Gan Wei said that the repayment of 800 million Hong Kong dollar "LeTV" creditors will encounter polarization

On the afternoon of January 7, Jia Yueting spokeswoman Gan Wei published Weibo, saying that the LeTV Group debt group resolved some of its debts by using assets to offset debts and sell assets, specifically including: Repaying the core assets of Leshi Mall at a price of 92.9 million yuan. LeTV.com’s subsidiary, Lexin’s Wisdom House, repaid part of the listed company’s debts. The sale of Coolco.com’s shares was repaid to China Merchants Bank by HK$807 million. The debt service ratio is nearly 60%. The next step is to communicate with China Merchants Bank to unfreeze assets.

In this connection, a reporter of the China Securities Journal contacted the relevant person of the China Merchants Bank and the other party said: "No response."

"(There is no news at all about debt repayment. No one is connected, no responsible person can be found, and the people who had met before have left." A "levision" creditor told the China Securities Journal that many of his knowledgeable creditors The debt problem has not been resolved. In fact, the recent progress in the disclosure of several listed companies and the issue of LeTV's funds has resulted in the company having obtained a debt solution and some companies continue to accumulate bad debts.

Returned 800 million Hong Kong dollar to China Merchants Bank

Gan Wei said that the LeTV system debt group obtained a transfer payment of HK$807 million through the sale of Coolpad shares and repaid China Merchants Bank to offset part of its debt (original debt principal and interest was approximately HK$1.4 billion). The debt repayment ratio was nearly 60%.

“The next step we will actively seek communication with China Merchants Bank, hoping to freeze the corresponding proportion of frozen assets, so that we can repay the debt of more creditors.” Gan Wei said.

In this regard, on the afternoon of January 7, a reporter from the China Securities Journal contacted the relevant person in the Bank of China Merchants Bank. The other party said: "No response."

On January 4, 2018, Cool Group announced that the company’s controlling shareholder Leview Mobile HK Limited (a Chinese company named Lefeng Mobile Hong Kong Co., Ltd., which is one of “LeTV”) plans to hold a 17.83% stake in the company. The price of HK$0.9 per share was transferred to Weiri Venture Capital Co., Ltd. After the transaction was completed, Leview's shareholding ratio fell to 10.95%, which was the second largest shareholder. Weiyin Venture Capital became the company's newest major shareholder.

Based on public information, on June 26, 2017, China Merchants Bank Shanghai Chuanbei Sub-branch applied for the freezing of Lefeng Mobile Hong Kong Co., Ltd., LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd., LeTV Holdings (Beijing) Co., Ltd., Jia Yueting, and Gan Wei Bank. Total deposits were 1.237 billion yuan, or other equivalent assets were seized and seized, and they were supported by the Shanghai High Court.

China Merchants Bank said at the time that China Merchants Bank’s Shanghai Branch applied to the court for asset preservation, which is a legal measure adopted by LeTV’s Leward Mobile Loan and the China Merchants Bank’s Shanghai branch’s repeated collections. After applying for asset preservation, the current business risk of China Merchants Bank Shanghai Branch and LeTV is in a controllable state. Follow-up does not rule out solving problems with LeTV through friendly negotiation.

The progress of debt issues varies

On January 7th, a “LeTV” creditor said in an interview with a China Securities Journal reporter: “(The debt service) has no news at all. No one is connected and no responsible person can be found. Those who met before have left the company. He said that as far as he knows, the debt problems of a number of creditors he had previously known at LeTV Building have not been resolved.

Regarding Gan Wei’s disclosure of the progress of the debt issue, the aforementioned “LeTV” creditors stated: “What is the use of the announcement (will be repaid), and now (Levision is a company) splits, we do not know where our money belongs (yet), ) Who to find!"

Recently, a number of listed companies have disclosed the progress of their problems with LeTV's funds. Some companies have already obtained debt solutions, and some companies continue to make provision for bad debts.

Wu Tong Holdings announced on January 6th that by the end of December 2017, the company had seen related documents and media published by the Shenzhen Stock Exchange about LeTV’s related news, and the company immediately allowed its subsidiary Guodu Connect to negotiate with related parties of LeTV. And actively collect, but after several communications still unsuccessful, the relevant funds have the risk of not being able to receive the full amount.

