out that it was difficult for drivers to withdraw cash, users had difficulties with taxis, and suppliers were owed payment. At the same time, the negative aspects that LeTV produced in other areas have added to the industry's suspicion of easy access.
On April 17 this year, Zhou Hang broke the silence of the past and solemnly issued a statement. This statement is related to easy access, but also related to LeTV. "As far as I know, there is indeed a financial problem with Easy. The most immediate reason for this problem is that LeTV misappropriated 1.3 billion yuan for the funds that are easy to access."
At the same time, in the statement, Zhou Hang said that he hopes that LeTV and Jia Yueting will be able to properly handle the easy-to-reach issues. Regarding this statement issued by Zhou Hang, the Easy Access Vehicle official and LeTV official made explanations on the evening of April 17. LeTV Holdings immediately issued a counterattack.
Recently, another source said that Ge Lin, the vice president of Yiyi, had already left the company, and Blue Whale TMT asked about the availability, but he did not receive any response before the press release.
Today, Jia Yueting announced that he will assume the position of Chairman of LeTV Global Automotive Ecology. LeSports Automotive Ecology mainly includes Lesee, Easy Access, and ZeroPay, which is engaged in car sharing. LeSports's chairmanship of Ecosystem has long been vacant.
In addition, in the Faraday Future (abbreviated as FF), Jia Yueting may become the chairman of FF Global.
This series of actions means that Jia Yueting will devote most of his energies to the controversial adventure of building a car.
In May of this year, Jia Yueting had handed over the position of the general manager of LeTV, a listed company, to Liang Jun, head of LeTV. He only served as chairman of LeTV.
At the same time, there is news that Jia Yueting has sold the shares of Lucid Motors, an American electric vehicle company. His commercial real estate project Shimao Gongsan is also looking for buyers. It is not surprising that it is not surprising to transfer the assets of “Shimao Gongsan†to develop the automotive business.
Have a good product before building an ecosystem
Each of LeTV’s investments and acquisitions are ambitious. In addition to the video field, LeTV’s layout of TVs, mobile phones, automobiles, and finances has been accompanied by huge giants, and LeTV’s layout in these areas has been rushed and confusing.
A company’s foothold is to have a good product, followed by a good business model. We do not deny that LeTV’s business model is ecologically correct, but its premise is to have an ultimate product. The product is like the sun in the universe, and ecology is like all the planets in the universe.
The big step of expanding the business is ultimately to lose its competitiveness. Although PPT can attract investors and users, there is no ultimate product as a support, and a good-looking PPT can only be useless.
Therefore, LeTV has done so. The “ecology†it builds has only a framework and no substance. The "ecological counter-involution" under false ecology has also become a frenzy of related transactions between non-listed businesses and listed businesses.
LeTV "Ischemia", subsidiary to save
Although LeTV has received various voice evaluations in the outside world, it can be said to be proficient in various "skills." Why do you say that, even if the source comes to LeTV, it can still maintain the profit of the listed company, so that its stock will not be delisted.
The practice of demolishing the Western Wall to repair the Western Wall was thus interpreted by LeTV as a realistic version.
However, the core of LeTV is its listed company, LeTV. Because a listed company does not fall, it means that LeTV has room for profit growth and can maintain its own operations. Once LeTV is dumped, everything will be nothing. It can be said that the relationship between them, LeTV's other business segments are branches, and LeTV is the trunk.
As a result, the subsidiary company became the “blood bank†of the parent company LeTV. When the parent company was in danger, it urgently transfused the blood and the subsidiary eventually became the “backerâ€.
Currently. LeTV's financial pressure is still very large. Its actual controller Jia Yueting holds LeTV.com's stock pledge ratio of 97.2%, and holds LeTV's 512 million shares, 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.
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.
According to statistics, in the past three years, Jia Yueting and Jia Yuefang pledged more than 30 shares. After sorting out, more than half of Jia Yueting’s pledges are locked shares with low pledge rates.
Because the stock price of tradable stocks fluctuates, the method by which the capital side controls risk is to set an early warning and stop loss line based on a certain performance guarantee ratio. At the same time, Jia Yueting will not be pledged all at once, indicating that he still has a certain amount of space to make up, and there is still room for maneuver.
For LeTV’s non-listed system, such as LeTV Sports, Easy Access, etc., Sun Hongbin’s principle is “the sale of the sale, the cooperation of the cooperationâ€. According to Sun Hongbin, in the future, LeTV will be a listed company and an automobile in two parts. Let's look at how Le Jiajia Jia Tingting gets it, and the other, “Sell and sell it.â€
At the press conference, Jia Yueting announced that in the future, LeTV will only have two ecosystems - the listed company system and the automotive system, while other businesses will be merged into listed companies.
Jia Yueting said that listed companies and auto funds have never been linked, only their personal funds. He said that the listed company’s funds are completely closed, and there are some related transactions between listed companies and non-listed companies, which were about 10 billion last year.
Today, perhaps only LeTV's new owner, Suntron, knows the most about LeTV's ills. Or maybe Sun Hongbin saw the crux of LeTV.
This is also why, after its investment in LeTV, it is necessary to promote LeTV's gradual separation of listing and non-listed businesses, so that LeTV will gradually “de-ecoâ€. At the same time, Jia Yueting also announced that LeTV consider giving up its controlling interest in non-listed subsidiaries.
Jia Yueting took office, LeEco deconstructed, segregated listed business and non-listed business, these may all be Sun Hongbin's idea, let Leshi go back to the right track to focus on the product is what he wants.
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