A quarter has passed in 2019, and LETV (300104. SZ) is still ringing the alarm of delisting risk. Backed by two big 'celebrities', Jia Yueting and sun Hongbin, is LETV still' saved '? Not to mention, LETV may also bear a huge amount of joint and several guarantee liabilities for violations. If LETV sports's a + and B rounds of financing, LETV cloud and lerongzhi's new financing violation guarantee cases are included, LETV may also bear the maximum liability involving more than 12.6 billion yuan.
From the 'suggestive announcement on the risk of suspension of listing of stocks' released again by LETV online week, LETV, which used to be the' first share 'of the gem, is now riddled with holes and almost unable to recover.
Firstly, LETV has a high probability of net loss and negative net assets in 2018. In the first three quarters of 2018 alone, LETV has a net loss of RMB 1.489 billion and net assets of RMB - 365 million. Moreover, LETV may be issued an audit report of "unable to express opinions" again in 2018, so it faces the risk of stock "delisting".
Secondly, lerongzhixin, the core subsidiary in charge of color TV business, is no longer included in the financial statements of listed companies. Since the revenue of LETV and lerongzhixin in the first three quarters of 2018 were RMB 1.37 billion and RMB 555 million respectively, and the net profit was RMB -1.489 billion and rmb-590 million respectively, lerongzhixin's "statement" will further reduce the "volume" of LETV by about 40%.
Third, LETV has more and more liabilities. As of the first three quarters of 2018, LETV's notes payable and accounts payable were RMB 5.191 billion, mainly due to suppliers and service providers; LETV's long-term and short-term borrowings amounted to RMB 2.469 billion, other payables and non current liabilities due within one year amounted to RMB 2.386 billion, and other current liabilities amounted to RMB 2.743 billion, mainly interest bearing liabilities such as loans from financial institutions.
In addition, the settlement of the debt problem of affiliated companies has stalled. After Lerong Zhixin is no longer included in the scope of consolidation, so far, LETV's receivables from major shareholder Jia Yueting and its related parties are about 2.84 billion yuan. So far, no repayment plan or debt repayment plan has been reached.
Today, LETV's total market value is only about 10.8 billion yuan, which is only 7% of its peak market value of 150 billion yuan.
A securities analyst predicted that LETV will wear the hat of 'st' in 2019, and then either sell assets to repay debts or introduce new major shareholders to fill in debts. Otherwise, LETV's delisting by 2020 will not be 'alarmist'.
However, such a 'mess' of' one chicken feather 'recently has to spend 40.30002 million yuan to reward the management of its wholly-owned subsidiary' Huaer film and television '. In this regard, LETV explained that this is to fulfill the original performance reward commitment.
In the first half of 2018, when LETV's performance fell sharply, the only bright spot was that the TV drama distribution business of Huaer film and television still increased significantly by 1212.61% year-on-year, reaching 110 million yuan.
When LETV's TV business is "stripped off", Huaer film and television will become LETV's "master Huadan". First, the IP of film and television hot dramas such as the legend of Zhen Huan, the legend of MI Yue and red sorghum will stabilize LETV's traffic and member income; Second, we can retain or even expand the film and television drama distribution business of listed companies.
However, the plate of Huaer film and television is small after all, and may not be able to support LETV.
Recently, Jia Yueting, who shook hands with Evergrande and made peace, regained his financing autonomy in FF (Faraday future), but FF's electric vehicle project still needs to burn money. It is almost impossible for Jia Yueting to go back and repay LETV's arrears.
Jia Yueting's stake in LETV has been decreasing with the promotion of judicial auction.
So, will sun Hongbin, who has a lot of money, help each other? Recently, rongchuang group, under sun Hongbin, spent about 12.5 billion yuan to take over the two golden plots of oceanwide group in Beijing and Shanghai. However, falling flowers are intentional and ruthless. Of course, the minority shareholders of LETV hope that sun Hongbin, who "upholds justice", will act again, but Sun Hongbin, who once "transfused" 15 billion yuan to LETV, will only benefit Jia Yueting, who "dug a hole", if he acts now.
Tianjin Jiarui under rongchuang is now the second largest shareholder of LETV. According to LETV's 2018 semi annual report, Tianjin Jiarui holds 8.56% of LETV's equity, which is far from Jia Yueting's 25.67% equity in LETV at that time. Smart sun Hongbin has obtained the controlling right of "lerongzhixin" in charge of LETV TV business. Because LETV still owes rongchuang more than 1 billion yuan in loans and has pledged 80% of its equity of lerongzhixin to rongchuang and Tianjin Jiarui, rongchuang will hold more equity of lerongzhixin in the future.
For LETV, sun Hongbin 'can attack and defend'. If the stall is too bad, simply let it go bankrupt and delist, and let it naturally 'die'; If Jia Yueting's equity is auctioned and continuously diluted in the future, Tianjin Jiarui will become the largest shareholder of LETV. With so many assets and projects under rongchuang, LETV, the 'shell' of a listed company, is believed to be 'valuable'.