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Jiayue Ting Cool 18% stake reduction of 1.2 billion frequent cash settlement difficult to resolve the debt crisis

via:CnBeta     time:2018/1/6 14:32:28     readed:514

On the night of January 4, Coolpad Group announced on the HKEx that the controlling shareholder Leview Mobile HK Limited ("Leview") intends to transfer 17.83% of the shares it holds to Granville Venture Capital Co., Ltd. "Wei-day venture capital"). After the transaction is completed, Leview will be relegated to the second largest shareholder of Coolpad Group, and Veyron Ventures will become the new major shareholder of the company.

According to the information, Leview is a part of "LeTV". As early as 2015 and 2016, LeTV acquired the 28.9% stake of Coolpad for a total amount of 3.0 billion yuan, becoming the actual controller of the latter. The share transfer price is higher than the latest price of Cool Group, but compared with the initial purchase price, "Music as the" fear of up to 1.2 billion loss.

January 5, LeTV non-listed system-related responsible person said that the company currently sells shares of Coolpai temporarily no response, and the progress of the debt issue will be announced in the Wei Wei microblogging. At the same time, for the Kuwait Group, which has not yet emerged from the capital dilemma, it will take time to verify whether it will regain its past glories with the change of major shareholders.

1.2 billion yuan huge retreat Cool

Although Jia Yueting and Gan Wei have made unceremonious speeches after 2018, they will address the debt problem of the music department. However, until there is no actual action, the outside world has always maintained its reservations. Now with the sale of the majority stake in Coolpai, Jiayuenting seems to confirm what he said.

According to Coolpad Group released a notice on the evening of January 4 showed that the controlling shareholder Leview intends to its 897 million shares held by the company, accounting for 17.83% of the total share capital of the company shares transferred to the company. Upon completion of the transaction, Leview's holding of Coolpad Group will be reduced to 10.95%, which will result in a lower shareholding ratio than Vriges will rank as the second largest shareholder of Coolpad Group, while the latter completes the transaction.

Specifically for the transaction price, the price at which Leview sells Coolpad was HK $ 0.9 per share, so the total transaction price will be HK $ 807 million (about RMB 669 million at the latest exchange rate). This price is about 25% higher than the latest price of HK $ 0.72 per share held by Coolpot Group before suspension.

According to business information disclosure, Leview was established in February 2015. Its Chinese name is Le Feng Mobile Hong Kong Limited. It is also under the control of the Jia Yueting family of Le Mobile Mobile Information Technology (Beijing) Co., Ltd., the mobile phone business of LeTV. There was not much information to disclose about the Vrijrav venture capitalists, only that it is a company incorporated in the British Virgin Islands.

21st Century Business Herald reporter learned that the music as the Department of Cool Group's ownership, as early as June 2015. At that time, Music as the Department invested 2.18 billion yuan from the founder of Cool Group Guo Deying hands 18% stake in the company, became the second largest shareholder. One year later, as the largest TV station in Hong Kong, LeTV Media added another 11% of its stake to Coolpad for a consideration of HK $ 1.047 billion (at a prevailing exchange rate of about 870 million U.S. dollars). As a result, LeTV ranked first with a total value of 3.0 billion yuan and a 28.78% stake. shareholder.

This means that if the original price of the owner and the latest sale price compared to the music as part of this part of the equity transfer will be as high as 1.2 billion loss.

In fact, since the music crisis in November 2016, the music department, it has been very concerned about how it will deal with the shares of Coolpai Group. Since then, as Music Credit Debt crisis intensified, and Jiayue Ting, Liu Jiangfeng (former CEO of Coolpad Group) and others resigned as Kuwait Group, and replaced by Liu Hong (Chairman of Kuwait Group) and Jiang Chao (CEO of Kuwait Group) , Followed by the outside world that its cash out of Cool Group will become a high probability event.

On January 5, a person close to musicians told reporters in the 21st Century Business Herald that there is still no way to judge the handling of the remaining shares of Coolpad Group in the future. However, given the conditions in the future and the suitability of some people and the reasonable price, Do not rule out the possibility of continued transfer.

Difficult to fill debt loopholes

Although the LeTV non-listing system official said he did not respond to the sale of the shares of Coolpai Group and did not realize the use of cash, the outside world believes that Jia Yueting and LeTV are the only way to solve the debt crisis, leaving only a way of selling assets.

On January 2, in response to the regulatory letter from the Beijing Securities Regulatory Bureau requesting him to go abroad, Jiayue Ting publicly stated that he has entrusted the solution of the debt problem of Music as sole proprietorship to his wife, Gan Wei. Subsequently, External voice, and hope that the outside world to give Jiayue Ting time to solve.

According to reports from 21st Century Business Herald, since the listing of LeTV in 2010, up to now, Jia Yueting and LeTV have accumulated over RMB50 billion from primary and secondary markets through their subsidiaries. However, The total amount of debt is still likely to reach as high as 10 billion yuan or even more.

In order to alleviate the debt pressure, since last year, including active and passive forms, Jiayue Ting and LeTV have successively transferred foreign shares including Easy-to-share ownership and its subsidiaries for debt repayments. It is also considered a continuation of this model today.

"This is basically not suspense, the assets of the non-listed system can dispose of all the disposal, the key is to have a good price," said LeTV as mentioned above, said, "Like the previous project Shimao surely want to The sale of funds back and forth, but has always been with the counterparty in the price gap.

However, in case the old account is not yet cleared and the new account starts up again, it is unrealistic that the troubles of Jia Yunting and LeTV will be solved quickly. January 4, 21st Century Business Herald reporter learned from the easy to the inside, against the rumors of the 1.3 billion financing has been appropriated Music as the case, easy to now has begun to seek legal channels to safeguard their own interests.

However, the transfer of ownership of the majority of Coolpai Group, in addition to music as the cash system may be debt repayment, there is a layer of factors may be to "stop loss."

According to the unaudited 2016 annual report released by Coolpad Group before, the company reported a revenue of HK $ 7,994 million for the full year of 2016, representing a year-on-year decrease of 45.5%. Net profit attributable to owners of the company turned from a profit for the previous year to a loss and Loss amounted to 4.21 billion Hong Kong dollars. For the first seven months of 2017, Coolpad Group expects revenue of HK $ 2,716 million, a further decline of about 52% over the same period of last year. At present, Coolpad Group is still difficult to release its 2016 annual report and has been suspended for a long time since March 31 last year.

A large brokerage in East China brokerage industry analysts believe that in the continued persecution of the debt crisis, Cool Group is difficult to improve the business situation, the music as the Department of the sale of shares held by the acceptable price, but also for further stop-loss, but " , 800 million Hong Kong dollar is certainly a drop in the bucket ".

"For the cool guys, it may be a good thing for the music company to withdraw from the largest shareholder if the market share of the company continues to decline and it can only rely on the overseas market and force AI now," said the communications analyst. "Now the key Is the way to take the plate, because the information is too small, for the cool everything is not good to judge.

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