Who is worried that Jia Yueting is listed as a "lao Lai"?

Jia Yueting was included in the list of "Lao Lai", and securities companies that had pledged LeTV shares were anxious.

LeTV’s gossipy news continues. Jia Yueting was officially included in the list of “Lao Lai” by the court. From now on, he will no longer be able to fly, high-speed rail, star-rated hotels or purchase real estate, let alone travel and vacation. consumption behavior.

Some netizens ridiculed: Now that there is no transportation, Jia Yueting can finally return to China next week without any excuse...; some netizens also ridiculed: Who can buy Mr. Jia a hard seat from Los Angeles to Beijing? ? Standing tickets are also available!

According to information released on December 11, Jia Yueting was listed as a person subject to execution for breach of trust because he violated the property reporting system and failed to fully perform the obligations specified in the effective legal documents. LeTV (15.330, ?0.00, ?0.00) also issued a relevant announcement this evening saying that Jia Yueting, the company's largest shareholder, was included in the list of persons subject to execution for breach of trust by the Beijing Third Intermediate People's Court.

Although this is the first time that Jia Yueting has been officially listed as a person subject to execution for breach of trust, it is not the first time that the court has asked him to collect debts. LeTV's announcement also mentioned that according to the National Court Information Inquiry System for Persons Subject to Execution, Jia Yueting has been included in the list of persons subject to execution four times.

In this case where Jia Yueting was included in the list of "lao Lai", another "protagonist" was Ping An Securities. Jia Yueting was ordered to pay a total of 479 million yuan to Ping An Securities. The documents show that Jia Yueting "has not fulfilled all" the funds related to Ping An Securities, which means that he has not paid a penny. When a reporter from Brokerage China contacted Ping An Securities, the reply was that the business was under the targeted asset management plan and Ping An Securities would faithfully perform its legal obligations.

Jia Yueting was officially included in the list of "Lao Lai"

According to information released on December 11, Jia Yueting was suspended for violating the property reporting system and failing to fully fulfill the obligations specified in effective legal documents. Listed as persons subject to execution for breach of trust.

LeTV also issued a relevant announcement this evening saying that Jia Yueting, the company’s largest shareholder, was included in the list of persons subject to execution for breach of trust by the Beijing Third Intermediate People’s Court. In addition, Jia Yueting has been included in the list of persons subject to execution four times.

According to the "Several Provisions of the Supreme People's Court on Restricting High Consumption and Related Consumption of Persons Subject to Execution" promulgated by the Supreme People's Court in 2015, the person subject to execution shall not engage in high consumption and related consumption after taking measures to restrict consumption. Consumption behavior that is not necessary for life and work.

In other words, Jia Yueting is not allowed to engage in consumption behaviors such as flying, G-EMU, going to hotels with star rating or above, purchasing real estate, traveling, and vacationing. Some netizens joked that Jia Yueting will return to China next week, but this time he can finally justifiably refuse to return.

Although the court ruled that Jia Yueting cannot fly, it is only for domestic purposes. In addition, Jia Yueting is not included in the "Lao Lai" list as a natural person, which means that if Jia Yueting uses his personal property for private consumption, he can return to the country by plane at his own expense after applying to the enforcement court.

Ping An Securities applied to execute Jia Yueting for 479 million yuan

In the case where Jia Yueting was included in the list of "Lao Lai", another "protagonist" was Ping An Securities, and Jia Yueting was ordered to repay Ping An Securities A total of 479 million yuan in funding.

According to the information disclosed by the court on the person subject to execution, Jia Yueting failed to perform the obligations specified in the effective legal documents, including the following:

1. Pay the initial transaction amount of RMB 4.621 to Ping An Securities Co., Ltd. billion.

2. Pay interest of RMB 4,149,847.77 to Ping An Securities Co., Ltd.

3. Liquidated damages shall be paid to Ping An Securities Co., Ltd., based on the corresponding repurchase transaction amount, at a rate of 5/10,000 per day, until the date of actual repayment by Jia Yueting, and temporarily until On June 27, 2017, it was 9,098,872.03 yuan.

4. Pay the execution certificate notarization fee of RMB 1,426,046 and the lawyer’s fee of RMB 2,560,000 to Ping An Securities Co., Ltd.

In addition, the document shows that Jia Yueting "has not fulfilled all" the funds related to Ping An Securities, which means that he has not paid a penny. When a reporter from Brokerage China contacted Ping An Securities, the reply was that the business was under the targeted asset management plan and Ping An Securities would faithfully perform its legal obligations.

Founder Securities (7.030, ?0.01, ?0.14) will enforce 29 million shares of LeTV

Ping An is not the only securities firm to issue announcements related to LeTV equity pledge. On December 4 In the evening, Founder Securities issued an announcement stating that LeTV co-founder Liu Hong and former LeTV financial director Yang Lijie both pledged LeTV shares at Founder Securities:

LeTV co-founder Liu Hong in October 2016, He pledged the 6.5 million shares of LeTV he held to Founder Securities, adding an initial trading principal of 100 million yuan, and then pledged an additional 2 million shares in early July 2017. (LeTV 10 to 10, the current number of pledged shares of 8.5 million shares will be converted into 17 million shares)

In June 2016, Yang Lijie, the former financial director of LeTV, transferred the 4.8 million shares of LeTV he held The stocks were pledged to Founder Securities and the initial trading principal of 80 million yuan was invested. From March to July 2017, Yang Lijie successively signed supplementary pledge agreements, and a total of 1.362 million shares of underlying securities were supplementally pledged to Founder Securities. (LeTV 10 to 10, the current number of pledged stocks of 6.162 million shares will be converted into 12.324 million shares)

The announcement mentioned that because all the underlying securities pledged by Liu Hong to the company have been judicially frozen by the court, The company has the right to require Liu Hong to repurchase it in advance, but Liu Hong and Shan Liuhuan failed to fulfill their debts to the company as agreed; in addition, based on the conditions agreed in the agreement signed by Yang Lijie and the company and the deterioration of the financial status of the pledged securities, the company required Yang Lijie to repurchase it in advance. Purchased back, but Yang Lijie and others did not fulfill it.