In 2016, Guodu Interconnect, a wholly-owned subsidiary of Wutong Holdings, signed short-message service agreements with Horgos Levision New Generation Culture Media Co., Ltd. and LeTV Holdings (Beijing) Co., Ltd., respectively. As of May 2017, Guodu Interconnect provided a total of RMB 8,081,100 to the new generation of LeTV SMS services. Currently, this amount has not been recovered. Guodu Interconnect provided a total of 51.656 billion yuan in SMS services for Levision Holdings as of June 2017. The recovery of 516,800 yuan, the balance of 4,648,800 yuan failed to recover.

Wu Tong Holdings stated that Guodu Connect intends to make provision for bad debts for all accounts receivable of RMB 126,669,900, which is included in the 2017 asset impairment loss.

Dahua Smart announced on January 5 that the company’s wholly-owned subsidiary, Shenzhen Jinrui Digital Technology Co., Ltd. and Xinle Zhizhi Zhijia Electronic Technology (Tianjin) Co., Ltd. signed the “Debt-to-equity swap agreement,” as of December 2017. On the same day, the new LeTV Sensei’s futures payment to Jin Ruixian was RMB 146 million. The two parties agreed that Jin Ruixian will use the above-mentioned due credits and RMB 3.7718 million in cash, amounting to RMB 150 million in total. After the current round of capital increase was completed, shareholders holding 1.00% of the shares.

On November 20, 2017, Huace Film and Television announced that the company’s balance of receivables from LeTV was approximately RMB 120 million. In October 2017, LeTV.com had paid the first payment according to the agreement. LeTV's 2017 payment (October to December 2017) accounts for a very small portion (not more than 1%) of the total amount due, and the vast majority of the payment will be paid in 2018 and 2019.

On the evening of August 22, 2017, Zheng Guihua, the executive director of Jubilee Technology, said in an interview with a China Securities Journal reporter that the company’s wholly-owned subsidiary Xingke Electronic Technology Co., Ltd. and Levision Mobile Intelligence Information Technology (Beijing) Co., Ltd. and its related parties The total amount of debt restructuring was 325 million yuan, and the ratio of shares of easy-to-use vehicles was 6.13%.

In addition, Mingjia Group disclosed in its 2017 semi-annual report that Jinyuan Interactive, a wholly-owned subsidiary of the company, and Jinyuan Advertising, a wholly-owned subsidiary of the company, filed a lawsuit with the People’s Court for disputes over advertising contracts and appealed to LeTV Sports, LeTV Holdings and LeTV Electronics. Commerce and LeTV.com paid a total amount of 62,909,900 yuan to Jinyuan Interactive and Jinyuan Advertising as well as liquidated damages. The company has the risk of irrecoverable accounts receivable. In the future, the company will strive to speed up the proceedings, while continuing to strengthen the negotiation and communication with the accused party and reduce the risk of bad debt losses. On the 15th of September 2017, Megmeet said in a survey that “Last year, LeTV’s over 20 million arrears have been recovered. The company is currently discussing with LeTV about follow-up business and repayment issues.” At the time of the press release, Megmeet and Mingjia United have not disclosed the above-mentioned progress. A person close to Mingjiao told a China Securities Journal reporter: "The current announcement has not been disclosed (the reason for the progress) is that the case has not yet been settled."

Related party accounts receivable

The relevant financial data shows that the LeTV system's non-listed company system has a relatively small proportion of the debt repayed by LeTV.

LeTV announced on the evening of January 2 that the company's holding subsidiary, New LeTV Zhijia Electronic Technology (Tianjin) Co., Ltd., intends to accept LeTV’s e-commerce business website (LeSpot Mall) and related resources, intellectual property, etc. at a price of RMB 92.9 million. Assets, while assets such as Leshi Mall can be injected into the listing system, the issue of accounts receivable between listed companies and related parties can be effectively resolved through debt repayment. As of September 30, 2017, LeTV’s balance of accounts receivable for listed companies was 322 million yuan.

