[9:35: Cailianshe reported on September 9 that LeTV's non-listed assets LeTV Cloud and LeTV Finance officially landed in Chongqing Industrial Base.]

【China Fund News: At 9:42, the market opened with a sudden news! The latest news on the 28th is that the "China Post Emerging Industry Hybrid Securities Fund" under Industrial Bank plans to reach a 300 million share put option transaction with Xiyou Capital. As a result, the stock price of LeTV fell by -1.7% at the opening. 】

【Wind: Xie Jingxing and Jia Yueting are sparring with each other, and the long-short war is escalating. Market analysis shows that the divergence between longs and shorts has intensified, and 7 funds have lowered LeTV's valuation. As of 9:53 am, LeTV's stock price fell by -2.3%! 】

"Where is our news? I can't find it."

In the west office on the 14th floor of LeTV Building, Jia Yueting put down his tablet computer and asked seriously with a look of silence on his face.

Vice President Li Hong, Secretary to the Board Zhao Kai, and Financial Director Yang Lijie, all stood at their desks with their hands behind their backs, feeling as if they were being taken out on.

The stock price fell as soon as the market opened, largely because of Xie Jingxing's sudden outrageous remarks and the backstabbing of the fund under the major shareholder Industrial Bank.

There are no expected institutional investors who will bind their interests and hold on to their positions, so as to weather the difficulties together and retain profit opportunities. These bastards are more cunning than the other!
Industrial Bank and Grapefruit Capital traded put options. The theoretical logic is that they are optimistic about the long-term performance of LeTV's stock price; but considering the current market trends and the actual operational level, it is a hedge against short-term risks.

On the one hand, it sells the LeTV shares it holds at the current price of 29 yuan per share, and on the other hand, it waits until a certain time point in the future to buy back the LeTV shares from Grapefruit Capital at an agreed price of 20 yuan or even a lower price.

Industrial Bank is equivalent to short-term short selling by selling high and buying low. It believes that LeTV may not really have any problems, but will be badly troubled by Xie Jingxing in a short period of time.

People outside say that Boss Jia is good at capital operation. But now it seems that LeTV is just an amateur player among Internet companies. When competing with professional players, it is beaten back to reality in one round.

This is really a crime not caused by war, and no one needs to take the blame for it.

He was obsessed with the news because he had no place to vent his anger, so he tried to avoid the main issue and shift the battlefield to his own area of ​​expertise.

"We have prepared the press releases over the weekend, so we have to fine-tune the manuscripts based on the content of Xie Jingxing's sudden call, and they can be sent out in batches in the afternoon." Liu Hong sorted out his thoughts and responded reluctantly.

"Xie Jingxing used to use his influence to bully ordinary people."

Sure enough, Jia Yueting softened his tone and emphasized his own advantages: "We are different. LeEco is a leading company in the entertainment and media industry. We should teach him how to use the power of public opinion."

"Expose his ugly face to the people of the whole country and make those unscrupulous media jumping around shut up." He knocked on the table to emphasize.

Liu Hong, who was a financial journalist, was speechless. He had an ugly face and he still exposed it. It sounded quite romantic and righteous.

LeEco can manipulate entertainment news, and those who stand on Xie Jingxing's side are all professional financial media. Besides, the cost of making the media shut up is significantly higher than making them scream.

The problem lies within ourselves. The media are just the first wolves to smell the blood. Institutional shareholders who sell their stocks, industry peers who take advantage of the chaos to sell their shares, and so on will soon be followed by the second and third batches.

"Go to institutional investors and tell them that LeEco will soon announce good news. There are only three trading days this week. If they sell their stocks now and wait until October to come back, they will definitely regret it."

Jia Yueting looked at Zhao Kai and said, "Have you got the funds to support the market? Don't use them lightly. We can accept a drop of less than 10% this week."

"And you, sort out the recent financial situation and be prepared to consolidate the financial statements with LeTV Pictures at any time."

He also instructed the financial director Yang Lijie to keep a backup plan to reverse the negative market sentiment. If no positive factors could be found from the outside, the only option was to force LeTV Pictures to inject its high-quality assets into LeTV.com.

Jia Yueting sent the two away one after another, closed the door and finally asked: "Didn't you tell Xie Jingxing to shut up?"

"He posted it on WeChat Moments while on a private plane while traveling abroad. Director Chen tried to contact him but failed, so he immediately asked his secretary to alert Tang Man, a partner of Grapefruit Capital."

Liu Hong was mentally prepared and explained: "He is in a bad condition now, and many people are putting pressure on him through various channels.

"You see, since the opening, there have been a lot of public opinions in the market, but Taihe Grapefruit has not made any public statement and has been very quiet..." He analyzed it optimistically.

"Don't say these useless things. The barking dog never bites. The put option transactions of Grapefruit and Industrial Bank are fake. Have they stopped looking at our bonds and looking for opponents to short them?"

Jia Yueting interrupted without any hesitation: "He has already gone too far and started to attack. Should we just tell him to shut up?"

