Jia Yueting, who is in the limelight, has rarely been interviewed by the media. In an interview published yesterday by Tencent News, Jia Yueting generously responded to various questions from the outside world.
Jia Yueting was very sincere in the interview and answered many detailed information as well as issues of concern to the outside world, such as the reasons for returning from “coming back to China†to returning to China. “Is there any fraud in LeTV IPO?†Where are the money?" and so on.
But perusing the article, we found that Jia Yueting's many answers have contradictions with the facts or are deliberately concealed.
Interface news reporters listed the main 7 questions.
Question 1: Do you not return home because of FF financing?
Jia Yueting: (I) have the time to return to the country, but the current priority is to complete the FF's A round of financing, will not return home.
Because debt disputes will involve me, I may have the effect of restricting exit and high consumption. Once you can't come back to the United States after returning home, FF's financing has no chance, and you're paralyzed.
Jia Yueting attributed the current reason for not being able to return to China to the financial responsibility of FF. However, as far as we know, Jia Yueting may be the biggest obstacle to FF financing.
Interview News interviewed several LeTV investors at the end of July this year. At that time, LeTV had seen a full collapse of non-listed businesses. There were still many investors willing to take shares in Faraday's future, but the core problem was that they wanted to be able to isolate Jia Yueting from risk. In other words, it is hoped that Jia Yueting will withdraw from FF.
In the eyes of investors, LeTV’s listed company business, including LeTV, TV business LeTV, and LeTV, “are all OKâ€.
However, the problems of non-listed companies are relatively large. “Easy to easily cause social group problems has already been solved. The core problem now is LeTV. There is a big financial hole.†One investor told the interim news, “The non-listed company system Jia Yueting needs to be responsible, but he is also a major shareholder of the car and is tangled up here."
For the automotive business, especially the FF business, everyone's attitude is not so pessimistic. Just in October, when journalists from Jieshi News interviewed other Chinese-funded electric vehicle R&D teams in Silicon Valley, they noticed that as competitors in the industry, they still believe that FF has staffing that is unmatched by general companies.
After Sun Hongbin took over LeTV, not only “please leave†Jia Yueting himself, but also basically cleared his old department, including Wu Yazhou and others all left. We can't conclude that Sun Hongbin’s recruits will be better than Jia Yueting’s old department, but it’s not hard to see. The requirements for the admission of capital - to clear the influence of Jia Yueting.
From the presentation of Jia Yueting’s interview with Tencent in yesterday’s interview, he’s still “paying a load†for FF's financing tasks. This may be a potential financial opportunity to stifle FF.
Therefore, Jia Yueting's reason for being stranded in the United States: "Once you return to China and you can't come to the United States, FF's financing will be useless." This argument is not valid.
In addition, according to the news of titanium media, Jia Yueting handed over a financing plan to some investors in July 2017. He intends to apply for bankruptcy protection to the U.S. bankruptcy court in August and sell the company to other investors through bankruptcy and restructuring. drop out.
According to the bankruptcy and reorganization rules of the United States "Bankruptcy Law", during the period of bankruptcy protection, the company has the right not to repay the debt. Or to put it bluntly, it is not possible to repay those debts, but the company must solve the problem of the company's follow-up development by completing financial financing for the sale of control rights.
Question 2: LeTV is 100% ignorant?
Jia Yueting: At that time (2010 Levision Online City), the members of the IPO of the Levision Network were examined. There were 7 members. This time, more than a dozen members were arrested. How could it be related to us? Among the dozens of pre-eminent members arrested, three have reviewed the listing of LeTV. It can be said that they are not arrested because of LeTV, but among those arrested, they have reviewed LeTV.
Jia Yueting: Li Liang helped 9 companies to go public, including LeTV, but everyone said LeTV. The city of LeTV is 100% falsified. Moreover, LeTV's online market has been checked for many years. If there is a real problem, it will happen in 2014.
