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Saving LeTV and buying Wanda Cultural Tourism City, these two big deals that attracted the attention of the capital market in 2017, are both related to “white eve” “Soldier” – Sun Hongbin, chairman of Sunac China (01918.HK), is inseparable.
At the beginning of 2017, Sun Hongbin invested 15 billion yuan in LeTV. In July, he announced that he would spend 43.844 billion yuan to acquire 91% of the equity of 13 cultural tourism projects under Wanda Trading.
Whenever Sun Hongbin is involved in a merger and acquisition case and faces the public, he does not hesitate to praise the target company and entrepreneurs.
Sun Hongbin said, “I have always been optimistic about Lao Jia. Lao Jia is a good man, forward-looking, and a rare entrepreneur with entrepreneurial spirit.” As for Wang Jianlin, Sun Hongbin said, “Wang Jianlin is my The most respected good entrepreneur Liber.ia Sugar Daddy“
“What is a wonderful career? Buy a house first, then go home and watch TV, show our movie Liberia Sugar Daddy, and go to Wanda City to play. “Sun Hongbin summarized the two transactions in his speech.
15 billion to support Shanxi fellow Jia Yueting
Jia Yueting, who is from Shanxi like Sun Hongbin, founded LeTV in 2004, and his initial business was video. After that, Jia Yueting started The rapid expansion of LeTV’s business has created a bright prospect for LeTV’s “ecosystem” in the capital market.
In Jia Yue’s Liberians Escort
The country built by a>Ting consists of seven major ecology: Internet ecology, internal business ecology, large screen ecology, mobile phone ecology, car ecology, sports ecology, and Internet financial ecology. Jia Yueting once said that these seven major ecology. Ecology “no one can be missing”
However, Jia Yueting’s restless advancement, high debts, and lack of LR Escorts believe. In the context of the current business model and tightening leverage, LeTV’s seven ecological concepts that Jia Yueting talked about in many speeches have collapsed.
Since 2016, Liberians SugardaddyThe bad news surrounding LeTV has never stopped. The disputes have led to mutual quarrels, LeTV executives have resigned, suppliers have been owed money, and employees have been laid off… LeTV’s ecological “empire” is crumbling, and the ecological Almost falling apart.
On November 6, 2016, LeTV Holdings CEO Jia Yueting issued an external letter admitting that it had encountered financial problems and promised to solve the problem within 3-4 months. A month later, on December 7, 2016. On the same day, LeTV (300104) began to suspend trading.
Just when LeTV’s capital chain was in crisis, Sun Hongbin, a fellow of Jia Yueting in Shanxi, appeared.
In January 2017, Sun Hongbin made rapid progress with 15 billion yuan. Sunac acquired 8.61% of LeTV Network Liberia Sugar, LeTV Zhixin and LeTV Pictures. and LeTV Pictures, becoming the second largest shareholder of these three companies, and dispatching directors and financial personnel. LeTV, LeTV Pictures, and LeTV Zhixin have become Sunac China’s associate companies. He and Sun Hongbin are both from Shanxi Province. This was interpreted by the outside world as a fight between fellow villagers.relief.
Sun Hongbin has always emphasized that the real estate business is the absolute main force of Sunac, and investing in LeTV represents a relatively small share of cash flow and will have no substantial impact on Sunac’s future development.
On March 28, 2017, at the performance meeting of Sunac China, Sun Hongbin revealed that he had sent directors to three companies invested by Sunac (LeTV.com, LeTV Zhixin and LeTV Pictures). For LeTV, Sun Hongbin sent Liu Shuqing, senior general manager of the Risk Management Center of Sunac China Holdings Co., Ltd. As for LeTV Pictures, Sun Hongbin is personally in charge. On May 21, LeTV released the “Notice on the Appointment of the Company’s General Manager”. The notice stated that in order to concentrate on fulfilling the responsibilities of the chairman, the work will focus on company management, strategic planning and core product innovation, and improve Due to the company’s decision-making failure, Mr. Jia Yueting specifically requested to resign as the company’s general manager and concurrently serve as the company’s chairman.