"I'll talk to the leader again."

Faced with continuous soul-searching questions, Liu Hong's answers were full of powerlessness.

"Phew, it will be too late to worry when the stock price collapses. Let's think of a solution together and put in some effort."

Jia Yueting took a deep breath to control his emotions, picked up his coat and mobile phone and strode away.

Liu Hong stayed alone in his office for a long time, raising his hands and rubbing his cheeks. There was silence for a while.

If we say that LeTV has lost a lot of friends since last year, then the frequent transfers of market regulators since this year's stock market crash have regressed to the point of being "unfamiliar" with them.

Being able to make Xie Jingxing shut up is the limit. If he could be forced to stop, there would be no conflict in the first place. This is a paradox.

…………

"Why are investors collectively suppressing LeEco?"

The story begins half a year ago. At that time, LeTV, with a market value of hundreds of billions, redefined the TV industry. Not satisfied with the fierce battle, it opened up a second battlefield and entered the mobile phone industry.

Xiaomi and other capital companies suppressed short selling, and even staged a farce in which the fund manager held a press conference to clarify and deny that he had not shorted LeTV.

At a summit event, Boss Jia was unexpectedly arranged to be on the same stage with Sequoia Capital's Neil Shen, where he happily told him about the LeEco ecosystem and discussed the future of the Internet.

Then Shen Nanpeng asked, where is your boundary? A group of capital operators in the audience asked, where is LeTV's boundary?

Boss Jia replied that with the changes of the times, the reason why many giants collapsed may be due to a wrong point of view: death by focus.

Today, half a year later, LeTV's seven major business ecosystems, including content, Internet cloud, mobile TV, automobile, and Internet finance, have taken shape. His answer can be concreted - LeTV is not without boundaries, it is just beyond the limits of many people's courage and imagination.

So capital jumped out again and asked, we have never seen or dared to imagine this, how did you succeed? There must be something wrong with you.

After reading this, you should know what the capitalists are trying to do. That’s right, what they can’t get will be destroyed!

Lei Jun did this, Shen Nanpeng did this, and Xie Jingxing did the same, and more than once.

Friends who know him should know that last year, Wufeng Agriculture, a leading agricultural company in Liaoning Province, was acquired by him through venture capital institutions that he had lured together to be bearish, resulting in difficulty in raising funds and a broken capital chain.

The identical tactics are worthy of the reputation of the wise and resourceful young commander. I am afraid that if Zhuge Wuhou were still alive and faced with such an opponent, he would be so angry that he would vomit blood and curse him as shameless.

So I want to advise Mr. Jia to bow his head and give in. You did not do anything wrong, you just lost to the capitalists. It is not shameful, it is noble, we cannot beat "them".

——Self-media person Chi Yuzhou bowed his head at home on September 9.

"Where did this idiot come from?"

Zhou Hongyi, with bulging eyes and typical symptoms of hyperthyroidism, leaned forward with his arms on the desk and read the content of the whitewashing article that quickly became a hot topic on Weibo.

"Well, this person seems to have always supported Jia Yueting. In June, he jumped out to help LeTV fight against Liu Shuwei." The assistant introduced uncertainly.

"What the hell, Jia Buqun played the capital game and cheated investors and us, and he made a lot of money. Now he meets a tough guy and gets punished. He wipes his mouth and howls in grievance."

Zhou Hongyi closed his Weibo and checked the stock trading software. LeTV’s stock price only fell by one point today!

The market fell to more than three points during the morning session. When I came back in the afternoon, I don’t know how many idiots were fooled by various whitewashing articles and rushed in to take over the market, thinking it was a good opportunity to buy at the bottom.

He managed to stabilize the trend. This plot is more disgusting than making him eat feces.

Jia Yueting is an expert at making eloquent speeches and fooling fools. He even directed public opinion towards class confrontation, making it seem as if he was being persecuted.

[Boss Jia, don't be pessimistic. I have a plan. Didn't Xie Jingxing promise that if you show him the evidence of your personal loan to LeTV, he would lend money to LeTV? Show him the evidence, and LeTV will get the interest-free loan. You will become friends and the dilemma will be solved. If you don't trust him, I can guarantee it.]

Zhou Hongyi edited the Weibo and reposted an article in a mean way. He sent it with a tap of his little hand, and it went from the soles of his feet to his hair.

This summer, LeTV and Xiaomi were fighting each other, but he was happy to watch the fun, thinking that the development opportunity for his 360 Coolpad Dazen mobile phone, which was a collaboration between his company and Coolpad, had arrived!

As a result, this bastard Jia Yueting secretly spent more than 17.9 billion to acquire % of Coolpad's shares, becoming the second largest shareholder and stealing his house!
Zhou Hongyi simply cooperated with Coolpad. It was not that he had not thought about acquiring shares to increase actual control and reduce unexpected variables, but he had no money.

Why is Jia Yueting so rich? Because LeTV’s capital operations are so successful, it is not just a simple matter of defrauding money from the market.