LeTV's 2017 quarterly report shows that as of September 30, 2017, LeTV.net’s accounts receivable balance was RMB 9.74 billion. LeTV 2017 semi-annual report shows that as of June 30, 2017, the balance of the company's related party accounts receivable was 5.241 billion yuan, accounting for 51.85% of the total accounts receivable.

According to LeTV's 2017 semi-annual report, as of June 30, 2017, in the receivables of related parties, the closing balance of accounts receivable of LE CORPORATION LIMITED was 222 million yuan. Beijing Dongfang Cheyun Information Technology Co., Ltd. (easy to arrive (R&D) was RMB 126 million, Farewell (Beijing) Network Technology Co., Ltd. was RMB 31783.34 million, LeTV Holdings was RMB 415 million, LeTV Sports was RMB 172 million, and Levision Mobile Intelligence Information Technology (Beijing) Co., Ltd. was 960 million. Yuan, Leshi Smart Terminal Technology Co., Ltd. was 2.305 billion yuan, and LeTV was 311 million yuan.

In addition, there are still non-operating funds in the LeTV system non-listed company system. As of September 30, 2017, the total amount of non-operating funds used by the company's controlling shareholders and its related parties for listed companies was 385 million yuan. Among them, LeTV E-commerce (Beijing) Co., Ltd. added 243 million yuan in occupancy in the first three quarters of 2017. Lepa Marketing Services (Beijing) Co., Ltd., LeEco Mobile E-Commerce (Beijing) Co., Ltd., and Mobile Intelligence Information Technology (Beijing) ) In the second and third quarters of 2017, the newly-occupied amounts were 87.9671 million yuan, 1.2224 million yuan, and 52.821 million yuan respectively.

Metal Male SCSI Cover Section

Small computer system interface (SCSI) is an independent processor standard for system level interfaces between computers and intelligent devices (hard disks, floppy drives, optical drives, printers, scanners, etc.). SCSI is an intelligent universal interface standard.

The maximum synchronous transmission rate of the original SCSI standard was 5MB / S (scsi-1, also known as narrowscsi, in 1986, the maximum support for seven devices, the clock frequency was 5MHz), and the later SCSI II specified two options for increasing the speed. One is to increase the frequency of data transmission, namely fast SCSI (in 1994, the maximum support for 7 devices) is 10 Mb / S (10 MHz) because the frequency is doubled; the other is to double the transmission frequency and increase the width of the data path from 8 bits to 16 bits. The maximum synchronous transmission speed of widescsi is 20MB / S (the clock frequency is 10MHz, in 1996, the maximum support for 15 devices).

The third generation of SCSI appeared around 1995, but there was no unified standard


1. Ultra SCSI with maximum synchronous transmission speed of 20MB / S (also known as FAST-20 SCSI, clock frequency of 20MHz);


2. Ultra wide SCSI with maximum synchronous transmission speed of 40MB / S (same as 1);

3. Ultra2 SCSI with maximum synchronous transmission speed of 40MB / S (also known as fast-40 SCSI, clock frequency of 40MHz, 1997).


Later, some newer SCSI standards appeared

1. Ultra2 widescsi with maxmum synchronous transmission speed of 80mb / S (clock frequency of 40MHz);

2. Ultra 3 SCSI with maximum synchronous transmission speed of 160MB / S (also known as ultra-160 or fast-80 wide SCSI, clock frequency of 40MHz plus double data rate, 1999);

3. Ultra 320 SCSI with maximum synchronous transmission speed of 320mb / S (also known as ultra 4 SCSI, clock frequency of 80MHz plus double data rate, 2002); 4. Ultra 640 SCSI with maximum synchronous transmission speed of 640MB / S (clock frequency of 160MHz plus double data rate, 2003, is the latest SCSI standard)

This interface is a convenient interface standard for system integration, cost reduction and efficiency improvement. More and more devices will use the SCSI interface standard. Therefore, there are many hard disks and SCSI CD-ROM drives with SCSI interface. However, due to the cost problem, they are mainly used on medium and high-end servers and workstations.

Metal Male SCSI Cover Section

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