Once the market value of one hundred billion, it is now riddled with tears, when the story of Jia Yueting for the falsification was falsified, the new owner Sun Hongbin is difficult to have, LeTV (300104.SZ) stock price crisis is becoming more and more serious.
On the evening of Friday (May 25th), the Shenzhen Stock Exchange sent a letter to LeTV. Five issues were raised in connection with the fact that there existed related transactions in LeTV.com that did not perform deliberation procedures and Jia Yueting violated the competition commitments of the industry. On May 28th, LeTV.com's share price opened at the opening and approached the daily limit. Later, despite the rebound, but at the close, the stock price was reported at 3.78 yuan per share, a drop of 6.44%, the lowest since the resumption of trading. Based on the latest closing price, since the resumption of trading on January 24, 2018, the cumulative value of LeTV's market value has evacuated by nearly 46.1 billion yuan, which is far from the market value of 100 billion yuan.
According to the information on the official website of the Shenzhen Stock Exchange, the aforementioned inquiry letter is the fifth inquiry from the exchange that LeTV received this year. However, the Shenzhen Stock Exchange has only announced two reply letters at present, and three of them have not announced the contents of the reply. The most critical annual report is 33, and no reply has been made since May 9. Among these issues, the core question that the Exchange is concerned with is that Jia Yueting does not pay back the money. LeTV, “no cash flow, no profit,†will face suspension of listing in the face of current business and financial crisis.
New low stock price
Since November 2016, LeTV's financial risks have been exposed, and the crisis has gradually deepened. LeTV.com's stock has experienced a long suspension, but it has not escaped the endless curse. After falling below RMB 4, LeTV.com's share price has returned. To the low point of 5 years ago.
This time the killings originated on May 24th. Sino-German Securities issued its annual follow-up report to LeTV. In this report, Sino-German Securities believes that there are related transactions in LeTV.com that have not fulfilled the deliberation procedures. Jia Yueting violated the industry competition commitments. situation.
Then on May 25th, the Shenzhen Stock Exchange issued an inquiry letter, which raised five major issues centered on related party transactions and peer competition, and asked LeTV to explain the details of the related transactions that were not disclosed and performed in a timely manner, including related parties, transaction time, and transaction content. , the transaction amount, explain the reasons for not performing the review procedures and disclosure obligations, and rectification measures.
The Exchange also asked LeTV to explain whether there was competition with Jia Yueting and its affiliates, the issue of joint office and staff sharing, whether there was a case of payroll, occupancy of the controlling shareholder's capital, and other situations. Explain the reasons, specific circumstances, and the current situation of these situations.
In addition, the Shenzhen Stock Exchange also requested Jia Yueting, a controlling shareholder of LeTV.com, to verify whether there is a violation of the “Promise to Avoid Competition in the Same Industryâ€. LeTV will need to make written explanations on relevant issues and return to the Shenzhen Stock Exchange before June 1.
Although Jia Yueting went overseas, Sunac also tried to promote cutting between LeTV and Jia Yueting and LeTV's non-listed system, creating a new LeTV. However, Jia Yueting's every move still affects the nerves of LeTV. LeTV's stock price is also falling. Jia Yueting’s personal debt crisis is deeper and he cannot escape the negative cycle.
In terms of equity pledges, the current share price of LeTV.com has already fallen below the previously predicted Jiayue Ting’s equity pledge and explosives line. However, due to the judicial freeze, the pledgee cannot open positions, but the existing brokers have successively pursued through lawsuits. debt.
Western Securities 2017 annual report disclosed that in April 2016, Jia Yueting successively pledged 21.5 million shares of LeTV.com shares to the company, and incorporated 500 million yuan in principal. The date of purchase repurchase agreed by the two parties was July 24, 2017, but in the end, Jia Yueting did not pay interest according to the agreement, and failed to perform the contractual obligation for early purchase in accordance with the contract, which constituted a breach of contract. Western Securities made 439 million yuan worth of assets for depreciation and filed a lawsuit in the court.
