LeTV hailed Jia Yueting: You are responsible for the debt you are responsible for!

Sun Hongbin, who is willing to lose money, lost, and became a “losing king” for A shares with a loss of RMB 13.9 billion. Jia Yueting has not yet returned... Now LeTV has fallen into a precarious situation.

On May 8th, for the annual report of LeTV, Shenzhen Stock Exchange sent a 15-page inquiry with a total of 33 questions, referring to the core performance continuity, changes in real controllers, assets in the annual report of LeTV.com. The impairment provision and whether it may trigger a negative net asset lead to suspension of listing and other issues.

Today (May 14th) at 14:00 pm, LeTV.com held 2017 annual online performance briefing. The company’s chairman and general manager Liu Shuqing, chief financial officer Zhang Wei, board secretary Zhao Kai, independent director Zheng Lu, and sponsor representative Cui Xueliang attended .

In the inquiry letter of the Shenzhen Stock Exchange and the performance briefing today, Jia Yueting’s name was mentioned several times.

Will LeTV delist?

Image Source: Vision China

Investors: In 2017, the annual report suffered a huge loss of 13.88 billion yuan, and the accounting firm also issued an audit report “cannot express opinions”. Is the qualification of a listed company still secure? If the accounting firm also issued an audit report “cannot express opinions” in 2018, will LeTV be delisted in the future?

Zhao Kai, the secretary of the board of directors, stated that according to the relevant provisions of the Rules Governing the Listing of the Growth Enterprise Market of the Shenzhen Stock Exchange, the company’s audit report in the last two years was negative or unable to express opinions on the company. The Shenzhen Stock Exchange may decide to suspend the listing of the company. If the company intends to adopt measures that do not eliminate the impact of the opinion in the 2018 audit report, the company may be issued an audit report that fails to express opinions for two consecutive years and there is a risk of suspension of listing.

Investors: If LeTV does not withdraw from the market, has the management of the company started to study the self-help plan?

Chairman and General Manager Liu Shuqing: At present, the company's board of directors and management are trying hard to solve the company's current operating difficulties: to improve business operations to restore the company's cash flow and supply and marketing system; actively negotiate with relevant financial institutions loan extension, and strive to resolve the company's operations Difficulties; Seek a third-party capital increase to resolve the financial pressure currently being faced by the subsidiary; coordinate the related party to repay the debt owed to the listed company by way of cash or assets. However, on the whole, the company's current overall financial arrangements have great difficulties, the cash flow is extremely tight, and the company’s management is actively seeking all possible solutions. However, no specific plan has yet been formed.

Can LeTV debt be repaid?

Investors: LeTV has 2.75 billion short-term loans at this stage. Can it be repaid on schedule?

CFO Zhang Jian: The company's short-term borrowings in 2017 were 2.755 billion yuan, most of which were borrowed by financial institutions. The operating cash flow cannot cover short-term debts. The company's resolution of short-term debts is negotiating with relevant financial institutions for loan extension, and reconciling related parties to repay the listed company's arrears in the form of cash or assets. On the whole, the company's current overall financial arrangements have great difficulties, the cash flow is extremely tight, and the company’s management is actively seeking all possible solutions. However, no specific plan has yet been formed.

Chief Financial Officer Zhang Jian: After assets are substantially devalued, some of LeTV's assets are in a frozen state. It is difficult for the current assets to cover short-term debts and the company’s disclosed lawsuits and arbitrations of listed companies. If such lawsuit compensation is further formed or there are Liabilities will increase the company's debt pressure.

Investors: How likely is LeTV.com's follow-up capital insolvency? Will it begin to sell assets in the face of huge amounts of arrears this year? Will it be delisted?

Board Secretary Zhao Kai: At present, the company is actively recovering debt.

When does Jia Yueting pay back?

Image Source: Vision China

Investors: According to the media, Jia Yueting's FF car has arrived in China. Does this mean that future car money can be returned to listed companies?

Chairman and General Manager Liu Shuqing: The company has not been informed by Mr. Jia Yueting or its affiliates and he does not know or understand the media reports that “Jiayue Ting’s FF car has arrived in China”. However, the company is always concerned about a large number of related company arrears in the listed company system. On this issue, the management has actively and actively maintained communication with Mr. Jia Yueting and its related parties. The company also expects that Mr. Jia Yueting and related parties can join with the company as soon as possible. Confirm effective solutions and repayment schedules to save listed companies in a quagmire of capital shortages.

