After LeTV had previously separated its listing business system and automobile business system, Jia Yueting is now only thinking about his LeTV. However, the debt owed before the separation of the business system seems to be far from paying off and he took over LeTV. The CEO's Liang Jun has to continue to clean up the mess he left behind.
The cause of the incident was originated from an internal document of the Jiangsu Mobile branch company that was exposed on the Internet. This internal document shows that LeTV.com is one of the TOP 55 key Internet customers stipulated by the China Mobile Group's government and corporate subsidiaries. Currently, it is located in China. Mobile Jiangsu has leased 30 cabinets and 290G network bandwidth in Nanjing, Suzhou and Wuxi. Since July 2016, it has continued to default on the lease fee for IDC resources. As of May of this year, the province’s total arrears amounted to 14.6225 million yuan.
According to the internal document, since April 2017, the customer department of Jiangsu Mobile Group has launched a key call for LeTV’s long-term arrears. By the end of April, it has been officially issued by the joint company’s office, the Strategy Department, and the Legal Affairs Department. Letter to LeTV. However, at present, LeTV is still in a state of cash flow difficulties. I am afraid it will not be easy to pay this fee.
Therefore, China Mobile stated that it is currently paying close attention to the traffic port of LeTV serving to other provinces and different networks as a warning. However, if LeTV did not pay the bill and did not formally issue a detailed payment plan to Jiangsu Mobile, then on July 15 all the 290G bandwidth of LeTV in Jiangsu Mobile will be off-line and leased. All cabinets are powered off.
For video portals, these network bandwidths are extremely important. If you really put all of LeTV's bandwidth offline, it will directly affect video services such as LeTV's homemade content. Perhaps LeTV will once again usher in a collective denunciation of users. If normal video content services cannot be guaranteed, the consequences will be far more serious than the loss of Premier League live broadcast rights.
At present, LeTV’s listing business has been formally handed over to Liang Jun to take care of, while Jia Yueting is to take care of LeTV’s auto business that he has yet to give up. Therefore, this mess will naturally fall into the hands of Liang Jun. From this point of view, Liang Jun's threatened status is more like a threatening task.
Moreover, it is not the first time for supply chain and content service providers to publicly demand debt payment for LeTV. This time, Jiangsu Mobile’s $14,462,500 is actually not a large amount of debt for the other suppliers’ debt payment bills, but The money for a content service company has been seriously affected their revenue. For the hardware supplier’s debt payment, LeTV can also use its own stock to transfer the assets temporarily to the supplier, but for the content service provider, it is natural that this operation cannot be used to offset the debt. In the past, such incidents as misrepresenting the Premier League live broadcast rights were the best examples.
However, the recurring supplier dunning incident has caused the original hardware vendors who have already decided to accept LeScore to replace payments.
Some time earlier, Taiwan’s electronics company Compal also paid back to LeTV for the outstanding sales of its mobile phones. Until the end of September 2016, Compal’s receivables for LeTV were NT$ 8.29 billion (approximately This was RMB 1.794 billion, of which the amount exceeding the repayment period of 1-180 days was NT$ 4.25 billion (approximately RMB 919 million). Although Levision began repayments from mid-November 2016 after the event was exposed, there are still approximately 875 million yuan still outstanding. However, after that, LeTV announced an announcement that Compal will invest RMB700 million in LeTV’s innovation. Because the amount owed is similar to the number of shares, the industry speculates that this is another stock repayment exercise by LeTV. Before another Xinli electronic company was also "into the shares" by this method, LeTV New.
After this mess appeared, Chen Ruicong, president of Compal has stated that Compal Investment’s plan to take shares in LeSu’s subsidiary has been temporarily shelved. It also stated whether Compal’s shareholding plan will continue to advance or whether it depends on the ability of LeTV to repay Compal's debt.
In other words, the operation of "replacing stocks with debts" has become impracticable. Taking into account the ability of LeTV to repay debts, these hardware suppliers have apparently been reluctant to continue to be taken to LeTV. At the same time, Chen Ruicong also stated that before the end of June, the company will re-evaluate LeTV's relevant circumstances and formulate a new strategy for recovering arrears, which does not rule out the use of legal proceedings.
It can be seen that when these bad debts are no longer covered, the money owed to suppliers and service providers will usher in a period of concentrated exposure, and it is possible that the next financial chain will be trapped deeper and deeper. It seems that Sunac's 15 billion investment and separate management of the listing business still do not save the most story-telling internet company from the edge of the cliff. How long can Lexie take this breath?
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