LeTV Tragedy: Jia Yueting's Faith and Evacuation

Just after the Spring Festival in 2016, Lei Zhenjian, CEO of LeSports, sat at the negotiating table in panic.

He has failed more than a hundred times. Lei Zhenjian encountered unexpected difficulties in the round B financing. The financing plan of 2 billion yuan was rejected by mainstream investment institutions. After several months of launching, little progress was made. At this time, half a year has passed since the A+round of financing. Behind the frenzy of the copyright market, there is a highly strained capital chain of LeSports. Once the B round fails, the copyright story previously told to investors in the A/A+round will be unsustainable.

Lei Zhenjian had no choice but to knock on the door of Jia Yueting's office. However, Jia Yueting soon persuaded him out and told him not to worry too much.

Soon, the investment offer of CCB International appeared in Lei Zhenjian's desk. Relying on this timely and rainy document, Lei Zhenjian quickly won several institutions such as HNA and Zhongtai Securities, and the financing amount also soared to 8 billion - four times the original amount.

This time, LeSports is really popular. "At that time, there were many agencies chasing them, and President Lei told us that we had to call the money first if we wanted to talk about it in detail." A person in charge of an agency that participated in the inquiry told Tencent Technology. Particularly representative is Zhongze Culture, which has been established for less than two years and has made few contacts, so it rushed to put 1 billion yuan into LeSports account within one month.

That was the most beautiful moment of LeSports. On April 12 last year, LeSports completed its round B financing, which was led by Hainan Airlines, more than 20 institutions such as Zhongze Culture and Sports Olympic Power, and more than 10 star investors such as Sun Honglei, Liu Tao and Chen Kun. A total of 8 billion yuan was raised, and the company's valuation reached 21.5 billion yuan.

However, CCB International, as a "timely help", has quietly disappeared from the list of investors.

Strange things have just begun. Due to the crazy pursuit of round B, many institutions slack off in signing the contract. The list of shareholders of the industrial and commercial system, which should have been updated in April, was postponed to November 24 of the same year by LeSports. At this time, many shareholders who had hardly exercised their shareholders' rights and interests found that the financing on the account of LeSports had long disappeared.

The disappearance of billions of funds is just a part of the curtain of the "LeEco crisis". On November 6, 2016, Jia Yueting's open letter made LeTV's financial crisis known to the world. For a while, LeSports, LeTV mobile phones, Yidao, Le.com and other LeTV companies were all involved in the vortex.

The list of stakeholders involved is also increasing. From Rongchuang China, which initially held a 15 billion yuan rescue package, to Taoyun Capital and Xingen Capital, many stakeholders actively or passively participated in the "rescue of LeEco".