Similar situations also occurred in Guotai Junan, Ping An Securities, and Huafu Securities. According to the reporter’s statistics, Jia Yueting’s debt alone exceeds RMB 1.6 billion.
Zhongdeng company data show that LeTV.com has a total share capital of 3.989 billion shares and a total of 659 equity pledges, totaling 1.647 billion shares, with a pledge ratio of 41.30%. Among them, Jia Yueting holds 10.24 billion shares of LeTV. Among them, 1.20 billion shares are pledged and the pledge ratio reaches 99.53%. After the eruption of the LeTV fund crisis, the shares held by Jia Yueting have all been frozen by judicial organs such as the Beijing Third Intermediate People’s Court.
Will LeTV look for suspension of listing?
Since the crisis broke out in a year and a half, LeTV's shareholder rights and interests have also shrunk dramatically with LeTV's share price.
From the peak of 2016, net assets of 10.225 billion yuan, to 404 million yuan in the first quarter of 2018, LeTV's net assets have undergone a fundamental collapse. If the main LeTV network cannot be reversed, the losses will continue. Once the net assets are broken, A-share trading will be suspended.
From a quarterly report, LeTV's operating situation is not optimistic. According to the quarterly report, LeTV.com achieved an operating income of 437 million yuan, a year-on-year decrease of 89.41% and a net profit of -307 million yuan, a decrease of 346.20% year-on-year.
Under the consolidated statement, the total assets of LeTV in the current period are 17.452 billion yuan, the total liabilities are 18.654 billion yuan, and the net assets are as large as 1.202 billion yuan. However, due to the owner's equity attributable to parent company of RMB 304 million, net assets have not been triggered to be negative, resulting in the suspension of listing. Whether or not it will hit the suspension of listing in 2018, or whether the business will turn for the better, will also become the issue of supervision.
In this regard, the Shenzhen Stock Exchange sent a 15-page inquiry letter to LeTV on May 9th, which included 33 major issues, requesting LeTV.com to follow the market’s concerns about continuing operations, accounting issues, connected transactions, Provide detailed answers to external guarantees.
The Shenzhen Stock Exchange first asked LeTV to provide explanations on the company’s various liabilities as of 2017, repayment risks and countermeasures. At the same time, combined with the company's current production and operating conditions and financial status, it shows whether the net asset may be triggered in the end may lead to a suspension of listing.
In the performance briefing on May 14th, Zhao Kai, the director of LeTV, once said that if the listed company continues to lose money in 2018, there will be a possibility that the net assets of the parent will be negative, and the Shenzhen Stock Exchange may decide to suspend its listing.
In the 2017 annual report and the first quarterly report of 2018, LeTV.com all stated that the company’s ability to continue its operations has been significantly reduced, and its main advertising and membership revenues have dropped significantly, while asset impairment losses and bad debt provisioning have increased significantly.
In this regard, the Shenzhen Stock Exchange requires LeTV to specify the number of advertisements, the causes of decline, the cancellation of orders, and the placement of advertisements, copyright services, and payment services; copyright distribution, customer names, cooperation contents; and the number of users, average payment rates, and recent Three years of website traffic and other details of the data are disclosed.
In addition, the Shenzhen Stock Exchange also asked LeTV's many accounting issues, including external copyright amortization disputes, as well as Jia Yueting in LeTV's associated debt, infringement LeTV interests and other issues to make a more detailed reply.
In 2017, Levision’s annual report on its huge loss was issued with an “unavailable opinion†audit report. Zhao Kai also stated at the above-mentioned performance briefing that in accordance with relevant regulations, the company’s audit report in the last two years was negative or unable to express opinions, and the Shenzhen Stock Exchange may decide to suspend the listing of the company. If the measures that LeTV plans to adopt fail to eliminate the factors that cannot express opinions in 2018, then LeTV may be suspended for listing due to the fact that it has been issued an audit report that cannot express opinions for two consecutive years.
M12 Circular Connectors,M12 P Nylon Adhesive Waterproof Connector,M12 Industrial Waterproof Connector,M12 8-Core Male Head Waterproof Connector
Shenzhen HuaTao Electronic Co., LTD , https://www.htconnector.com