There is not much time left for LeTV.
Editor’s note: This article is from the micro-channel public number “sprout NewSeed” (ID: pelink) , Author: Liu Bo Ning Jersey. p>
LeTV, which used to have a market value of 100 billion yuan, is now afraid to say goodbye to GEM. p>
On the evening of April 26, LeTV released its 2019 financial report. For the entire year of 2019, the company’s net profit again suffered a huge loss of 11.28 billion yuan. Coupled with the losses of the previous two years, the company’s net profit in the past three years has accumulated up to about 29 billion yuan, and it has been insolvent for two consecutive years. At the end of 2019, its net assets were -14.33 billion yuan. p>
According to the listing rules of the GEM stocks, LeTV has touched on a number of terms to terminate the listing, and the delisting is almost a foregone conclusion. This farce is finally coming to an end. p>
Looking back to listing in 2010, LeTV created countless myths, with a market value of more than 170 billion yuan, which was called “the first gem of the GEM”. At the end of 2016, the entire LeTV system crisis broke out, and Jia Yueting escaped from the United States the following year. And he left a lot of problems, dragging LeTV to the depths of the quagmire step by step, and the occupation and illegal guarantees brought the loss of LeTV to more than 10 billion. p>
Now, there is not much time left for LeEco. p>
Gou Yan is still breathing, LeTV counts down when entering the market h2>
On the evening of April 26, LeTV released its 2019 annual report. p>
Annual report data shows that for the entire year of 2019, LeTV only achieved operating income of 486 million yuan, a year-on-year decrease of 68.83%; net profit and net profit were once again a huge loss of 10 billion yuan, with a loss of 11.28 billion yuan, a year-on-year decrease of 175.39%. As of the end of 2019, LeTV’s net assets attributable to shareholders of listed companies were -14.3 billion yuan. p>
On the same day, LeTV also disclosed the financial report for the first quarter of 2020, showing a current loss of 150 million yuan. According to the GEM stock listing rules, LeTV.com has already touched on a number of listing termination clauses. The risk of the company ’s stocks being terminated by the Shenzhen Stock Exchange within fifteen trading days after the disclosure of this announcement. p>
In fact, since 2019, LeTV has repeatedly issued announcements that remind the company of the risk of delisting. In May 2019, LeTV was suspended from listing due to the negative net assets audited in the 2018 annual report. According to the regulations of the Shenzhen Stock Exchange, a listed company will be forced to be delisted if its business conditions do not improve after a year of suspension. p>
LeTV stated in the risk announcement that the company faced many historical problems that could not be resolved effectively and in a timely manner, and at the same time faced a large number of debt defaults due to extremely tight cash flow, and then passively responded to many lawsuits and judgments that could not be executed in the short term. publicThe company’s financial and market credits have fallen to the bottom, and business development has been hampered. p>
LeTV ’s employees have lost a lot. The financial report shows that as of the end of 2019, LeTV’s total number of employees was 356, a decrease of 80% compared with 1,727 at the end of last year. p>
In the annual report released this time, LeTV also stated that the risk of the company’s stock being terminated from listing on the Shenzhen Stock Exchange within 15 trading days after the company’s stock deposit announcement was disclosed. p>
Since the end of 2016 was in trouble, LeTV’s operations have plummeted, and operating income has plummeted. In 2017 and 2018, the company’s operating income was 7.03 billion yuan and 1.56 billion yuan. Revenue in 2019 is only about 7% of 2017. p>
In addition to the previous two years, the total loss of LeTV in the past three years has approached 29 billion yuan. In 2017 and 2018, the company’s net profit losses reached 13.89 billion yuan and 4.1 billion yuan, respectively. In the first quarter of this year, revenue has fallen to only 88.95 million yuan, with a net profit loss of about 150 million yuan. p>
Unexpectedly, LeTV will be terminated from listing. Before the suspension of listing, LeTV’s closing price was 1.69 yuan, with a market value of 6.742 billion yuan, long gone. p>