With regard to the issues raised by the MCC, Jia Yueting confessed the concept by evasive. The problem he denied was actually that the former members of the IPCC had been arrested before LeTV. This conclusion is certainly wrong, but he cannot deny that. The members of the penal appraisal committee were arrested. Some of them were related to LeTV's IPO."
The members of the issuing and approving committee participating in the auditing of LeTV.com are Wang Yuehao, Fu Yan, Sun Xiaobo, Zhu Zengjin, Zhang Yunlong, Li Wenxiang and Xie Zhongping. At the end of last month, Caixin reported that a number of members of the China Securities Regulatory Commission’s original GEM Board Reexamination Committee were judicially investigated for the convenience of being involved in the LeTV IPO, including Xie Zhongping and Sun Xiaobo mentioned above, as well as Dahua accountants. Han Jianyi, a director and managing partner of the firm, provided help during the IPO of LeTV.
With regard to the question of whether or not LeTV has fraud, the media has long been combing it many times.
The basic fact is that during the several years when LeTV was listed, the market share of domestic online video was mainly occupied by Youku, Tudou and Cool 6, and LeTV was not included in the mainstream ranking statistics. And then Youku, potatoes, etc. are still burning money, a little-known little video site said he was profitable.
Analysing LeTV’s prospectus at the time, its profitability was also full of tricks.
According to the "Finance" survey, the largest advertiser advertised by LeTV in the prospectus, Beijing New Highly Advertising Co., Ltd., has only two long-term office employees, but has developed a million-dollar advertising business. The other two advertisers, Beijing Zhongshi Longsheng Advertising Co., Ltd. and Beijing Spring Autumn Advertising Co., Ltd., were legal representatives of the same person named Chen Jie.
The annual inspection report shows that in 2008, Zhongshi Longsheng had zero operating income, a net loss of RMB 0.45 million, and one employee; in 2009, it had an income of 85,000, a net profit of RMB 0.23 million, and 2 employees. However, the LeTV.com prospectus disclosed that Zhongshi Longsheng contributed 6.51 million yuan and 3.245 million yuan in advertising revenue for LeTV in 2008 and 2009, respectively.
In Li’s case, Jia Yueting said, “Li Liang helped nine companies to go public, including LeTV, but everyone said only LeTV.â€
However, in November 2016, the Yangzhou Intermediate People's Court of Jiangsu Province held a public hearing on the case of the former director of the China Securities Regulatory Commission’s Investor Protection Bureau, Li Liang, receiving bribes. The prosecutor alleged that Li Liang, who had served as the deputy director of the GEM issuance supervision department, was involved in providing assistance for the LeTV online market. In 2000-2013, he received proceeds from 9 companies including LeTV.com, which amounted to approximately 6,936,200 yuan.
However, this case has been pending for almost a whole year. The People's Procuratorate in Yangzhou City in Jiangsu said that "the prosecutor's process has ended and the court should be in awaiting phase."
All these facts are ignored by Jia Yueting.
Question 3: Let's throw music as a "bank loan" and let China Merchants Bank not agree.
Jia Yueting: In addition to China's banking institutions (and also a factor), US innovation is supported by equity investment. However, China's innovation is based on individual stock pledge loans, bank loans, and personal guarantees. When the capital market is good, the bank will not give you money. When the capital market is not good, the stock price will drop and the bank will continue to draw money.
Regarding the later collapse of LeTV, Jia Yueting thought that the bank was also a negative factor and it rose to the problem of China's American innovation mechanism.
However, in fact, Jia Yueting's comparison of "equity investment" and "bank loan" is totally confusing.
A private equity person told the Interfax reporter that in most cases, companies in China and the United States are more inclined to bank loans. “Even if you have interest, this is the lowest cost financing method compared to selling equity financing. Everyone wants to take the shares as much as they can."
