Sun Hongbin, the "Knight in White", once again launched the "Cash Cow", Lerong Zhixin letv Tabulation
Our reporter Xiang Yantao
Under the crowd, the auction of LeEco Pictures (later renamed "Lechuang Culture and Entertainment") and Lerongzhixin, held by LeEco Holdings, ended quietly. Sun Hongbin, the former "white knight" of LeTV, made another bid to buy 21.8122% of Lechuang Cultural Entertainment and 18.38% of Lerong Zhixin at a base price of 770 million yuan.
This means that LeEco Holdings controlled by Jia Yueting will completely lose the two most high-quality assets of LeEco, the listed company LeEco will lose the actual control of LeRongZhiXin, and Rongchuang China will become the actual controller of LeRongZhiXin and LeRongZhiXin.
On the evening of September 24, LeTV announced that after the completion of the equity structure change of LerongZhixin, the largest shareholder of LerongZhixin was Tianjin Jiarui under Rongchuang, and LerongZhixin became a joint-stock subsidiary of the listed company. After the disposal date, the newly generated net profits and cash flows of Lerongzhi will no longer be included in the consolidation scope.
Rongchuang plate
At 10:00 a.m. on September 21, the 21.8122% equity of Lechuang Cultural Entertainment held by LeEco Holdings, the 31.2453 million yuan equity of New LeEco Zhijia (later renamed "LeRongZhiXin"), and the 26.1835 million yuan equity of LeRongZhiXin began to be auctioned together.
The reporter of Securities Daily noticed that before the auction, more than ten thousand people had been attracted to the three auctions. However, there were few participants, and only one person registered. On the first day of the auction, none of the three auctions were bid. Until about 9:00 am the next day, the bidders of the three auctions successively bid at the bottom price and directly clinched a deal.
The deal confirmation issued later showed that the "mysterious buyer" behind the three auctions all pointed to the same bidder: Tianjin Jiarui Huixin Enterprise Management Co., Ltd. It is understood that the company is an investment company under Rongchuang China.
According to the auction results, the assessed prices of the three auctions were 759 million yuan, 187 million yuan and 157 million yuan respectively; The starting price and transaction price were 531 million yuan, 131 million yuan and 109 million yuan respectively, totaling 770 million yuan. The 21.8122% equity of Lechuang Cultural Entertainment auctioned by LeTV Holdings is all the equity of Lechuang Cultural Entertainment held by LeTV Holdings; LeRongZhiXin's equity of RMB57.4288 million held by LeTV Holdings was converted into 18.38% equity, which is all the equity of LeRongZhiXin held by LeRongZhiXin.
Obviously, the valuation of Lechuang Cultural Entertainment and LerongZhixin has shrunk significantly. The appraisal report shows that the appraised value of Lechuang Culture and Entertainment is 3.48 billion yuan on the premise that Lechuang Culture and Entertainment can continue to operate as planned and realize the corresponding income forecast. As early as June 2016, when LeEco announced its acquisition of Lechuang Culture and Entertainment, Lechuang Culture and Entertainment was valued at 9.8 billion yuan, which means that the current value of Lechuang Culture and Entertainment has shrunk by 64.4%.
It is worth noting that stars or star studios such as Zhang Yimou, Guo Jingming, Li Weiran, Sun Honglei, Sun Li Studio, Huang Xiaoming and Li Xiaolu are still on the list of shareholders of Lechuang Cultural Entertainment.
Before the auction, LeEco Holdings was the largest shareholder of Lechuang Culture and Entertainment, with a shareholding ratio of 21.8122%, and Tianjin Jiarui Huixin was the second largest shareholder, with a shareholding ratio of 21%. After this auction, Tianjin Jarui Huixin will become the largest shareholder of Lechuang Culture and Entertainment, with a shareholding ratio of 42.8122%.
From the perspective of Lerongzhixin, according to the auction evaluation, 100% of the company's equity is estimated at 1.87 billion yuan, and according to the auction results, the valuation is. In June this year, LeRongZhiXin's valuation report released by LeTV showed that LeRongZhiXin's valuation under the market law was 9.6 billion yuan. This means that the new valuation of Lerongzhi has shrunk by 80.5% in this auction.
According to Shen Meng, executive director of Xiangsong Capital, Rongchuang is now taking control of the more valuable assets of LeEco into his own hands, which is also a passive result for Rongchuang. "Because it is the only one who participates in the auction, in order to prevent the discount of the unsolicited auction, we have to take it down first, and then see if there is any opportunity for restructuring, and again seek new strategic investors to accept the offer." Shen Meng told the Securities Daily reporter.
Lerong Zhixin
For LeEco, the biggest impact of this auction may be that the "cash cow" of LeRongZhiXin will be listed. According to the announcement, after the completion of the equity structure change of this auction, the proportion of Tianjin Jarui holding the registered capital of Lerong Zhixin has increased to 46.0507%, and the proportion of Lerong Zhixin held by LeTV has remained unchanged at 36.4046%. The largest shareholder of LerongZhixin is Tianjin Jiarui, and LeTV is no longer the largest shareholder of LerongZhixin. The consolidation scope of the listed company shall be subject to the opinions of the audit institution.
According to the announcement, the new revenue of Lerongzhi in 2017 and the first half of 2018 was 4.116 billion yuan and 412 million yuan respectively; Accounting for 58.59% and 41% of LeEco's total revenue respectively.
LeTV said that Lerongzhi's new statement has no direct impact on the cash flow of listed companies and the current profits and losses of listed companies. After the disposal date, Lerongzhi's new net profit and cash flow will no longer be included in the consolidation scope. However, according to the current actual situation, there is no fundamental change in the business operation of the company and the cooperation mode between the listed company and Lerongzhi New directly due to the statement.
Lerongzhixin senior executive told the Securities Daily: "As you can see, the results have come out. Next, we will continue to do our work well and bring better intelligent products to Chinese families."
This auction may also reduce the debt of LeEco to some extent. LeTV said that the auction turnover of LeRongZhiXin was 131 million yuan (corresponding to LeRongZhiXin's pledge of its registered capital of 31.24 million yuan held by LeRongZhiXin to Minsheng Trust). The proceeds will be used by LeRongZhiXin to repay the loans of China Minsheng Trust Co., Ltd., which has no direct impact on the cash flow of listed companies.
Editor in charge: Still