Investors: Has the company communicated smoothly with Jia Yueting? Has Jia Yueting had a repayment schedule?

Chairman and General Manager Liu Shuqing: The company’s current management has been actively and actively maintaining communication with Mr. Jia Yueting and its related parties, including recent media and investors’ general concerns, Rui Chi Motor’s purchase of land investment funds, and the company’s several times with Mr. Jia Yueting. The relevant parties will make telephone and mail communications, and will obtain timely disclosure of information. The company expects to solve the issue of a large number of related party debts in the listed company system as soon as possible through constant communication with Mr. Jia Yueting. Listed companies are currently very difficult to manage, and current management is also working hard to change the status quo. However, it is hampered by the seriousness of the capital situation and the normal operation of the company cannot be effectively promoted.

Investor: When did Jia Yueting owed money?

Liu Shuqing, Chairman and General Manager: As of now, the company is negotiating with Jia Yueting and its affiliates for a solution. The company is currently actively requesting that Mr. Jia Yueting be responsible for the listed company’s associated debt problems. The company will adopt all means including legal means and instruct Mr. Jia Yueting and its related parties to use cash or the related stocks and assets controlled by them to effectively solve them. For the actual debt of the listed company, it will do its utmost to protect the equity of the shareholders of the listed company and ease the pressure on the company's funds. At present, the two sides are actively negotiating on the above issues, but they have not yet formed a comprehensive debt solution that can be implemented on the ground.

LeTV lost its new controlling share

On April 18th, LeTV announced that the new music as Wisdom successfully obtained 3 billion yuan capital increase, investors include Tencent, Jingdong, Suning and other companies. In the announcement on the evening of April 20th, the name of the new Lezhi Sensei was changed to “Landray New Electronic Technology (Tianjin) Co., Ltd.”.

Investors: May I ask if Jingdong, Tencent, and Suning have all invested in LeTV homes? If so, what is the investment funds? Does LeTV have a huge market development and profit space?

Secretary of the Board of Directors Zhao Kai: The capital increase is a self-rescue program taken by the company under the background that Le Rongzhi’s new brand and reputation are seriously damaged, and some receivables are difficult to recover, resulting in extremely tight cash flow of the company. The current management of the company focuses on restoring the company's business and re-raising the competitiveness of the industry. It is hoped that the company will be saved in the quagmire of extremely tight funds, and will increase the company's new operating strength and meet the capital needs to be solved. This time, the introduction of a new strategic investor for Le Rongzhi will enhance the company's financial strength while optimizing its debt structure. However, whether the current capital increase can restore the company's business scale, there is still uncertainty. The company management will continue to work hard and actively seek all possible solutions. Thank you for your attention.

Investors: Previously, Lever Capital had increased the amount of new investors in Tencent, Jingdong and other investors. However, listed companies also indicated the risk of losing Lever to a new controlling share. Please specify.

Secretary of the Board of Directors Zhao Kai: After the capital increase, the shareholding ratio of LeTV will be diluted. Based on the existing agreement and the intention to increase capital, the shareholding of LeTV will decrease to 33.46% after the capital increase. In view of the fact that Le Rongzhi’s new equity is frozen and pledged, if the debt maturity company cannot pay back, the company risks losing its controlling stake in the controlling subsidiary, which may cause the company to fail to be included in the scope of the consolidated statement of the listed company. The scale of income and net profit resulting from the adjustment of the consolidated statements of listed companies was adjusted accordingly. Thank you for your attention to the company.

Investors: Lefuzhixin (as viewed by LeTV) held by Leshi Holdings will be auctioned, and the progress of the auction will be affected. How will LeTV's loss of Lerong's innovative control rights affect small and medium investors?

Board Secretary Zhao Kai: The 18.38% stake held by Rongzhi New Shares Levision Holdings is frozen, and some or all of them will enter the judicial auction process. The existing management of the Company will do its utmost to actively seek solutions to the company's existing difficulties. However, whether the aforementioned incidents occur is not within the control of the Company's existing management. The existence of the company's shares in Le Rongxin was disposed of by the judiciary and the risk of losing its controlling shareholding in the subsidiary was lost. Thank you for your attention to the company.

At 14:15 in the afternoon, LeTV.com's stock price began to dive, and fell by more than 7% during the session. As of the close, LeTV.com fell 3.64%.

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