"Go find a reporter and leak some information. LeEco's mobile phone and TV businesses are living beyond the budget and are in default of payments to suppliers." Zhou Hongyi sneered and gently instructed his assistant to shoot.

The payment period between mobile phone brands and suppliers is generally about half a year, which is synchronized with the sales cycle of new mobile phone models.

As far as he knows, LeTV's official payment period to suppliers is 1-4 months. In fact, LeTV pays bills to suppliers 6 months after receiving the goods, and the suppliers cash the bills at the bank 3 months after receiving them.

The financial accounts involved have a lot of room for manipulation. The profits from selling mobile phones are recorded this year, and the accounts payable are calculated for next year, so as to achieve a high profit effect on paper data.

Everyone knows to do this tacitly, but the problem is that LeTV's mobile phones are impacting the low-price market and competing head-on with Xiaomi and Meizu, and it is already losing money on every phone sold.

In other words, Jia Yueting not only used the mobile phone shipment data to deceive investors in the secondary market for financing, but the losses from selling mobile phones were also borne by the suppliers!

They made a fortune out of nothing and increased leverage to the maximum to have the money to stab 360 in the back and acquire Coolpad.

Zhou Hongyi put himself in Jia Yueting's shoes and thought about it. Xie Jingxing's slap in the face must have been a hard slap in the face of Jia Yueting. The first thing to collapse must be the capital chain of LeTV's mobile phone and TV business suppliers.

Therefore, we should fan the flames and watch carefully to see whether the collapse was caused by suppliers cutting off LeTV's supply or by LeTV's inability to pay back the money.

Zhou Hongyi relaxed his body and rocked his large office chair. As uncomfortable as he was when Xie Jingxing messed with him, he felt great now that it had nothing to do with him.

This guy is really a vicious person, haha, poor Jia Yueting.

…………

[If a person claims that he can lift 800 pounds above his head, people may laugh at him for bragging. But if you see him lift the weight successfully again and again, you will begin to believe him - Charlie Munger. The best investors often like to speak with facts, and I agree with this. ]

Late at night, Jia Yueting replied to Zhou Hongyi on Weibo, implying that Xie Jingxing was a rubbish investor and not worthy of him proving anything.

"Mr. Jia, I'm sorry, I'm late. Hello, hello."

The old business veteran, with loose skin and faintly visible age spots on his face, arrives before he does, with the usual low-key and kindness of Hong Kong businessmen.

"Hello, Mr. Huang. I have long wanted to meet you, and today I finally got my wish."

Jia Yueting took the initiative to shake hands and exchange pleasantries: "The food and wine are ready, let's sit down and chat."

"Lafite 82, I am so honored today."

The old man was flattered when his assistant explained that this bottle of wine cost more than 30,000 yuan, and he couldn't help but look around during the meal.

This is a courtyard house in the old imperial palace. The furnishings are antique, the lights are bright, and the fragrance is lingering. The delicate figure of a girl playing music is reflected through the screen.

Good wine and good food, what more could you ask for?
After two bottles of 82 Lafite, Jia Yueting calmly gave his answer: "Mr. Huang, you have worked so hard at Skyworth. LeEco is willing to acquire you at 1.5 times the market value of your Hong Kong stocks."

"Mr. Jia, I'm drunk, please don't joke with me." The old senior's face was filled with just the right amount of surprise.

"It is conditional. All LeTV TV orders will be given to Skyworth and production will be at full capacity."

Jia Yueting picked up the wine dispenser and poured wine: "We want 29.8% equity, no more than 30%, and you still retain the position of the largest shareholder."

The veteran Huang Hongsheng stopped laughing this time. He founded Skyworth in 1989, starting out by making TV remote controls. After more than years of ups and downs, he built an electronic manufacturing group with a scale of tens of billions.

As a result, they were blinded by a guy working in the Internet industry who offered to give away a TV for free if one purchased a three-year movie and TV membership. The brand new TVs were piled up in the factory and could not be sold.

He couldn't understand why buying a TV for free made sense. He only heard countless people talking about Skyworth being the next Nokia, an emerging business logic that had no place in the new era.

Then, this guy who works in the Internet industry drank two bottles of 1982 Lafite with great enthusiasm and said:
What the hell is that product backlog? I will maximize the production capacity and sell the TVs that you can’t sell. I will also buy the equity at a high price and give you the money for free.

"This is really a liberation. After all the hard work, I finally met a noble person." The old man raised his glass and drank it all.

"You can't say that, Mr. Huang. We all admire you very much. Let's cooperate and win together."

Jia Yueting waved his hand and immediately took the investment intention agreement from his assistant: "We will conduct the equity transaction in two times. First, we will acquire 10% of your equity and pay you 10% deposit."

"Mr. Jia, do you mean to pay 10% of the equity first, or 10% of the 10% equity?"

The old senior held a pen in his hand and asked sincerely with confusion. (End of this chapter)