LeTV (300104) announced on the evening of November 8. As of November 7, Jia Yueting's shares had a total reduction of 37.97 million shares compared with June 30. According to Jia Yueting's previous reply, it was judicially disposed of to repay debts.
According to company statistics, as of the end of November, the company’s outstanding financial institutions’ borrowing debts amounted to approximately 1.923 billion yuan, and there was a risk that they could not be redeemed.
As of today's close, LeTV.com fell 0.85% to 3.50 yuan.
Attached to the announcement screenshot:
Click to view>>LeTV's announcement
Lerong’s new equity change began. On November 1, LeTV announced that it had received the “Executive Ruling” from Beijing No. 3 Intermediate People’s Court on the new equity of Lerong, and lifted the RMB 261.8 million and 31.24 million of Lerong’s new holdings held by Leshi Holdings. The freezing of the equity of the yuan contribution.
On September 22 this year, Tianjin Jiarui, a subsidiary of Sunac, took a total of 18.40% of the shares of Lerong Zhixin held by Leshi Holdings at a total price of 240 million yuan. According to the “Executive Ruling”, the ownership of this part of the equity is transferred to Tianjin Jiarui. Tianjin Jiarui can go to the relevant registration department to handle the equity change and registration procedures with the ruling.
According to the announcement, after the completion of the change in the shareholding structure of the company, Tianjin Jiarui has increased the proportion of the newly registered capital of Lerong to 46.0507%, becoming the first major shareholder of Lerong; LeTV Holdings and Property Music The proportion of Rongzhi New Registered Capital was unchanged at 36.4046%, and Lerong Zhixin became a shareholding subsidiary of listed companies. The scope of the merger of listed companies is ultimately subject to the opinions of the auditing organization.
According to the financial data of LeTV's first three quarters of 2018, LeTV's total operating income for the first three quarters was 1.37 billion yuan, and the net profit loss was 1.489 billion yuan. Among them, Lerong's new first three quarters revenue was 555 million yuan, and net profit loss was 5.9 million. 100 million yuan.
LeTV.com said that the final recognition of equity transactions after the release of the new listing will have a certain impact on the net assets of the listed company's consolidated statements, but has no direct impact on the cash flow of the listed company and the current profit and loss of the listed company. After the disposal date, The newly generated terminal related assets, liabilities, net profit and cash flow will not be included in the scope of consolidation.
Up to now, LeTV has pledged the new registered capital of Lerong to Tianjin Jiarui and Sunac Real Estate Group Co., Ltd. LeTV.com said that if the company fails to repay the debts on time, the pledged equity will be disposed of by the pledgee according to law, and the proportion of the company holding Lerong’s new equity will fall.
In addition, LeTV.com also explained the progress of the Le Shi Xingen M&A Fund in advance to pay 300 million yuan in advance, saying that all partners of Leshi Xingen M&A Fund held a meeting to form a “Partners Meeting Resolution”.
On October 29th, LeTV.com announced that the Lexus Xingen M&A Fund, which was established by the company's wholly-owned subsidiary, had paid 300 million yuan of principal amount to the limited partner Wuhu Gefei on September 25, 2018. LeTV.com's latest audited net assets of 45.25%. This incident quickly triggered an inquiry from the Shenzhen Stock Exchange. The Shenzhen Stock Exchange requested LeTV to explain the reasons and necessity of the Lexus Xingen M&A Fund to pay 300 million yuan in advance when the company's debt crisis has not been resolved.
LeTV.com said that since the establishment of the Leshi Xingen M&A Fund, most of the projects it invested have been at a loss. The book capital of Leshi Xingen Fund has been unable to cover the daily expenses of the fund expected to be about 300 million yuan/year. The listed company negotiates with the partners of the fund to reduce the expenditure by returning the priority part of the capital contribution.
At the same time, LeEco Xingen M&A Fund has made an irrevocable commitment to the listed company with the condition that LeTV can no longer fulfill the annualized 15% transfer obligation for the priority limited partner's contribution share; the priority limited partner waives its priority investment. The annualized 15% transfer of the transfer obligation and the distribution of the excess return of 5%.
LeTV.com called Jia Yueting in the announcement, saying that “it is very much expected that LeTV Holdings and Jia Yueting will fulfill their due guarantee obligations”. He also said that Jia Yueting, as the actual controller of the listed company, should assume the necessary responsibilities when the listed company is unable to perform the contract. The "Partners' Meeting Resolution" did not revoke the guarantee responsibility of Leshi Holdings and Jia Yueting. The priority of the guaranteed party can still be submitted to LeTV Holdings and Jia Yueting for claims. (Source: Securities Daily)