For example, BAT and other well-known giants are all lovers of bank loans. They cannot say that bank loans are not acceptable because LeTV has had problems. Alibaba has raised a five-year, five-billion-dollar loan abroad this year. Tencent has also recently begun negotiating with a number of banks about a $2 billion financing plan.
However, the threshold for bank loans is high and the demand for risk control is also high. Therefore, general startup companies are seeking private or VC equity investments, which are the same in China and the United States. There is no such thing as "US innovative equity investment, China's innovative individual stocks and bank loans."
In addition, in fact, whether it is equity financing or bank loans, Jia Yueting has exhausted all kinds of ways.
For example, Jiayue Ting’s $10 billion raised by Sun Hongbin at the beginning of this year was even selling Jia Yueting’s “old sharesâ€, which is a kind of equity investment. In the past, LeTV and LeTV had made multiple financings, mostly in the form of equity financing.
And Jia Yueting currently throws pans to “bank loans†because the capital chain breaks and he suffers from the bank.
In June of this year, China Merchants Bank’s Shanghai Chuanbei Sub-branch applied for property preservation from the Shanghai Higher People’s Court, requesting that the assets of the Lexus related companies and Jia Yueting’s husband and wife be banned totaling 1.23 billion yuan, which is one of the reasons why Jia Yueting’s wife’s credit card cannot be swiped more than RMB 2,000.
Question 4: The cooperation between LeSpot listed companies and non-listed companies is a business need, not a connected transaction.
Jia Yueting: If this is not the speed at which you drop from the top of the peak, everyone begins to doubt this model. The LeTV model is still influential. From the perspective of Internet TV, LeTV is much more advanced than the United States. In terms of vehicle manufacturing, I started to announce in 2014 that it was announced at the end of 2014 and then led a wave of Internet builders. In addition, the cooperation between LeTV’s listed companies and non-listed companies is a business need, not a connected transaction.
Let’s think that there is no related transaction in LeTV. Jia Yueting could still wash his eyes with open eyes. Without these affiliates going back and forth, what other third-party companies would be willing to take their own losses and then send profits to LeTV?
The interface has previously reported several issues related to LeTV. Taking the 2016 annual report as an example, LeTV sold 7.084 billion yuan of goods to Lepa, sold 1.593 billion yuan of goods to LeTV, paid 2.165 billion yuan of membership fees to LeTV, and sold 262 million yuan of goods to LeTV. The aforesaid four affiliates totaled RMB 11.1 billion, accounting for 50.68% of the total sales revenue of RMB 21.9 billion in 2016.
Not only that, the above four companies and Leshi Electronic Commerce (Beijing) Co., Ltd. accounted for a total of 2.903 billion yuan in accounts receivable balance, accounting for 33.4% of the total accounts receivable, which was far beyond the normal range.
LeTV's so-called ecological system is basically connected with LeTV.com, and the sales and purchasing information is not clear. In the audit report of LeTV, Shinewing Certified Public Accountants also reminded investors by emphasizing paragraphs that there are too many related transactions in LeTV.
In May of this year, the Shenzhen Stock Exchange issued an inquiry letter to LeTV 2016 annual report, requesting LeTV to make detailed disclosures on 16 issues including receivables, prepayments and related transactions. The focus of the inquiry was related to LeTV. And future performance expectations.
Question 5: What are the benefits of reducing cash?
Jia Yueting: Other funds were invested in LeTV's non-listed system, such as spending more than 5 billion yuan, buying two buildings (including Shimao Gongsan), and thinking about building a headquarters building. There was a good idea at the time, but it can't be realized now. In addition, investing in Cool and TCL, we lost another 78 billion yuan in mobile phone business.
In his interview, Jia Yueting detailed the businesses he has invested in, clarifying that he has invested his cash from the stock market into his career. Now that his family has “not even 10 million yuanâ€, it seems very sad.
In fact, he did not clarify which investments were made by LeTV and which investments he personally voted. You know, the more than 5 billion he promised to lend to LeTV is still being recovered by LeTV.