During this period, doubts began to arise about whether LeTV’s surname was Jia or Sun.
Although Sun Hongbin publicly supported Jia Yueting on many occasions and said, “I have always been optimistic about Lao Jia. Lao Jia is a good man, forward-looking, and a very rare entrepreneur with entrepreneurial spirit.” It is unavoidable that Sun Hongbin, who holds only 8.56% of the shares, has had an impact on LeTV’s “de-Jia Yueting transformation”.
On May 22, 2017, at the shareholders’ meeting held by Sunac China, Sun Hongbin reiterated: “Lao Jia is still the core of the company. Now there is a CEO who can manage the company’s daily life and implement the strategies set by the board of directors. , and we can also negotiate with each other, which is a good thing, and it is also a sign that LeTV’s online listing system is becoming mature. When I made the first investment, the first thing we did was to improve the company’s management structure. The work of Liberia Sugar Daddy does not exceed the scope of the contract”
It is recognized that investing in LeTV is a misjudgment: I wish. Accept defeat
However, Sun Hongbin’s firm optimism for LeTV seems to have been shaken by a series of problems that LeTV has gradually exposed in the future.
At Sunac’s 2017 mid-term performance meeting, Sun Hongbin sobbed when talking about Jia Yueting. LR Escorts
Sun Hongbin said, “If I had not joined Lao Jia in December this year (2016), LeTV would have died. , I have to help him, I have to keep helping him. I always say that people should be kind-hearted. Why are we so good in the M&A market? We don’t want to harm others. I am a rather willful person. I have to be kind-hearted. We must make LeTV a good company.”
In Sun Hongbin’s mind, LeTV’s business model will be profitable if it is changed.
“There is nothing wrong with this form of trade. We will make this trade Liberians Sugardaddy Yiform New LeTV includes listed companies, LeTV Zhixin, LeTV Pictures and LeTV Cloud. I believe this new system will be valuable in the future of. LeTV is indeed a good tool. Lao Jia gave us a foundation to take off and continue to do it. The new LeTV business model is completely different. The video platform cannot compete with BAT because they have a lot of traffic, so we take a step back and become intLiberians Escorternet TV, no one in BAT owns this piece. If you don’t build a platform to do internal business, BAT will come to grab it. A slight change in the form of trade can make money. “Sun Hongbin said on stage.
On January 19, 2018, LeTV Pictures, which had been suspended for nine months, officially announced the failure of its two-year injection and restructuring plan. The termination of LeTV Pictures’ injection is important. The 21.81% equity of LeTV Pictures still held by LeTV Holdings is in a judicial unfreeze state, which is contrary to the commitment issued by LeTV Holdings. At the same time, because LeTV Pictures still has 1.71 billion yuan of accounts receivable that have not been paid to LeTV Holdings. Moreover, LeTV Holdings was unable to form a good plan for debt settlement in the short term, which ultimately led to the failure to proceed with the transaction or obtain approval.
On January 30, 2018, LeTV LR Escorts.com reported its achievements in 2017. Financial report data shows that LeTV’s estimated net loss for 2017 was 11.6049534 billion yuan to 11.6099534 billion yuan. In 2016, LeTV’s The profit was 554,759.2 million yuan.
“People sometimes have to dare to renew the sun and the moon, and sometimes they have to be willing to admit defeat. “This is what Sun Hongbin said when he participated in the investor traffic meeting on the Shenzhen Stock Exchange investor interactive platform on January 23. “In business, there are always profits and losses. There are risks in anything you do. If there are no risksLiberians Sugardaddy did not repay the favor. If you control the risk to zero, you can only deposit money in the bank. LeTV has indeed undergone changes that no one expected. We can only solve whatever problems LR Escorts we encounter. In fact, people cannot predict the future, they can only constantly respond and adjust. Facing difficulties calmly and facing consequences calmly is the attitude we should have in life. ”
Data from Sunac’s 2017 semi-annual report shows that in terms of profits, Sunac’s investment in LeTV suffered a loss of approximately1.5 billion yuan.
