On the evening of March 14, LeTV.com (300104.SZ) announced that the company’s board of directors had recently received the resignation report of Chairman Sun Hongbin. Sun Hongbin applied for a resignation from the chairman of the company as a result of work arrangement adjustments, withdrew from the board of directors and ceased to hold any position in LeTV.
LeTV said that after Sun Hongbin chose to resign, the position of chairman of the company will be temporarily performed by Liu Shuqing, also from Sunac China (1918.HK). Currently, Liu Shuqing is a director and general manager of LeTV.
Sun Hongbin and LeTV's "Love" originated in January 2017. At that time, Jia Yueting and his “Levisions†in the crisis of the capital chain chose Sun Hongbin as the “white knightâ€. The latter announced a huge investment of 15 billion yuan to join LeTV, LeTV and LeTV.
However, Sun Hongbin’s shareholding did not completely ease the crisis of the “look system†capital chain. Jia Yueting’s right to speak in LeTV was also lost. In May last year, Jia Yueting announced his resignation from the position of General Manager of LeTV. Then he announced his resignation as chairman and director in June. In July, Sun Hongbin successfully became a director of LeTV through the general meeting of shareholders and later served as chairman.
This means that Sun Hongbin’s time as LeTV was only eight months before and after.
Regarding the specific and detailed reasons why Sun Hongbin chose to resign, the relevant person in charge of LeTV said that “the content of the announcement has not been exceededâ€.
In fact, before Sun Hongbin announced his resignation as the chairman of LeTV, his attitude towards the latter has changed.
In January of this year's online investor briefing, Sun Hongbin showed his pessimistic feelings for the future of LeTV. Sun Hongbin said, “People sometimes have to dare to change the sun and moon for the new days, and sometimes they want to lose.†They also said that “to do business is always to make profits and losses, to do anything is risky, if there is no risk, there is no In return, LeTV did happen to a change that no one else had thought of. We can only encounter any problems to solve any problems."
After the Lunar New Year after 2018 Lunar New Year, Sun Hongbin did not attend the meeting. At that time, the explanation provided by LeTV.com's director secret was: "Because of the temporary itinerary, I couldn't get to the scene. Sun's failure to meet on-site today does not mean his attitude towards LeTV."
Although it is still impossible to know the specific reasons why Sun Hongbin chose to resign, market participants believe that the departure of Sun Hongbin from LeTV may be related to the predicament of the listed companies currently operating.
According to the 2017 earnings report disclosed by LeTV recently, the company's total operating revenue decreased by 66.06% year-on-year to only 7.764 billion yuan; the net profit attributable to shareholders of the parent company decreased by 2199.53% year-on-year to a loss of 11.6 billion yuan; The stock return was -2.9146 yuan, a decrease of 2151.09% from the same period of 2016.
LeTV explained that the huge loss in performance was mainly due to the influence of the crisis in the capital chain crisis, resulting in a sharp decline in operating income. At the same time, due to the irrecoverability of linked accounts for the "LeTV" non-listed system, it also brought about huge impairment of assets.
According to statistics, out of the net profit loss of RMB 11.6 billion for the last year, RMB 4.4 billion was provision for accrued bad debts of related party receivables, and RMB 3.5 billion was the provision for impairment of certain long-term assets. As much as 7.9 billion yuan.
In fact, LeTV not only needs to face the pressure of operating performance, but also has the risk that the largest shareholder may change at any time.
According to the previous announcement of LeTV.com, it had confirmed by email to Jia Yueting that all of the stock pledged repo transactions had reached the agreement closing line and all of its stock pledged repo transactions had been breached. However, due to the fact that Jiayue Ting’s holdings have all been frozen, it has not been enforced even though the equity pledge has been breached.
This means that Jia Yueting is still the largest shareholder of LeTV in the name of the company, but there is a risk of change at any time.
The 21st Century Business Herald reporter learned that as of the latest, Jia Yueting still holds 1.024 billion shares of LeTV. The number of pledges is 1.02 billion shares, accounting for 99.54% of the shares held by Jia Yueting.
It is worth noting that LeTV, which is still faced with numerous difficulties, has continuously risen in the short 14 trading days since February 14, with a cumulative increase of 58%. This wave of eye-catching stock prices also led LeTV to issue a suspension verification announcement on the afternoon of March 14, and announced the suspension of trading from that afternoon.
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