Jia Yueting resigned. On the evening of July 6, LeTV made an announcement, which was tantamount to the fall of a boot for LeTV - Jia Yueting resigned from all positions in LeTV, including the chairman of LeTV.

On June 26, Shanghai Sichuan North Branch of China Merchants Bank Co., Ltd. applied for property preservation to the Shanghai Higher People’s Court, requesting to freeze the defendants Lefeng Mobile Hong Kong Co., Ltd. and LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd. The company, LeTV Holdings (Beijing) Co., Ltd., Jia Yueting, and Gan Wei have bank deposits totaling RMB 1236584434.07, or other properties of equal value have been seized or seized.

The National Enterprise Credit Information Publicity System shows that on April 12 this year, LeTV Holdings pledged more than 182 million yuan of equity in LeTV Pictures to Sunac Real Estate Group Co., Ltd. Since then, the legal representative of LeTV Holdings has also changed from Jia Yueting to Wu Meng.

On the evening of May 21, LeTV announced that Jia Yueting had applied to resign as general manager of LeTV.

On the evening of July 6, LeTV announced that Jia Yueting had resigned as chairman of LeTV. This means that Jia Yueting has withdrawn from LeTV’s listed company system. At the same time, the third board of directors of LeTV plans to be reorganized and the number of board members will be increased to 8. Sun Hongbin has been nominated.

When Jia Yueting, who was "short of money," met Sun Hongbin, a "merger maniac"

Jia Yueting was suddenly "taken away on a rainy day" by the bank

Although Jia Yueting claimed, "No more Even a big run cannot crush our dream of revolutionizing the automobile industry.” But the “run” caused by “lack of money” is indeed the direct trigger of LeTV’s crisis.

On June 28, at the LeTV shareholders meeting, Jia Yueting publicly stated that from last year to now, the entire LeTV system has repaid a total of about 15 billion yuan in loans, of which more than 9 billion yuan was repaid to loans from financial institutions. . However, Jia Yueting admitted that timely repayment did not increase financial institutions' confidence in LeTV. "On the contrary, financial institutions were still waiting and watching, and eventually some 'quasi-run' phenomena occurred."

Jia Yueting admitted that the funds of the unlisted company system he controls are actually tighter than when the crisis first broke out.

Among them, Jia Yueting’s 920 million yuan equity in LeTV Holdings has been frozen by the Shanghai Higher People’s Court. The freezing start date is June 30, 2017, and the freezing period is three years.

LeTV Holdings’ equity in LeTV Pictures has also been subject to five judicial freezes, involving courts in Shanghai, Beijing, and Jinan, Shandong.

LeTV Holdings’ equity in LeTV Zhixinzhong has been subject to four judicial freezes, one of which has been lifted, involving courts in Beijing and Shanghai. The Beijing Third Intermediate People's Court has frozen LeTV Zhixin's equity worth 57.43 million yuan three times, one of which has been unfrozen; the Shanghai Higher People's Court has also frozen LeTV Zhixin's equity worth 57.43 million yuan. Judging from the document numbers of the execution notices, these freezes all occurred in 2017.

In addition, LeTV Holdings’ equity in LeTV Cloud Computing Co., Ltd. has also been subject to two judicial freezes.

At present, it is not clear how big the debt risk exposure of the entire LeTV system is, but a senior risk control person analyzed to reporters that "the move of China Merchants Bank Shanghai Branch is a very dangerous move for Jia Yueting." Signal. When mortgage assets can cover debts, China Merchants Bank still takes the lead in freezing mortgage assets, which represents an attitude that "gives umbrellas when it is sunny and takes away umbrellas when it rains" is the bank's most basic measure."

Jia Yueting also said. What valuable things were left behind

In order to stabilize the listed company's business and market panic, LeTV urgently clarified in an announcement on July 4 that this time Jia Yueting's company shares were frozen and LeTV itself was It has nothing to do with it. The impact on the control of LeTV cannot be determined for the time being. It will not affect LeTV's normal production, operation and management, nor will it cause LeTV's equity distribution to be ineligible for listing.

LeTV’s announcement for the first quarter of 2017 showed that three of the top five shareholders of LeTV made pledges.

