Introduction: Recently, LeTV announced an announcement that it will continue to suspend business due to major asset restructuring. From the first day of suspension in April this year, if LeTV continues to suspend, its accumulated suspension time will exceed the original plan of up to 6 months.
On the 175th day of the suspension of LeTV, the company announced that its scheduled resumption will be postponed.
On October 10th, relevant people in LeTV.com said in an interview with the “Securities Daily†reporter: “The related acquisitions are still in progress. The current resumption time is still uncertain.†However, there are industry insiders believe that LeTV Can not be settled late, or for historical reasons.
It is worth noting that currently, LeTV is faced with multiple lawsuits and disputes. Recently, it was sued by Beijing Siwei Investment to court. The other party pointed out that it had not engaged in illegal business operations without the resolution of the shareholders' meeting, and it had always concealed important business matters from the shareholders.
Sun Hongbin era is still difficult to advance
On April 17 this year, LeTV suspended trading on the grounds of continuing to promote major asset restructuring. At that time, the company expected that the acquisition would not exceed five working days. After that, the company experienced a series of shocks and experienced a period of progress from the architecture, senior management, and system. Unprecedented change. After Jia Yueting went to the United States, Sun Hongbin officially became the chief. Sun Hongbin had expressed interest in LeTV at several public events. LeTV will be an important business for New LeTV, but no timetable has been given for this acquisition.
On October 9th, LeTV.com's acquisition of LeTV Films involves major unprecedented matters. The development of related work currently has a lot of uncertainty, which means that the original resumption time will continue. It said it is expected that it will not be possible to disclose this major asset restructuring plan or report and apply for resumption of trading before October 16.
In Jia Yueting’s era of power, this acquisition has not been completed. Sun Hongbin’s presence has caused widespread speculation that LeTV’s acquisition of LeTV will increase the odds, or it will soon be pushed forward. However, it seems that the acquisition has not made substantial progress.
LeTV stated that since the suspension of trading, the company and related parties have actively promoted various tasks. The original plan was to announce the major assets reorganization plan and other related information before October 16, 2017. However, due to uncertainties in related work, in order to maintain With regard to the interests of investors, upon application, LeTV’s shares will continue to be suspended from the opening of the market on October 17, 2017.
LeTV emphasized that during the suspension period of the stock, the company disclosed the progress of major assets reorganization every five trading days in accordance with the relevant regulations, and indicated risks and uncertainties in related documents, and fulfilled its duty of information disclosure seriously.
Difficulties in the interests of all parties are alleged to conceal important business issues
After LeTV announced that the resumption of trading was postponed again, the industry speculated that the reasons for the delay in the acquisition had been delayed.
According to LeTV's announcement, LeTV Holdings (Beijing) Co., Ltd. currently holds a 21.81% stake in LeTV Films, which is the largest shareholder, Jiayue Ting is the actual controller of LeTV Holdings, and Tianjin Jiahui Huixin Enterprise Management Co., Ltd. holds LeTV. 21% of the industry is the second largest shareholder.
Some people in the industry believe that when Jia Yueting took control of LeTV, LeTV had too many internal related transactions and the relationship was too complicated. At present, there are still some connected transactions in LeTV's listing system and unlisted system that have not yet been clarified. At the same time, currently LeTV is faced with multiple lawsuits and disputes, and the company is unable to take effective measures, making it difficult to advance the restructuring of LeTV.
On October 10, it was reported that the court of Huairou District of Beijing announced a civil ruling. The plaintiff of the ruling book was invested by Beijing Siwei and the defendant was LeTV.
According to the statistics, the shareholders of Siwei Investment are China Merchants Wealth Management Co., Ltd., Shi Yu Guang Kong Control and Management Co., Ltd., and CITIC Guoan Fund Management Co., Ltd. respectively. The major shareholders of the three companies are China Merchants Bank, China Post Fund and China CITIC Group.
The civil ruling book shows that on June 11, 2015, Siwei Investment pledged a contribution of RMB 200 million to LeTV Films, obtained a 2% stake, and became the eighth largest shareholder of LeTV. According to the restructuring plan of LeTV Films last May, after LeTV was injected into the listed company at a valuation of 9.8 billion yuan, Siwei Investment can obtain a total consideration of 280 million yuan. However, the valuation of LeTV has dropped sharply, and the investment returns that could have been obtained by Siwei Investment.
“The controlling shareholder LeTV Holdings and the actual controller Jia Yueting actually control the actual operating rights of LeTV.†Siwei Investment claimed that the LeTV has always concealed important business issues from the court, “the current LeTV industry There was a lot of crisis. LeTV did not engage in illegal business operations without the resolution of the shareholders' meeting, which puts shareholders’ interests at great risk and severely infringes on the interests of all shareholders.â€
“Because the valuation of LeTV has declined sharply in a short period of one year, the promise it promised to the shareholders could not be realized. It is difficult to coordinate the interests of all parties and the reorganization plan cannot satisfy the parties. It is also difficult for LeTV to acquire LeTV. The important reason for the implementation." Close to LeTV film industry revealed to reporters.
LeTV has also adjusted the restructuring plan several times in this restructuring. According to the latest plan released by LeTV, the number of the company’s shareholders will increase to 46, and the number of counterparties to the transaction will increase to 46; the transaction price of the underlying assets is expected to be lowered, but the specific amount has not yet been finalized; Pricing base date; total fundraising adjustments, etc.
It is worth noting that LeTV has attracted a group of star investors. The list of small and medium shareholders includes many stars, including Zhang Yimou, Huang Xiaoming, Guo Jingming, Li Xiaojun, and Sun Hao. Today, LeTV's restructuring has not been able to land, valuations have declined, and the return on investment of the stars has also dramatically decreased.