“Help the poor” Wang Jianlin: 43.8 billion yuan to buy 13 cultural tourism cities in Wanda
In addition to taking over LeTV, a shaky company, from Jia Yueting, Sun Hongbin also bought it from Wanda Trading Purchased 13 Wanda cultural and tourism assets for 43.844 billion yuan.
On July 10, 2017, Wanda Commercial and Sunac China both announced that their 13 cultural tourism projects were priced according to the registered capital, plus 76 hotels, and were packaged and sold to Sunac for 63.2 billion yuan.
At the same time, the two parties also agreed on the terms of the “Four Stabilities” – the brand will remain unchanged, and the project holding properties will still use the “Wanda Cultural Entertainment City” brand; the business within the plan will remain unchanged, and the project will still comply with government approvals The design and internal affairs of the project are developed and constructed; the project construction remains unchanged, and the design, construction, and quality of the tools held by the project are still controlled by Wanda; the operational management remains unchanged, and Wanda Company is still responsible for project operation and management.
Such an agreement gives Wanda Commercial a story to tell about brand investment and asset-light operations, and there will be no significant backlash from the local governments that Wanda negotiated with back then.
However, Sun Hongbin does not want heavy assets such as hotels.
Nine days later, on July 19, Wanda Commercial and Sunac China held a joint press conference in Beijing, and Guangdong developer R&F Real Estate (2777.HK) temporarily participated in this asset transaction.
According to the matters contained in the agreement, Sunac acquired 91% of the equity of 13 cultural and tourism projects for 43.844 billion yuan, and the projects will assume all existing loans of approximately 45.4 billion yuan after delivery. R&F Real Estate acquired all the equity interests of 77 city hotels for 19.906 billion yuan.
At the signing ceremony that day, Sun Hongbin said in his speech that the choice of Sunac as a joint partner with Wang Jianlin this time is a sign of trust in Sunac. Wanda Group’s successful and beautiful transformation is a reflection of the progress between Sunac and Chinese enterprises. Liberians Sugardaddy is a model of repair. Wang Jianlin’s choice of Sunac is a recognition of his team and his ability to operate high-end projects. Live up to this trust.
Sun Hongbin said, “Wang Jianlin is the entrepreneur I respect most.”
On September 6, 2017, Sun Hongbin forwarded an article titled “Please be more kind to Wang Jianlin” in his circle of friends , and added a comment: Wang Jianlin is the outstanding entrepreneur I respect most. Sun Hongbin said: “Wanda Trading’s platforms have directly unemployed nearly 2 million people, and directly unemployed people have exceeded 10 million. The annual new unemployment rate accounts for 2% of the country’s total, and the annual payment is about 40 billion. Liberians Sugardaddy‘s taxes. Wanda is a world-class excellent company, and Wang Jianlin is the excellent entrepreneur I respect most.”
At Sunac China’s LR Escorts mid-term performance conference in 2017, Sun Hongbin mentioned that when talking about Jia Yueting, It has been said that compared to Jia Yueting who did not break his arms to survive and turned against the city, Wang Jianlin is a successful entrepreneur in terms of LeTV’s failure.
In addition to LR Escorts taking over Wanda’s 13 cultural tourism city projects, Sun Hongbin also participated in the acquisition of Wanda Trading’s H-share delisting equity investment.
On January 19, Dalian Wanda Group officially announced that Tencent Holdings, as the main sponsor, jointly with Suning Commerce (002024.SZ), Sunac China and JD.com will invest 34 billion yuan in Wanda Commercial and acquire Approximately 14% of the shares held by investors introduced when Wanda Commercial Hong Kong H shares were delisted. This will be one of the largest single-tongue strategic investments between global Internet companies and physical business giants. Among them, Sunac invested 9.5 billion yuan, holding a shareholding ratio of 3.91%.