Among them, the number of pledged shares by the largest shareholder Jia Yueting accounts for 97.2% of the number of shares he holds in LeTV; LeTV co-founder Liu Hong holds 3.07% of the total share capital of LeTV, ranking the third largest shareholder, and the number of pledged shares accounts for 97.2% of the number of shares he personally holds. Jia Yueting’s brother Jia Yuemin holds 2.2% of the total share capital of LeTV, and he has pledged 98.48% of the total number of shares he holds.

Especially in the LeTV Automobile ecosystem that Jia Yueting "bets" on, LeTV Zhile Technology (Beijing) Co., Ltd., where Jia Yueting is the actual controller, pledged 8 million yuan of LeTV Automobile shares to Beijing Yinye Jinhong Investment Partnership (limited partnership), accounting for 80% of the registered capital of LeTV Automobile.

LeTV Holdings, with Jia Yueting as the largest shareholder, pledged 265.047986 yuan of equity in LeTV Cloud to a fund company, accounting for 33.33% of the registered capital of LeTV Cloud. In addition, the equity interests of LeTV Zhixin and LeTV Sports were also pledged.

Except for the LeTV Building on the East Fourth Ring Road in Chaoyang District, Beijing, which has been pledged, the property with the highest commercial value in Jia Yueting’s hands is Shimao Engineering 3, located in Beijing’s core business circle. LeTV is seeking to transfer this commercial property to cope with the current crisis, and Sunac China is one of the potential takers. An intriguing detail is that when LeTV's capital chain was tight in 2016, Jia Yueting established a relationship with Sun Hongbin only after he expressed his intention to sell the Shimao Engineering 3 project in Beijing's core business district.

Shimao Engineering 3 located in the core business circle of Beijing

However, at the LeTV Pictures IP strategy conference in mid-June, Sun Hongbin denied this. It is reported that the price of Shimao Engineering 3 is currently listed by LeTV at 4 billion yuan. LeTV has communicated with a number of national real estate companies, and Vanke Group is involved in the rumors. However, no real successor has emerged.

Will LeTV completely change its surname to Sun?

However, what the outside world did not expect is that before selling LeTV mobile phones, Jia Yueting pledged all his shares in LeTV Pictures to Sunac aspect.

Another important detail is that on June 19, LeTV announced that Zheng Lu (vice president of Xinwei Group), an independent director nominated by Sunac, serves as an independent director of LeTV’s third board of directors. . Together with Liu Shuqing, who previously served as a non-independent director of LeTV, Sunac holds two seats among the five existing directors of LeTV. In the terms of the contract between Sunac and LeTV, LeTV's articles of association redefined the scope of major matters approved by the board of directors, and stipulated that major matters must be approved by more than 2/3 of the board of directors.

In addition, the legal representative of LeTV Holdings was changed from Jia Yueting to Wu Meng, and Jia Yueting resigned from the position of CEO of LeTV.

Although on May 22, Sun Hongbin said at Sunac China’s shareholders’ meeting, “Some people say that I want to replace Jia Yueting. I find it very interesting, why should I replace him? I can’t replace their team. We have accumulated considerable experience in the industry. "But he also said that the improvement of LeTV's governance structure and management system is written in the investment contract, and it is what Sunac can and should do. The adjustments being made now are a good thing for LeTV. The appointment of CEO was also agreed upon before. As chairman, Jia Yueting still focuses on strategy and products. This is a sign that LeTV's listing system is maturing.

In the past six months, Sunac has not only injected funds, but also completed the target share transfer registration for LeTV.com, LeTV Pictures and LeTV Zhixin under the acquisition agreement, and also completed the relevant directors and senior management personnel of appointment.

According to the recent tracking rating announcement on Sunac issued by United Credit Ratings, as of May 24, Sunac’s acquisition still had 2.5 billion yuan unpaid. In this regard, Sun Hongbin once said, "Looking at it now, more than 10 billion is definitely not enough."

At the same time, Sunac is still taking over LeTV's real estate resources. At present, Sunac has transferred 50% of Shanghai Longshi Plaza's equity and participated in the development of land parcels in Liangjiang New District, Chongqing. Although Sunac did not announce the amount of equity it acquired in Longshi Plaza, media estimates indicate that its acquisition cost was approximately RMB 40,000 per square meter. LeTV had previously acquired The floor price of this land is only 18,000 yuan/square meter. Despite this, Sunac can still exchange for resources for its development.

On July 6, Jia Yueting resigned as chairman of LeTV, and Sun Hongbin was nominated as a non-independent director.