Yesterday (September 19) LeTV’s announcement showed that since 2015, Jia Yueting has reduced its holdings to a total of approximately 11.344 billion yuan, and the maximum amount lent to listed companies is approximately 4.716 billion yuan.

In other words, Jia Yueting has cashed out 11.344 billion yuan by reducing his holdings of LeTV shares from 2015 to the present, and the 4.716 billion yuan he lent has also been fully recovered during this period, so this reduction of his holdings Where did the big money go?

First of all, Jia Yueting did not increase his stake in LeTV during this period, so he did not invest money in listed companies. Considering the serious funding problems in LeTV's unlisted system, will Jia Yueting invest money in the unlisted system to solve the funding problem?

According to information provided by LeTV Holdings, from the occurrence of the funding crisis to the present, the total repayment of LeTV Holdings has exceeded 16 billion yuan. Jia Yueting said at the LeTV shareholders' meeting on June 28, 2016, "From the arrival of funds last year to now, the company has repaid a total of about 15 billion yuan in loans, most of which are repayments to financial institutions." .

How much of this was Jia Yueting’s personal repayment?

A person from LeTV once told reporters that it will be very difficult for LeTV to raise funds through various channels after May this year. The vast majority of LeTV shares in the hands of Jia Yueting and those acting in concert have been frozen; many of the original investors in the LeTV system have been trapped in their "high positions" and have not yet retired, and have no intention of continuing to invest in LeTV; and in terms of financial institutions , LeTV has long been unable to obtain loans with normal interest rates from formal channels.

This also shows that a lot of the debt repaid by LeTV may come from Jia Yueting.

In addition, LeTV Automobile and foreign Faraday Future are another big spending projects for Jia Yueting. Jia Yueting himself admitted at the 2017 LeTV shareholders’ meeting that the main reason for the financial crisis last year was LeTV Auto.

Jia Yueting personally invested US$1 billion in the new energy vehicle company Faraday Future and became the actual controller of the company. In November 2016, Jia Yueting said that he had personally invested more than 10 billion yuan in LeTV's automotive business, but this was still far from the funds needed to build a car.

Jia Yueting has personally invested more than 10 billion yuan in the LeTV automotive sector. Judging from Jia Yueting's own income, equity pledges and share reductions are the main sources. In order to "build cars", Jia Yueting probably invested a lot of the 11.344 billion yuan he gained from reducing his shares in LeTV.

Only he knows best where the money has gone. I believe he will leave some room for himself to bring the company back to life. It is impossible to force himself to a dead end.