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Source: e Company
On September 19, the Beijing Court Trial Information Network released a judicial document involving LeTV Holdings .
Document shows that in 2015, Taizhou Jiushengshengyuan Investment Management Center (Limited Partnership) signed an agreement with LeTV Virtual Reality Technology (Beijing) Co., Ltd. and LeTV Holdings. Jiusheng Investment increased its capital by 60 million yuan to LeTV virtual reality (hereinafter referred to as "LeTV VR") and obtained 12% of its shares.
But since then, Jiusheng Investment paid 60 million yuan in capital increase, but LeTV VR has not completed the industrial and commercial changes for a long time. "I gave the money, but I didn't get the shares" is staged in reality.
incident involves investment disputes 7 years ago
Around 2016, the domestic VR industry ushered in an investment boom, and Internet technology companies have entered the VR field one after another. LeTV VR was established in September 2015.
In November 2015, Jiusheng Investment signed a "Capital Increase Agreement" with LeTV VR and LeTV Holdings. All parties calculated based on the valuation of LeTV VR's 438 million yuan before investment, and Jiusheng Investment paid 60 million yuan in capital increase and obtained 12% of LeTV VR's equity after the capital increase. The details released in the referee document
show that the main reason for the unsuccessful investment may be the rapid rise in LeTV VR valuation.
Jiusheng Investment stated that when it fulfilled its payment obligations, LeTV VR required Jiusheng Investment to calculate the investment funds at a new valuation because it raised other investments, and delayed and refused to submit the formalities that should be delivered to the bank, resulting in the bank being unable to transfer the funds to the LeTV VR account in time, resulting in the failure to pay the subsequent funds on time.
Even so, Jiusheng Investment has not given up on the increase in LeTV VR when the agreement has been signed.
Jiusheng Investment said that in order to promote the transaction, it paid 6 million yuan to LeTV VR as a liquidated damages without breach of contract, and urged LeTV to apply for industrial and commercial change registration.
document shows that from December 21, 2015 to June 1, 2016, Jiusheng Investment transferred 60 million yuan of capital increase and 6 million yuan of liquidated damages to LeTV VR account in four times. However, LeTV VR's industrial and commercial changes have not been handled.
According to public reports, the only external financing obtained by LeTV VR occurred in 2016.
In June 2016, many media reported that LeTV VR is conducting a round of financing with an amount of more than 300 million yuan and a post-investment valuation exceeding 3 billion yuan. The rumored investor is Shenzhen Xingen Fund.
From the industrial and commercial information, LeTV VR's parent company, LeTV Chuangjing Technology (Beijing) Co., Ltd., completed the industrial and commercial changes on November 4, 2016. The new shareholder is indeed Shenzhen Xingen Fund, with a shareholding ratio of 12.5%, which is basically the same as the rumor.
Regarding the litigation matters between the two parties, a reporter from Securities Times ·e company contacted LeTV VR many times through public channels, but failed to contact. The judicial documents also show that LeTV VR and LeTV Holdings did not appear in court to respond to the lawsuit after being summoned by the court, and the court made a judgment in absentia according to law.
user failed to reach 10 million and was sentenced to repurchase shares
Jiusheng Investment's lawsuit request includes requiring LeTV VR to pay attorney fees and requiring LeTV Holdings to repurchase its 12% equity in LeTV VR at a price of 60 million yuan.
An important reason for Jiusheng Investment is that LeTV VR's product sales have not reached the agreed quantity between the two parties.
According to the agreement in the "Capital Increase Agreement" between the two parties, after LeTV VR virtual reality products are on the market, as of the end of the 2018 financial year, the cumulative number of users should reach 10 million. If it is not achieved, the investor may require the major shareholder to repurchase the equity subscribed at the original price or the two parties negotiate compensation separately.
LeTV released its first VR helmet product, LeTV Cool1, at the end of 2015. In 2016, it launched a number of VR hardware products. However, since the VR consumer market was not as popular as expected, these products did not cause much splash in the market.
The court held that considering that all LeTV VR products have been removed from the shelves and LeTV VR has not appeared in court to submit the user volume in 2018, the court accepted the claim that the number of LeTV VR users claimed by Jiusheng Investment did not meet the agreed standards of both parties.
The court ruled that LeTV Holdings would pay 60 million yuan of equity repurchase to Jiusheng Investment within 10 days of the judgment taking effect, and LeTV VR would pay 300,000 yuan of attorney fees to Jiusheng Investment.
LeTV VR business has long been suspended
Although Jiusheng Investment won the case in the first instance, it is probably difficult for LeTV Holdings, which is burdened with debt, to pay the repurchase payment. As for LeTV's VR business, it has gradually stopped since May 2017.
In May 2017, some media reported that LeTV's VR team was disbanded and LeTV withdrew from the VR industry.
On May 23, 2017, LeTV VR released a statement through its official Weibo saying that the media reports were false. The statement said that based on the uncertain market prospects of the VR consumer end, the company has made a strategic transformation of its VR business based on the mission goals of the second phase of LeTV's ecological strategy. Related businesses, personnel and products are transferred to other systems of the company to improve operating efficiency. Although the statement mentioned in the statement that the company will continue to provide VR services through the LeTV Video VR channel, LeTV VR products and LeTV APP, as the LeTV crisis continues to ferment, LeTV VR business has gradually stopped, and there are currently no related VR services in these channels.
This statement has also become the last Weibo post on LeTV VR's official Weibo so far.
Qichacha information shows that LeTV Virtual Reality Technology (Beijing) Co., Ltd. currently has multiple risk information. The company was included in the list of serious illegal and dishonest enterprises by Beijing Market Supervision Administration in February 2021, because the company has not fulfilled its relevant obligations after three years of being included in the list of abnormal operations.
LeTV live broadcast 30 days of goods for 20,000 yuan
At present, LeTV's businesses are still operating mainly including LeTV Video and LeTV Mall . Its revenue source is mainly the copyright income of film and television works (mainly "The Legend of Zhen Huan"), property rental income, and the sales of some hardware products.
In July this year, the news that "LeTV's 400 employees live a fairy life" became a hot search on Weibo. LeTV also responded to this and said that it currently relies on operations and copyright revenue to support employees.
Since July, LeTV has also begun to vigorously promote live streaming and sales business. The products that live streaming products mainly include its newly launched LeTV new mobile phones, TVs, etc.
However, LeTV's live streaming performance is not ideal. LeTV Video’s official Weibo previously revealed on Weibo that it broadcast 14 live broadcasts in 30 days and only brought 20,000 yuan in goods.
htmlOn September 15, LeTV Live's single-trade GMV (total commodity transaction volume) exceeded 10,000 yuan for the first time.Editor: Ye Shuyun
Proofreading: Yang Lilin
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