In 2015, LeTV, and Baofeng Video were the "peerless twins" of the GEM in the stock market.
That year, LeTV once became the leader of GEM, with the highest market value and unlimited glory.
LeTV’s highest market value was 152.657 billion
That year, the storm was no different. After its listing that year, it had 29 consecutive one-word board price limits, and its stock price increased by up to 34 times, making it the king of monster stocks on the GEM that year.
In 2019, LeTV and Baofeng Video were the troubled brothers on the GEM.
This year, two years after Jia Yueting, the founder of LeTV, flew to the United States, the China Securities Regulatory Commission officially decided to suspend the listing of LeTV.
This year, Baofeng Video has lost all its employees, with only 10 people left, and is about to face a delisting crisis.
From 2015 to 2019, Baofeng Video and LeTV took a different path to the same goal, but their helmsmen were different people.
LeTV Jia Yueting, after hiding in the United States, he still has a nice car and a mansion, and lives a very cool life.
On the other hand, the storm and Feng Xin left the building empty and went to jail.
Baofeng Video has been regarded as a "little LeTV" since its launch, and Feng Xin was once a "believer" of Jia Yueting.
Today we will talk about how "Little LeTV" Baofeng Video went from a monster stock to a "longevity", and how Feng Xin went from entering the market to going to jail.
Learning from LeTV, drawing a tiger will not turn you into a dog.
"When did I say that I look like Jia Yueting?"
In 2017, when the LeTV crisis first emerged, Feng Xin said in an interview with a certain media.
Feng Xin and Jia Yueting
Feng Xin and Jia Yueting are similar in age and are fellow Shanxi fellows, but they rarely appear together in the public domain;
However, although Feng Xin and Jia Yueting seem to have nothing in common, Feng Xin also categorically denied that he resembled Jia Yueting. But let’s not look at what he said, but what he did.
LeTV and Baofeng’s painted pie
Let’s first look at Baofeng’s entire industrial layout. From the picture above, we can see that Baofeng almost matched LeTV’s five major ecosystems, including Baofeng Sports , Baofeng TV, and Baofeng Magic Mirror , Baofeng Finance, Baofeng Video.
Perhaps it was the illusion of Baofeng’s listing that caused Feng Xin to start to expand, or maybe he was involuntarily driven by the interests of all parties after the listing. Baofeng Feng Xin also learned from Jia Yueting and started his own PPT ecological path and money-burning journey.
- Baofeng TV
Baofeng TV
The first step for LeTV’s ecological expansion is mobile phones and TVs, while the first step for Baofeng’s ecological expansion is Baofeng TV, Baofeng Technology CEO Feng Xin believes that in order to expand the “Internet +” model, it must be backed by The real industry has completed the transformation and transformation of traditional TV.
On July 6, 2015, Baofeng Technology announced the establishment of a joint venture with RiRiShun, Aofei Animation , and Sannuo Digital Video. The company's first product is Baofeng TV.
In 2016, Baofeng TV’s gross sales profit margin was -15.29%, while in 2017 it was -7.15%, which was even worse than LeTV’s loss.
Baofeng TV has only had 4 financing records since its establishment in 2015. Except for the angel round amount, which is unknown, the rest totaled 1.5 billion yuan. Compared with LeTV , which has received more than 1.5 billion yuan in single financing many times before, Feng Xin's PPT ability is obviously far worse than Jia Yueting.
In fact, Baofeng TV’s marketing model is based on LeTV’s “hardware subsidies and subversion of tradition”. But LeTV was a popular player in the domestic venture capital circle at that time. At that time, there was a steady supply of funds, but Feng Xin was far less sophisticated than Jia Yueting. In the end, Baofeng TV rashly participated in the hardware subsidy war before the content ecosystem was formed, and ultimately burned all the money in exchange for meaningless sales.
- Baofeng Magic Mirror
In January 2015, Baofeng Magic Mirror was established; it can be said that Baofeng Magic Mirror was the biggest contributor to Baofeng’s ability to win 29 one-word boards that year.
In fact, Baofeng Video has been a money-loser since its birth. It lost 18.46 million in the first half of 2015 alone. After helping Baofeng tell the story, it was kicked out.
On January 19, 2016, Baofeng Magic Mirror was divested from Baofeng Technology.
came and went in less than a year. Baofeng Magic Mirror helped Baofeng gain a wave of VR/AR popularity, and then nothing happened.
Baofeng Financial
Baofeng Financial platform has products such as Kuaihuobao, Anxin, Anxiang, Tiantianxiang, and funds. Among them, except Kuaihuobao and Tiantianxiang, which are demand deposits that can be withdrawn at any time, the rest are regular products, and the money will be automatically transferred after maturity. Transfer it to Happy Treasure for users to withdraw.
