Chinanews Client Beijing, July 20 (Zhang Xu) LeTV, which has entered the A-share market for 10 years, finally ushered in a bleak exit.
On July 21, LeTV ended its listing transaction. On the 20th, it became the last trading day of LeTV. The final stock price closed at 0.18 yuan, with a total market value of 718 million yuan. At the peak, the market value of 170 billion yuan evaporated more than 99%.
Along the way, Jia Yueting harvested many rich stars and 280,000 shareholders. Besides Sun Hongbin, who else "willing to gamble and lose"? On the 20th, in the LeTV investor rights protection exchange group, some people admit that they are still growing upset.
LeTV's stock price fell more than 99% from its peak.
LeTV, torn down by a built car
In February 1973, Jia Yueting was born in Xiangfen County, Shanxi Province, and majored in accounting at the university. After graduation, with the help of his ex-wife Li Li and the elder Zhang Ren, he successively established a bilingual school and operated a steel business. After a few years, he became a "north drift".
LeTV purchased a large number of movies and TV series copyrights at a low price, and stepped on the outlet of the video website transformation. From 2007 to 2009, under the circumstances that video websites were generally not yet profitable, LeTV.com achieved profitability in its financial reports. In August 2010, LeTV's online marketplace became "the first share of A-share online video".
After going public, Jia Yueting's ambitions grew bigger and bigger, saying that "ecological anti-". In his vision, the seven major LeTV ecosystems include: the Internet and LeTV cloud, content, large screen (super TV), mobile phones, sports, automobiles and LeTV finance.
LeTV's 2013 annual report shows that LeTV Super TV sold more than 300,000 units that year. In 2015, LeTV announced that it had sold 3 million units of super TVs during the year, and 4 million units of LeTV super phones during the year.
The success of the business made LeTV's stock price rise all the way, reaching a record high of 179.03 yuan on May 12, 2015.
Data map: Jia Yueting.
On December 9, 2014, Jia Yueting said on his personal Weibo that the automotive industry is facing a huge revolution in the era of the mobile Internet, and LeEco wants to build the best Internet smart cars.
Car manufacturing is a heavy asset project. Can LeTV, which started with video, be sustainable? In response to the question, Jia Yueting publicly stated in 2015, "I will not turn back even if the listed company is dragged down."
He believes that "funding is not a problem. As long as the strategy is forward-looking and leading enough, the product is sufficiently subverted, and there is enough user value, as long as your organizational capabilities are strong enough, as long as you can do things, the funds will naturally follow."
However, LeTV failed to hold up the pressure in the end, and the funds did not continue to follow, which really brought down the listed company.
In November 2016, Jia Yueting admitted in an internal letter that there was a problem with LeTV’s funding situation. In May 2017, LeTV layoffs and encountered debt collection from suppliers. Two months later, Jia Yueting left LeTV's mess and left the United States on the grounds of helping his Faraday Future company complete financing.
Since then, "Returning to China next week" has become a stalk on the Chinese Internet, and Jia Yueting himself has not yet returned to China.
Jia Yueting, Regal Harvester
How many people did Jia Yueting pit? There are the richest man, financial institutions, 280,000 investors, and some even think that his wife Gan Wei is included.
"Dare to fight and dare to fight" Jia Yueting has attracted investment from many businessmen. According to public data, Ma Yun’s Yunfeng Fund invested 68 million yuan for LeTV, Wang Jianlin’s Wanda Investment and Wang Sicong’s Pusi Capital totaled 100 million yuan.
After the problems with the LeTV capital chain, in January 2017, Jia Yueting also brought in Sun Hongbin, the Sunac boss who is also a fellow from Shanxi, and his 15 billion yuan investment. After taking over, Sun Hongbin only knew how hot LeTV's debts were. He burst into tears at a performance meeting in September 2017, feeling "willing to gamble and lose".
Sunac's 2017 annual report shows that this gamble lost 16.5 billion yuan, which is about Sunac China's five-year profit. Sun Hongbin, who had barely retired after being the chairman of LeTV for 200 days, said, "LeTV is a failed investment, with a loss of 16.5 billion. This is not a broken arm, but a broken head."
FF91 undergoing alpine test. Picture from Jia Yueting public account
Even though he was far away from the United States, Jia Yueting's seriousness in building cars attracted a top rich man, Xu Jiayin. On June 25, 2018, Evergrande Health announced that it will invest US$800 million to become the largest shareholder of Faraday Future controlled by Jia Yueting. Unexpectedly, a few months later, 800 million US dollars were exhausted, Jia Yueting asked Evergrande to pay another 700 million US dollars in advance. After Evergrande refused, the two parties finally settled.
