LeTV also staged an anti-purpose farce. At noon on January 2, Jia Yueting sent a reply to the Beijing Securities Regulatory Bureau shouting "due to the end" and fully communicated with LeTV to form a debt settlement intention. In the evening, LeTV announced that it has not yet formed an enforceable overall debt solution.
Who is true or false? A LeTV senior executive interviewed by the Securities Times e-Corporation reporter said: “Jia Yueting’s basic discourse strategy is to add facts and lies, and the detailed part does not dare to make false statements. Be careful of lies, the facts are in fact true, and the part of the lies is easy for the outside world to believe."
Responsible for Jia Yueting in the end?
After Jia Yueting returned to China next week, Jia Yueting’s nickname list had to add another “due to the responsibility of Jia Yuetingâ€.
At midday on January 2nd, Jia Yueting issued a response letter on the official official WeChat public account of the Beijing Securities Regulatory Bureau to order Jia Yueting to go back to China to fulfill his duties. He said that after receiving notification from the Beijing Securities Regulatory Bureau, he fully communicated with LeTV.com to form a debt settlement intention. He also entrusted Jia Yuemin to visit the Beijing Securities Regulatory Bureau in the afternoon of December 29, 2017 for personal communication and reporting.
For the Securities Regulatory Bureau repeatedly asked Jia Yueting to take on the responsibility of the actual controller, the company's problems with the solution, and the legitimate rights and interests of the investors who protected the company, Jia Yueting skillfully translated it into a “debt problem between the non-listed company and the listed company,†not to mention itself. Specific obligations and responsibilities.
Jia Yueting stated that although the shareholders of non-listed companies bear limited liability, the liabilities owed by unlisted companies to listed companies should not be borne by the individual legally. However, due to the emotions and responsibilities of listed companies, Jia Yueting said that all voluntary individuals are responsible. Take responsibility and come up with everything to solve the debt problems of listed companies and non-listed companies.
The aforementioned LeTV executives believe that Jia Jia must be frank and completely understandable, otherwise he can only be understood as a kind of crisis public relations behavior against the regulatory authorities.
Jia Yueting further described the debt solution between himself and LeTV. He said: "I actively discuss and communicate with listed companies, and I have made clear repayment willingness and preliminary plans. Both sides form an intention to resolve debts and obtain funds by selling assets. And in the form of repossessing assets, the problem of arrears of listed companies will be solved and the responsibilities of shareholders of listed companies will be effectively fulfilled."
However, Jia Yueting claimed that this colloquialism is slightly different from the wording of LeTV. LeTV announced on the evening of January 2 that as of now, the two sides have not yet formed an enforceable, substantial written overall debt solution.
Jia Yueting also explained that he was very busy and asked his wife and brother to dispose of their assets to pay their debts. He said, “In order to better solve the listed company’s debt problem, I have already authorized Gan Wei and Jia Yuemin to represent me in the exercise of the rights of the shareholders of the listed company and the performance of shareholder responsibilities. This includes the disposal of assets and other related tasks, and Gan Wei and Jia Yuemin are solely responsible for the ".
In the last part of the reply, Jia Yueting shouted as always: "We must make a solemn promise to the public once again. I will be responsible for the debt problem."
LeTV.com stated in the announcement that the listed company will continue to make every effort to promote the substantive resolution of Jia Yueting's and related party debt issues of the non-listed system. Follow-up information is subject to the announcement of the listed company.
Where is the money?
At the same time as Jia Yueting shouted, “Responsible to the end,†Jia Weiting, Ms. Jia Yueting, also spoke in solidarity with Jia Yueting, saying that Jia Yueting’s holdings and pledged stocks are used for business and investment. They are not used for individuals and families. Currently, individuals and households are heavily in debt. . However, this solidarity has not been recognized by LeTV.
Jia Yueting just issued a reply letter. Gan Wei stated on Weibo: “Jia Yueting’s reduction of stock holdings ($9.7 billion from reductions, tax payment of 2 billion yuan) and pledged stock loans (RMB 6.9 billion in loan balances, interest since 2014) Expenditure of 1.74 billion), equity investment is about 1.6 billion, and operating investment is about 15.2 billion. Not only is it not used for personal and family use, it also guarantees more than 10 billion for the company, and the production of personal and family properties and assets are frozen and indebted. The debt team will go all out to resolve the debt problem."
However, the aforementioned LeTV executives told reporters that “the use of this fund is in doubt. Please prove where the money is going, and say what you want to do.â€
In LeTV’s announcement, the current state of the company’s funding crisis is described in detail. LeTV said that there are a large number of non-listed companies in the listed company's debt to the company, directly leading to a large amount of arrears of listed companies to the upstream suppliers can not pay, a large number of debt default and litigation, endangering the listed company credit system, extreme cash flow Tension, problems with daily operations.
The reporter once combed up the related transactions between LeTV and LeTV's other business subsidiaries and found that LeTV's associated transaction volume surged a thousand times in four years.
In 2013, LeTV's sales amount to related parties was 11.1509 million yuan, and the amount purchased from related parties was 20.65 million yuan. By 2016, the amount of sales and purchases by LeTV.com to associated parties had soared to RMB 12.868 billion and RMB 7.48 billion. During the four years, the sales volume of LeTV to related parties increased by approximately 1,153 times year-on-year, while the amount of purchases from related parties increased by approximately 361 times year-on-year.
In addition to the above announcements, LeTV also disclosed other important information.
First, Leshi Mall intends to inject a listed company system with RMB 92.9 million through a debt-issued method. Second, New LeTV Zhijia (formerly LeTV Zhixin) determines a capital increase plan and raises RMB 3 billion according to a valuation of more than RMB 12 billion. The current creditors of Xin Le Zhi Zhijia invested 1.5 billion yuan in their debts.
For the purposes of these two transactions, LeTV said that the transaction can optimize LeTV’s new debt structure.
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