In fact, after Feng Xin was arrested in July this year, the money in Happy Treasures could not be withdrawn.
In August 2019, Baofeng Financial was visited by investors from all over the country to collect debts. The investors who came to the headquarters of Baofeng Group made statistics on their investment in Baofeng Financial platform products and the size of their money. According to this statistics alone,
has 296 investors, with a total amount of 105.547452 million yuan involved.
According to official data from Baofeng Financial, the total number of Baofeng Financial investors is approximately 5,000, and the total amount involved is approximately hundreds of millions of yuan.
Baofeng Finance not only rips off the hard-earned money of ordinary investors:
Liu Hong’s sister-in-law was diagnosed with cancer a few days ago and is in urgent need of money. In addition to the more than 500,000 yuan she invested that is locked up, her brother Liu Yong, who works in Zhejiang, invested I can't withdraw more than one million yuan. "Now my father is urging me to take the money back every day, but I'm hiding."
Moreover, while owing employees' salaries, they also put their savings into the pocket:
Xia Hua is an employee of Baofeng Technology. On July 28, Feng Xin After being arrested, Xia Hua wrote the words "Endless Darkness" in her WeChat Moments. She said, "I have also paid for the company. Doesn't this mean that I took away all the salary paid to me and also took away my salary?" All the savings were taken away.”
- Baofeng Sports
In order to expand into the sports field, Baofeng Group did two things:
First, it acquired MPSilva and entered the sports copyright field.
The second is to establish Baofeng Sports sub-group to build vertical streaming media with APP as the core.
In May 2016, Baofeng Technology completed the acquisition of 65% of MPSilva Holding S.A. (MPS) through the Shanghai Jinxin M&A Fund it participated in the establishment of. Bloomberg reported that this transaction valued MPSilva at US$1.4 billion.
On June 7, 2016, Baofeng Sports was officially established, and in September Baofeng Sports APP was officially launched. At the same time, Baofeng Sports also won the copyright of CBA.
From January to September 2016, Baofeng Sports APP’s revenue was less than 100,000 yuan.
Moreover, as a platform with live sports function, Baofeng Sports has almost no sports copyright. Both Baofeng Sports WeChat official account and Weibo stopped updating before August 2018.
The overseas merger and acquisition of Baofeng Sports even became the last straw that broke the entire Baofeng Group .
Give it a try and turn your bicycle into a motorcycle, or are you stupid and have too much money?
Feng Xin is a conservative person at heart. Everyone who knew him said this about him. I don’t know why, but it started to expand after it was launched.
Feng Xin likes football. He probably saw that LeTV bought the copyright of Chinese Super League . Feng Xin also started to feel itchy. Previously, he was just playing small games in China. You Jia Yueting bought the Chinese Super League, and I, Feng Xin, went to Europe to buy one. The Premier League is no better than you.
just did it. Taking advantage of the popularity of Baofeng when it was first listed in 2015, Baofeng started his sports dream, but he didn't expect it to be a nightmare.
Baofeng is interested in a company called MPSilva, which was founded in Milan in 2004 by Riccardo Silva and Andrea Radrizzani.
Riccardo Silva and Andrea Radrizzani
The sports media company MPS’s own business is equivalent to an intermediary, responsible for selling the broadcast rights of Serie A clubs around the world. Give it to TV stations and online platforms and earn the difference.
In March 2015, Chinese investors, Ricardo and others reached an agreement to acquire 65% of MPS's equity, and even paid a deposit of US$70 million.The operator of
was frantically raising funds. As the managing partner of the entire fund, Everbright Securities mobilized all available resources to raise funds frantically from various channels and mobilized all available channels.
Funds from private enterprises, trusts, banks, third-party financial management , private equity, insurance, state-owned enterprises, private enterprises, retail investors, no matter what money is needed, a steady stream of money has been gathered, 5.203 billion yuan, to complete this Everything took only three months.
In 2016, the MPS acquisition was officially completed, with a net transaction volume of US$637 million. After the acquisition of
, Baofeng and Everbright realized that they had fallen into a trap. MPS, which they originally planned to use to tell stories and cut leeks in the stock market, was almost an empty shell.
MPS's business is essentially an intermediary service. It is a second-rate dealer. Its core asset is people. When people leave, there will be nothing left. The core of
MPS is copyright income, but most copyrights expire soon.
This means buying a company that has no future in business.
MPS partial copyright
Not only that, MPS also owes a bunch of bad debts, Serie A 44.4 million US dollars, Bundesliga 10 million US dollars, French Open 5 million pounds and so on.
In August 2018, the French Tennis Federation applied to the British High Court to initiate bankruptcy liquidation proceedings against MPS.
