CCTV shelled LeTV: pushing the concept while catching the alleged fraud

Nowadays, even the CCTV financial channel is a bit incomprehensible, criticizing LeTV in the program, saying: "Let's push the concept while cashing out, and is suspected of fraud."

The following are the relevant reports of CCTV Finance:

Over the weekend, China Post, Harvest, and Fonda three fund companies all posted announcements on their websites, downgrading the valuation of LeTV's stock price to around 22 yuan, which means that the company will suspend trading for nearly three months. There are at least three limit stops. Today more Huaan Fund believes there will be 4 daily limit.

In fact, the real concern now is whether LeSime's crisis is a failure of entrepreneurship or suspected of fraud. We combed and found out that, in fact, there have been many doubts about LeTV in the past few years, but they have been ignored by everyone.

According to the trial of the Yangzhou People's Procuratorate in November 2016, LeTV was actually listed on the market in 2010. At that time, Li Quan, the chief of the issuance and review department of the Securities and Exchange Supervision Department, took advantage of his position to accept the gift for LeTV. The listing of the network has helped. Does this mean that LeTV itself is listed as sick?

In May 2015, an article on Snowball Online questioned LeTV's 2014 annual report, saying that the financial report was seriously flooded with a net profit of RMB 360 million. However, according to his calculations, it was a loss of RMB 1 billion and net assets were negative.

In June 2015, Yang Xiaolei, an analyst of Huaan Fund, publicly questioned your annual report of LeTV 2014. He believed that there were not many counterfeits in the company's statements. However, according to estimates, LeTV advertised millions of super-TVs, but actual shipments were only The half of the declared, super mobile phone orders and the grassroots research data are extremely different. The television renewal rate is far lower than expected, and the endogenous business is basically depleted and highly dependent on financing. If these doubts are true, LeTV is suspected of financial falsification.

Immediately after the end of June 2015, Liu Weiwei, a professor at the Central University of Finance and Economics who had disclosed the fraud of Lam Tin shares, also questioned LeTV's alleged violation of the company's profit and loss information. It did not disclose the composition of profits from the main business in the annual report, and did not specify the source of operating profits.

At the same time, some media pointed out that Jia Yueting had reduced his holdings of cash of nearly 5.7 billion yuan in June and October 2015, and promised that the proceeds would be fully lent to the company as working capital and free of interest. As a result, Jia Yueting only provided LeTV with 2.077 billion yuan of interest-free loans, which was only 1/3 of the promise. In other words, the promise was not honored, but LeTV said in the 2015 annual report commitments that during the reporting period, The promisee complied with the promises made. According to these reports, LeTV was obviously suspected of false statements.

It should be said that LeTV attracted a large number of investors with a beautiful PPT. The stock price of LeTV was also increased by more than 40 times. The original shareholders, including Jia Yueting, began reducing their holdings and cashing in 2012. When it was full, it left numerous institutions and retailers took over and suffered heavy losses. LeTV.com has emerged as a crisis. In the end, it is a failure to start a business, or is it suspected of being fraudulent. It may only be determined after the relevant departments investigate.

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