Founder Securities stated that in order to safeguard its own rights and interests, the company applied to the court for compulsory execution in accordance with the law. The total amount of the above-mentioned litigation cases was 192 million yuan. Recently, the Intermediate People's Court of Changsha City, Hunan Province has accepted the company's enforcement applications respectively, and the case is currently in the process of enforcement.

It is worth noting that LeTV’s largest equity pledge occurred in the second half of 2015. Jia Yueting transferred his 467 million restricted shares and 40 million tradable shares to a total of *** 507 million shares were pledged, but the specific pledger was not mentioned.

According to WIND data, 1 billion shares of LeTV are still under pledge, and the financial institutions involved are by no means the only two securities firms mentioned above. According to previous pledge plans made by LeTV, there are also many Financial structures such as brokerages, banks or trusts are involved.

LeTV’s latest pledge: 170 million shares pledged to CITIC Trust

On the evening of August 11, LeTV announced that it had received a call from Jiarui Huixin, a shareholder holding more than 5 shares of the company. Notice, learned that the actual controller of Jiarui Huixin, Sunac Group, completed a financing. According to the financing contract, Sunac Group must complete the financing procedures and pledge the LeTV stocks held by Jiarui Huixin to CITIC Trust Co., Ltd. after receiving the financing funds.

According to the announcement, Jiarui Huixin pledged 170 million shares of the company it holds to CITIC Trust, accounting for 100.00 of the company’s shares it holds and 8.56 of the company’s total share capital. The pledge registration date is August 8, 2017 .

At the beginning of this year, Jia Rui Huixin, a subsidiary of Sunac China, acquired 170 million shares from Jia Yueting at a price of 35.39 yuan per share, with a total price of 6.041 billion yuan, becoming the second largest shareholder of LeTV. Based on LeTV’s calculation of 30.68 yuan before the suspension (the share price after 10 to 10 is 15.33 yuan), the equity pledged by Sunac is worth 5.237 billion yuan, which has shrunk by 800 million yuan from half a year ago.

If calculated based on the latest price of 3.91 yuan given after the fund lowered LeTV’s valuation, Sunac China’s cost of 6.041 billion yuan is now only 1.335 billion yuan.

It has fallen by more than 70% before opening

Since mid-July this year, many funds have successively lowered the valuation of LeTV. On November 14, China Post Fund, Harvest Fund, E Fund Fund and Caitong Fund once again announced a reduction in the valuation of LeTV. The adjusted prices are 3.92 yuan/share and 3.91 yuan/share respectively. This is already the third wave of valuation reductions launched by fund companies for LeTV. Refer to the price before LeTV was suspended. Based on the restoration price of 15.33 yuan per share, LeTV’s valuation has plummeted by more than 70%.

As valuations have been lowered, the situation of LeTV’s shareholding institutions “trampling on pitfalls” has also received widespread attention, and some institutions have stepped on the pitfalls quite deeply.

LeTV’s third quarter report shows that China Post Fund holds the largest share of LeTV. Among the top ten shareholders of LeTV, Industrial Bank (17.280, ?0.12, ?0.70) Co., Ltd.-China Post Strategic Emerging Industries Hybrid Securities Investment Fund holds a share ratio of 0.77 and holds 30.7 million shares, ranking eighth. Major shareholder; Agricultural Bank of China (3.710, ?0.01, ?0.27) Co., Ltd.-China Post Information Industry Flexible Allocation Hybrid Securities Investment Fund holds a shareholding ratio of 0.75 and holds 29.81 million shares, ranking the ninth largest shareholder.

Not only that, LeTV’s third quarter report shows that during the reporting period, 39 institutions held LeTV shares, holding 576 million shares, accounting for 22.68% of the outstanding shares, and the shareholding value was 88.32% billion. Among them, 34 fund companies hold LeTV shares, holding 123 million shares, accounting for 4.84% of the circulating shares, and the value of the shares held is 1.886 billion yuan.

On the evening of the 7th, LeTV issued an announcement that the Beijing Securities Regulatory Bureau had taken administrative supervision measures against Jia Yueting, the former head of LeTV, and his sister Jia Yuefang, and ordered them to make corrections regarding their commitment to borrow money. The Beijing Securities Regulatory Bureau stated that the two people withdrew all the loans when the listed company was in operating difficulties, refused to fulfill their commitments, ignored the company's risks, seriously damaged the vital interests of the listed company and the majority of small and medium-sized investors, and had a negative impact on society.

Although, it is not yet time to make a final conclusion about LeTV Holdings and Jia Yueting. But as for the promised loan, Jia Yueting and his brother must be responsible. ?

In addition, the resumption of trading of LeTV, the issue that investors are most concerned about, also shows that it is far away. It has been eight months since LeTV suspended trading on April 15, but LeTV did not give a clear resumption date in its announcement.