In addition to business leaders, there are also many financial institutions lying in LeTV's "tiankeng". LeTV's non-listed system has accumulatively repaid 16 billion yuan of loans from financial institutions, but the loan balance is still 13.85 billion yuan. Among them, LeTV still owes Ping An Bank 2 billion yuan, China CITIC Bank 1.75 billion yuan, and China Merchants Bank 1.2 billion yuan.
Because of these debts, Jia Yueting's wife Gan Wei also got involved. According to information released by the Shanghai High People's Court on July 8, Gan Wei has restricted the exit of Gan Wei because of non-performance of the obligations determined by the legal documents. The executor of the application is the China Merchants Bank Shanghai Chuanbei Sub-branch, with an execution subject amount of approximately 533 million yuan.
Screenshot of the Shanghai High People's Court website.
The lawsuit between the sub-branch and Gan Wei was related to a 2.7 billion yuan loan from LeTV’s mobile phone business in 2015. In this loan, Jia Yueting and Gan Wei jointly issued the "Maximum Irrevocable Guarantee", promising to undertake joint guarantee responsibility for the loan.
In the first instance, Gan Wei had argued that he was not a party, and the name on the letter of guarantee was signed by Jia Yueting, but the court did not accept it.
Public information shows that Jia Yueting married actor Gan Wei in 2008. In November 2019, Gan Wei filed a complaint with the court for divorce disputes, demanding the separation of property from Jia Yueting, and at the same time demanding that Jia Yueting bear all debts.
Half of the entertainment industry, no return on investment
In addition to the giant, there are dozens of entertainment stars on the list harvested by Jia Yueting.
Among the shareholders of LeTV Pictures are directors such as Zhang Yimou, Guo Jingming and Li Weiran, as well as stars such as Sun Li, Sun Honglei, Huang Xiaoming, Li Xiaolu and Feng Shaofeng. In addition, Liu Tao, Qin Lan, Li Chen, Ni Ni Studio and other celebrities passed Beijing Jinyang Holding There are company stocks.
Many people in the entertainment industry such as Zhang Yimou are shareholders of LeTV Pictures. The data comes from the enterprise check
LeTV's delisting, the most severe loss is Liu Tao, she not only invested 10 million yuan in LeTV Pictures, but also invested 50 million yuan in LeTV Sports, a total of 60 million yuan or nothing.
Like Liu Tao, there were the couple Deng Chao and Sun Li with an investment of 50 million yuan; Sun Honglei with an investment of 20 million yuan; Jia Nailiang with an investment of 10 million yuan. And Guo Degang, who had invested 10 million yuan, demanded to withdraw his shares two months after he became a shareholder, and escaped from the big pit of LeTV.
Among the star teams, Huang Xiaoming, Ni Ni, Qin Lan and Li Chen invested more than 5 million yuan each. "LeTV delisted, half of the entertainment industry will suffer losses." Some netizens said.
Where do 280,000 investors go?
LeTV.com reached its peak market value of 170 billion yuan in 5 years, and it took another 5 years to go out of the market. The market value is only 718 million yuan. That is to say, if a shareholder buys LeTV's stock at the historical highest price on May 12, 2015, it has been held until now, and it is almost no return.
Jia Yueting has the most pits, it is the ordinary investors. As of the end of December 2019, the total number of shareholders of LeTV was 280,800. In addition to the top ten shareholders, the remaining investors held approximately 62% of the shares.
Can LeTV return to the stock market? According to relevant regulations, the Shenzhen Stock Exchange GEM does not accept applications for the company's stock relisting, so LeTV will not be able to relist after delisting.
Regarding this result, in the group established by Weibo user "LeTV Network Rights Group", there are LeTV investors who are ready to let go: "It's all over, and we will start to sleep soundly tomorrow"; others are still upset: "Already Has it passed, has the hurt gone?"
Screenshot of the LeTV investor group.
It is worth noting that on July 2, Jia Yueting issued an open letter announcing that he had completed his personal bankruptcy reorganization on June 26. He said that for himself, this meant a restart in life.
But Jiang Zhenxiang, vice chairman of the Bijie City Lawyers Association, told Chinanews that the passage of the bankruptcy plan does not mean that his debts will disappear naturally. "Jia Yueting went bankrupt in the United States, and domestic creditors and stockholders can still claim their claims, and there is currently no law in China that allows individuals to forgive debts through bankruptcy. Individuals who file for bankruptcy in the United States cannot exempt their domestic debts. The creditors can still claim rights against them based on the relevant creditor’s rights certificates.”
LeTV is about to delist, but the story of Jia Yueting and investors is not over yet. (Finish)