Real estate is the absolute main force of Sunac
Although Sun Hongbin invested a large amount of money overnight in LeTV, and then Wanda Asset Package, but Sun Hongbin has always emphasized that real estate business is the absolute main force of Sunac.
At the previous LeTV press conference, Sun Hongbin once said: “I have said on many occasions that we will only engage in real estate and not transform. But I also said that we must think about this matter early. The real estate industry is in Sales in 2015 were 8 trillion, and in 2016 they were 11.5 trillion. From now on, I estimate it will remain at 11 trillion, and growth will be difficult. I still go back and build my house. I invest in LeTV because I am optimistic about Jia Yueting. I and his team, Sunac may join the board of directors, participate in learning, and we will discuss together. I feel that we can’t bring anything to LeTV, and I have no energy, and his business is not as big as mine.” “What is a good life? Buy a house first, then go home and watch TV, play our movies on TV, and go to Wanda City to play.” It can be seen from Sun Hongbin’s appearance that he tried to combine the two transactions with his own The geogenetic business finally unites.
Half a year after Sun Hongbin made a large investment in LeTV, Sunac China issued an announcement stating that Sunac would become the only joint partner of LeTV companies in the real estate field, and would invest in real estate assets (including but not limited to film and television industry, car industry, sports industry, Internet ecology, etc.). At the same time, Tianjin Jiarui Huixin, a subsidiary of Sunac, has priority investment rights for other shares of LeTV.
According to Sunac China’s disclosure, the company has taken over some real estate projects of LeTV companies.
On March 1, 2017, Sunac’s direct wholly-owned subsidiaryThe company Chongqing Sunac and LeTV Investment Management (Beijing) Co., Ltd. have entered into a joint investment agreement. Chongqing Sunac acquired 50% of the equity of Chongqing LeTV Real Estate Development Co., Ltd. from LeTV Investment for a price of 220 million yuan.
Chongqing Leshijie is mainly engaged in the development of the Longxing project located in Liangjiang New District, Chongqing. It is mainly developed for residential and commercial purposes, covering an area of 254,400 square meters, with a built-up area of 399,200 square meters and a salable area. 356,100 square meters.
In addition, Sunac also acquired a 50% stake in Shanghai Longshi, the main operator of the Shanghai Longshi Plaza project, from LeTV for 300 million yuan. The Shanghai Longview Plaza project is mainly developed for office use, covering an area of 15,800 square meters and a total building area of 61,000 square meters.
For Wanda, the combination of the two is even more prudent. Sun Hongbin said, “I have always been optimistic about industries with consumption upgrades, such as big culture, big health, and big entertainment projects. If we invest in education and hospital projects later Liberia Sugar Daddy, don’t be alarmed. The next step is to cooperate with Wang Jianlin on the Great Health City project. Wang Jianlin wants to build 7 hospitals in a community. I believe that we will be the leader in the cultural entertainment industry in the future. A large holder with hundreds of billions of assets.” Sun Hongbin revealed that he would have a new cooperation with Wanda City in the future. “Lao Wang and I said we would do at least 20 more. Sunac will be cultural, gaming, cultural and health. Education, related to real estate, we hope that other businesses will account for half of the real estate business in 10 years, transforming into consumption upgrades.”
On January 5, 2018, Sunac China issued a performance report stating that the company. In 2017, the contracted sales amount was approximately 365.26 billion yuan, the contracted sales area was approximately 22.298 million square meters, and the average contract sales price was approximately 16,380 yuan/square meter.
With the substantial increase in sales, Sunac’s stock price also hit new highs many times in 2017, with an annual increase of up to 425%, second only to China Evergrande (China Evergrande) among Hong Kong real estate companies. 03333.HK)’s share price rose 458%.
I use PGA280+AD7765 for electronic signal acquisition. It is found that as long as the output terminal of AD7765 is short-circuited, the noise floor is very low. However, when testing PGA280+AD7765 together, the noise floor is very high when the output terminal is short-circuited. I would like to ask why. Above is the rationale diagram.
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