On the 175th day of the suspension of LeTV, the company announced that its scheduled resumption will be postponed.
On October 10th, relevant people in LeTV.com said in an interview with the “Securities Daily†reporter: “The related acquisitions are still in progress. The current resumption time is still uncertain.†However, there are industry insiders believe that LeTV Can not be settled late, or for historical reasons.
It is worth noting that currently, LeTV is faced with multiple lawsuits and disputes. Recently, it was sued by Beijing Siwei Investment to court. The other party pointed out that it had not engaged in illegal business operations without the resolution of the shareholders' meeting, and it had always concealed important business matters from the shareholders.
Sun Hongbin era is still difficult to advance
On April 17 this year, LeTV suspended trading on the grounds of continuing to promote major asset restructuring. At that time, the company expected that the acquisition would not exceed five working days. After that, the company experienced a series of shocks and experienced a period of progress from the architecture, senior management, and system. Unprecedented change. After Jia Yueting went to the United States, Sun Hongbin officially became the chief. Sun Hongbin had expressed interest in LeTV at several public events. LeTV will be an important business for New LeTV, but no timetable has been given for this acquisition.
On October 9th, LeTV.com's acquisition of LeTV Films involves major unprecedented matters. The development of related work currently has a lot of uncertainty, which means that the original resumption time will continue. It said it is expected that it will not be possible to disclose this major asset restructuring plan or report and apply for resumption of trading before October 16.
In Jia Yueting’s era of power, this acquisition has not been completed. Sun Hongbin’s presence has caused widespread speculation that LeTV’s acquisition of LeTV will increase the odds, or it will soon be pushed forward. However, it seems that the acquisition has not made substantial progress.
LeTV stated that since the suspension of trading, the company and related parties have actively promoted various tasks. The original plan was to announce the major assets reorganization plan and other related information before October 16, 2017. However, due to uncertainties in related work, in order to maintain With regard to the interests of investors, upon application, LeTV’s shares will continue to be suspended from the opening of the market on October 17, 2017.
LeTV emphasized that during the suspension period of the stock, the company disclosed the progress of major assets reorganization every five trading days in accordance with the relevant regulations, and indicated risks and uncertainties in related documents, and fulfilled its duty of information disclosure seriously.
Difficulties in the interests of all parties are alleged to conceal important business issues
After LeTV announced that the resumption of trading was postponed again, the industry speculated that the reasons for the delay in the acquisition had been delayed.
According to LeTV's announcement, LeTV Holdings (Beijing) Co., Ltd. currently holds a 21.81% stake in LeTV Films, which is the largest shareholder, Jiayue Ting is the actual controller of LeTV Holdings, and Tianjin Jiahui Huixin Enterprise Management Co., Ltd. holds LeTV. 21% of the industry is the second largest shareholder.
Some people in the industry believe that when Jia Yueting took control of LeTV, LeTV had too many internal related transactions and the relationship was too complicated. At present, there are still some connected transactions in LeTV's listing system and unlisted system that have not yet been clarified. At the same time, currently LeTV is faced with multiple lawsuits and disputes, and the company is unable to take effective measures, making it difficult to advance the restructuring of LeTV.
On October 10, it was reported that the court of Huairou District of Beijing announced a civil ruling. The plaintiff of the ruling book was invested by Beijing Siwei and the defendant was LeTV.
According to the statistics, the shareholders of Siwei Investment are China Merchants Wealth Management Co., Ltd., Shi Yu Guang Kong Control and Management Co., Ltd., and CITIC Guoan Fund Management Co., Ltd. respectively. The major shareholders of the three companies are China Merchants Bank, China Post Fund and China CITIC Group.
The civil ruling book shows that on June 11, 2015, Siwei Investment pledged a contribution of RMB 200 million to LeTV Films, obtained a 2% stake, and became the eighth largest shareholder of LeTV. According to the restructuring plan of LeTV Films last May, after LeTV was injected into the listed company at a valuation of 9.8 billion yuan, Siwei Investment can obtain a total consideration of 280 million yuan. However, the valuation of LeTV has dropped sharply, and the investment returns that could have been obtained by Siwei Investment.
“The controlling shareholder LeTV Holdings and the actual controller Jia Yueting actually control the actual operating rights of LeTV.†Siwei Investment claimed that the LeTV has always concealed important business issues from the court, “the current LeTV industry There was a lot of crisis. LeTV did not engage in illegal business operations without the resolution of the shareholders' meeting, which puts shareholders’ interests at great risk and severely infringes on the interests of all shareholders.â€
“Because the valuation of LeTV has declined sharply in a short period of one year, the promise it promised to the shareholders could not be realized. It is difficult to coordinate the interests of all parties and the reorganization plan cannot satisfy the parties. It is also difficult for LeTV to acquire LeTV. The important reason for the implementation." Close to LeTV film industry revealed to reporters.
LeTV has also adjusted the restructuring plan several times in this restructuring. According to the latest plan released by LeTV, the number of the company’s shareholders will increase to 46, and the number of counterparties to the transaction will increase to 46; the transaction price of the underlying assets is expected to be lowered, but the specific amount has not yet been finalized; Pricing base date; total fundraising adjustments, etc.
It is worth noting that LeTV has attracted a group of star investors. The list of small and medium shareholders includes many stars, including Zhang Yimou, Huang Xiaoming, Guo Jingming, Li Xiaojun, and Sun Hao. Today, LeTV's restructuring has not been able to land, valuations have declined, and the return on investment of the stars has also dramatically decreased.
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