Sun Hongbin is expected to be elected chairman of LeTV
Although he once said that he did not want to be chairman of LeTV, Sun Hongbin, chairman of China Sunac, was the chairman of Chenglenet.
Just yesterday, LeTV.com reviewed and approved the “Proposal on Electing the Chairman of the Third Board of Directors of the Company†and elected Mr. Sun Hongbin as the Chairman of the third Board of Directors of the company. The term of office will be from the date of the approval of the Board of Directors to the expiration of the third Board of Directors. only.
In addition to Sun Hongbin's unanimous election of the new chairman, LeTV's legal representative was changed from Jia Yueting to Liang Jun, general manager of LeTV. This also means that LeTV is increasingly going to Jia Yueting, and LeTV is officially entering the era of Sun Hongbin from the Jia Yueting era.
At present, LeTV's core assets, LeTV, LeTV, and LeTV, have all been brought under the control of “New LeTV†under Sun Hongbin’s control. After Liang Jun served as LeTV’s CEO, Sun Hongbin intends to let LeTV’s CEO Zhang Zhao. , The company governs the content of the listed company and is responsible for daily operations.
LeTV.com’s new senior management team is gradually establishing this move and hopes to stabilize the listed company as soon as possible.
Earlier, Sun Hongbin said at the shortest shareholders meeting known as the history of LeTV. "I've always been optimistic about LeTV's business. LeTV, LeTV's new, and A-share's LeTV, are definitely promising. But there are indeed many difficulties."
Sun Hongbin also stated that LeTV is definitely a good thing and LeTV has done a good job. Wang Jianlin is also very optimistic about LeTV's CEO Zhang Zhao. LeTV and LeTV are businesses that we can definitely let the company operate. Do practical things.
According to sources, Sun Hongbin will be investing in "New LeTV," and LeTV is expected to use it to come back.
The above-mentioned sources stated that all of Sun Hongbin's measures are aimed at better stabilizing the market, restoring confidence as soon as possible, safeguarding the interests of listed company investors, customers, and suppliers. Sunac Resources can make LeTV's listed company system safer and better. future.
However, Sun Hongbin still faces several challenges after he enters LeTV:
First, How LeTV
Earlier, LeTV released the 2017 semi-annual performance forecast, saying that the net profit attributable to the shareholders of the listed company in the first half of the year was 634 million to 644.1 million yuan due to the liquidity constraints of the LeTV system.
According to LeTV’s announcement, there are three reasons for this loss:
1. During the reporting period, due to the characteristics of the company's industry, the current operating costs such as copyright amortization, CDN, and labor costs did not decline, but due to the liquidity constraints of the LeTV system, coupled with a certain impact on the company's brand, The customer's stickiness fluctuates, and the company’s advertising revenue, terminal revenue, and member income have all declined significantly.
2. In order to adhere to the single broadcast strategy for premium content, the company did not conduct external copyright distribution business in the second quarter, resulting in a sharp decline in copyright distribution revenue over the same period.
3. During the reporting period, the company’s provision for impairment losses on assets was relatively large at approximately 230 million yuan, including 130 million yuan for intangible asset impairment preparations, 20.02 billion for inventory depreciation reserves, and 98 million yuan for bad debts receivables.
Insiders pointed out that LeTV’s operating loss was due to the impact and drag on the funds issue of the non-listed company system.
However, in the Jia Yueting era, LeTV's main business video, television, and movies are in a state of loss most of the time, mainly relying on non-core business to provide blood to the body. With LeTV's listed business and non-listed business cut, LeEco's listing business is not easy. profit.
Second, several agencies downgraded LeTV rating
At present, LeTV is still in a state of suspension, and several funds are locked in LeTV.
It is still in LeTV's list of top ten tradable shares, and in the first quarter of 2017, Jiacang will increase its holding of LeTV.-China Post's information industry has a flexible allocation of hybrid securities investment funds, with a net value of 0.7 on July 6th, July 7th. It became 0.68 and fell two percentage points.
LeTV.com's stock price was 30.68 yuan per share before it was suspended. Many institutions, including China Post Fund, Harvest Fund, E Fund, have recently lowered the valuation of LeTV.