Finally, in October 2018, the British High Court declared that MPS was officially bankrupt and liquidated, condemning the company to death.
With bankruptcy, the company's remaining assets and income will belong to creditors. This also means that the Chinese investors who hold 65% of MPS's equity have lost all their money, and all the 5.2 billion acquisition funds have been "wasted".
As for the founders of MPS, Ricardo and Andre, while enjoying beautiful women and mansions, they probably laughed and made people stupid and rich.
5.203 billion yuan, or about 700 million U.S. dollars. After receiving it, the two Italians, Ricardo and Andre, immediately bought and bought everywhere.
Ricardo bought a modeling company in Europe, a number of real estate properties in the United States, and also acquired the Miami FC Football Club.
and Andre , re-founded a sports and media investment company called Aser.
Its Eleven Sports Network actually competed with MPS in 2018 and won the broadcast rights of La Liga and Serie A in the UK and Ireland .
In May 2017, with a large sum of money paid by the Chinese, Andre fully acquired the famous Premier League club Leeds United and became the owner of the club.
Comes from the backlash of capital. The leeks are not cut but they are fed into it.
When Feng Xin encountered a bottleneck in the development of Baofeng, he asked Lei Jun for advice and asked Lei Jun to point out his shortcomings. Lei Jun said three words:
First, The direction you are looking for is not broad enough.
Second, you have to find someone to help you.
Third, your understanding of money is not deep enough.
Feng Xin didn’t understand. After returning home, he still imitated Jia Yueting and started playing capital games.
Judging from the final result, Feng Xin suffered from Jia Yueting's disease, but did not die from Jia Yueting's death. His methods of playing with capital were not as good as Jia Yueting's, but he was backlashed by capital and ended up in jail.
Feng Xin’s arrest is related to the MPS acquisition case mentioned above.
If Baofeng simply failed in its management, or simply failed in its investment and mergers and acquisitions, it would probably end up with the title of a deadbeat at most, and it would avoid going to jail.
However, as the incident developed and the truth was gradually revealed, it was discovered that the failure of the MPS merger was not accidental. During the fund's 5.2 billion yuan financing process, Feng Xin may have engaged in bribery.
In 2016, Everbright Jinhui established Jinxin Fund together with Baofeng Group Co., Ltd. and planned to directly or indirectly acquire 65% of the equity of the overseas MP Silva Holding S.A. ("MPS") company through the establishment of a special purpose vehicle. , the transfer amount is approximately US$1 billion.
Transaction structure chart
Look at this transaction structure chart. As mentioned above, 5.2 billion was collected in 3 months, funds from private enterprises, trusts, banks, third-party financial management, private equity, insurance, state-owned enterprises, private enterprises, There are so many channels for retail investors, which is not a normal financing process at all.
It is reported that the main person in charge of the M&A project of Everbright Capital, Xiangtong , has been arrested by the public security organs on suspicion of accepting bribes, with the amount involved exceeding 10 million.
Although Everbright Securities has denied calling the police, there is no doubt that billions of state-owned assets cannot be lost in vain.
In May of this year, Everbright Jinhui and Shanghai Jinxin, both subsidiaries of Everbright Securities, filed an "equity transfer dispute" lawsuit against Baofeng Group and the company's CEO Feng Xin, demanding compensation of 750 million yuan. Feng Xin, as the main responsible person, may have difficulty. Escape sanctions.
Conclusion: Before the listing of
, Baofeng could be regarded as a conscientious company, but after the listing, whether intentionally or unintentionally, Feng Xin also embarked on the path of Jia Yueting's LeTV.
LeTV and Baofeng stock price chart | As of September 2017,
talks about PPT, building an ecosystem, and burning money for expansion.
But Feng Xin only learned the superficial knowledge of Jia Yueting but not the essence of Jia Yueting. Jia Yueting's ability to become ecological relies on his superb deception methods.
Jia Yueting's LeTV Ecosystem has raised nearly 90 billion yuan, and the money he has collected comes from the richest man, celebrities, real estate giants, banks, securities companies, and all the big bosses.
As for Feng Xin’s Baofeng Ecosystem, the only one that can be named may be Everbright. According to statistics, the total amount of pure financing money is only 1.5 billion, which may only be a fraction of LeTV.
Lei Jun reminded him that he didn’t know enough about money. In fact, Baofeng created
0 billionaires, 31 multi-millionaires and6 millionaires when it went public. Playing with capital is like playing with fire. To this day, Feng Xin has been making wedding dresses for others and has insufficient control over capital. In the end, he got angry, suffered a complete defeat, and was imprisoned.
learned from Jia Yueting until the end, but he didn’t learn how to return to China next week!
finished!
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