In addition, Jia Yueting said, “It took more than 5 billion yuan to buy two buildings including Shimao Gongsan.†But in fact he later got some money back through a loan.
On May 16, last year, Shimao announced that it transferred 100% of the shares held by Beijing Wealth Times Real Estate Co., Ltd. held by Shimao New Experience Co., Ltd. and Shimao Business Management Co., Ltd. to LeTV Holdings. The total transaction price was 2.792 billion yuan. yuan. But very soon, according to the Economic Observer reported that Leshi Holding pledged all of Shimao’s 3 equity to China CITIC Bank and obtained financing of approximately RMB 2 billion.
It took 2.9 billion and the mortgage loan immediately returned 2 billion. Where the follow-up funds went, Jia Yueting did not explain it clearly.
Question 6: Jia Yueting wants to use the future personal benefits of FF to repay the current debt, and says "100% is enough." Is this persuasive?
Jia Yueting: I am sure that the domestic debt will be repaid. What I should bear should also be repaid. For example, I am considering using my future personal income in FF to give priority to repay my debt with joint guarantee responsibility. For now, 100% is enough.
This answer seems to have confidence in debt repayment. But the problem is that the next step in FF is how to obtain the funds for survival. It is too early to talk about profitability.
If the news of the titanium media is true, in the plan of the golden husk and shelling, the final new investor will have an investment of 150 million dollars, holding 85% of the company's shares, and the creditor and the team holding another 15%. Even if Jia Yueting can get all the $150 million, which is equivalent to RMB 1 billion, it is far from enough to pay off debts.
Question 7: Does Los Angeles Real Estate belong to LeTV or Jia Yueting himself?
Jia Yueting: For example, the company bought a house in Los Angeles, but also the guest house of FF executives. FF has talent from more than 40 countries and many people live there. I invested nearly 1.00 billion U.S. dollars in FF, invested more than 200 million U.S. dollars in LeSEE, invested more than 200 million U.S. dollars in Lucid, and spent more than 600 million U.S. dollars on investment. This brings about 2 billion U.S. dollars into the entire automotive ecology of LeTV.
According to the information that the Interface Journalist inquired in the United States in July this year, Jia Yueting was located in Los Angeles. One of the properties was owned by a company called Ocean View Drive, INC. This is an empty shell company under the name of Jia Yueting. There was no such thing in the United States. Other businesses are dedicated to their personal investment in real estate in the United States.
In 2014, Jia Yueting’s shell company and Letv Ecology jointly purchased a property, of which Leshi Ecological paid US$13.25 million and Jia Yueting’s shell company paid US$450,000. On September 7, 2016, Letv Ecology transferred the property to Faraday's future.
After Jia Yueting’s exposure to these luxury homes in the United States was exposed by the media, LeTV responded that these real estate properties “supposed three years ago that LeTV was purchased in the early stages of US entrepreneurship. They did not belong to Jia Yueting, but LeEco Automotive Ecology, Los Angeles’s US office in Los Angeles. The reception office is close to the LeTV Automotive R&D headquarters and is also one of the staged residences of LeSports Automotive Global Executives.â€
On June 9, 2017, Jia Yueting’s shell company, Ocean View Drive, used the real estate as collateral and borrowed 10 million U.S. dollars from a credit company called LoneOakFund. Subsequently, the $10 million was paid off and OceanView Drive borrowed money from a company named Hankey Capital at a higher interest rate, and used the real estate as collateral again. The amount was unknown.
From the above details, it is not important to discuss whether the luxury homes in Los Angeles belong to Jia Yueting, whether they belong to LeTV, or belong to FaradayFuture. It is no longer important that these houses are used by Jia Yueting to live in, to live with friends, or to live with FF executives.
Because they are simply confusing. This is consistent with Jia's consistent style of work. Of course, this state of confusion is also the root cause of LeTV's current situation.
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