Among them, China Post Fund and Harvest Fund’s announcements all stated that they will make valuation adjustments to some of the LeTV products held by some of its funds, and the adjusted valuation price will be 22.37 yuan, which is in accordance with its closing price on April 14, 2017. Down 3 down limit prices. E Fund said that it is valued at 22.05 yuan for LeTV.
This means that once the music network opened, it will still face a number of low limit, it may cause the funds to compete to flee, Jia Yueting part of the mortgage LeTV network stocks are facing the risk of being closed, Sunac China's investment is facing greater losses.
Of course, Sun Hongbin said that Sunac is looking at LeTV's listing system for the next three to five years. Not only today and tomorrow, but now there is nothing to promise. The current new LeTV is relatively stable. New LeTV, new teams, and new culture are not problems.
Third, creditors may find Sun Hongbin to collect debts
At the previous LeTV.com shareholders meeting, a group of creditors flocked to collect debts. Debt collectors were emotionally excited and shouted loudly outside the door. The debt collectors also collectively signed the debt collection documents. They were the name of the supplier, the contact person, who left the phone and pressed the fingerprint.
Lettuce debt collector's debt book (Lei network with map)
However, Sun Hongbin’s lead LeTV is not willing to take on this part of the responsibility because it is not the main debtor. Zhao Lei, the person in charge of Levision Holdings, said on-site that the on-site supplier’s debt is a contract signed with LeTV Holdings. Jia Yueting assumes responsibility and has nothing to do with LeTV.
"Jia Yueting is still raising funds in the United States. Jia Yueting has mortgaged his house, and he will never ignore it." Zhao Lei also said that just as the LeTV Shareholders' Conference and LeTV Mobile are not the same thing, I hope everyone will leave.
The debt-collection crowd only recognizes LeTV. As Sun Hongbin takes over LeTV, Sun Hongbin will still be the target of debt collection.
Of course, at the time, Sun Hongbin made a sharp turn at the general meeting of shareholders and said that the main problem with LeTV now is how to deal with connected transactions. Let's consider how to manage the non-listed company system equity, how to get the equity of the listed company system.
LeTV Faces Nearly 3 Billion Bad Debts from LeTV Ecology
The related transactions mentioned by Sun Hongbin involved nearly 3 billion. Earlier, LeTV's semi-annual report disclosed that LeTV's top five accounts receivable in 2016 were LeTV's related parties. LeTV.com stated that the above receivables have been withdrawn for bad debts based on the age of the accounts.
From the standpoint of Sun Hongbin, the LeTV listing system may join the ranks of debt collection agencies, and will levy payments on these businesses.
New LeTV to Overcome Long Term
Currently, LeTV's brand image has suffered a great deal of damage due to the crisis in the continuous capital chain of LeSports Ecology and even the fact that non-listed businesses are unable to pay salaries. It is not known how much resources Sun Hongbin will inject into the new LeTV.
However, Sun Hongbin entered the room to provide imagination for the reversal of the new LeTV. From the recent acquisition of Wanda’s joint announcement by Sunac, a message that “the two sides agreed to have comprehensive strategic cooperation in various fields such as filmâ€, external speculation that LeTV may have in-depth cooperation with Wanda.
In addition, LeTV CEO Liang Jun said, “Although we have encountered many problems, but our products and services are still able to withstand the test, this is when LeTV is experiencing difficulties, we still have the opportunity to come back to the most An important point."
Liang Jun has such great confidence that on the one hand, LeTV’s large-screen business is still in the leading position in the industry. On the other hand, the smart TV market is stable and large, and has not yet been developed. There is still a lot to be tapped. New opportunities.
According to estimates in the industry until 2020, the cumulative number of Internet TV start-up advertisements, patch advertisements, and video advertisements will reach 180 billion yuan. Coupled with content payment, game promotion, TV shopping, etc., this will be a huge gold mine.
"In the future, we will strengthen self-control and large-screen business, sell more TV and make more movies."
Sun Hongbin once said that now LeTV is the No. 1 Internet brand and LeTV is one of the best film companies in China. "Because the business is a good business, if you reset it, you can't do it for five years now."
However, as a real estate business owner, Sun Hongbin can really replace Jia Yueting and lead the new LeTV? Still a long way to go.
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