LeTV is not dead: Lerongzhixin is planning to seek financing independently

Lerong Zhixin (LeTV Zhixin), the operator of LeTV Super TV, is planning to seek financing independently. At today's LeEco press conference, Li Xiaowei, vice president of LeRongzhixin Smart Ecosystem, revealed that LeEco 's current fleet of Super TVs is 12 million. Sina Technology verified with people familiar with the matter and confirmed the figure, "There are indeed more than 10 million units in possession."

In addition, Sina Technology also learned that the entities dominated by the listed company LeTV do have a lot of debt problems, but the source said, " Lerongzhixin currently has no debt problems, and all debts belong to LeTV ." This also clears the way for Lerongzhi's new independent financing. For the news that Lerongzhixin is seeking independent financing, Lerongzhixin has not responded to a request for comment.

At today's press conference, LeEco also revealed that in the first half of 2022, LeEco added about 3 million registered users, and the business is continuing to improve. And the debt is being repaid as planned.

At present, Lerongzhixin's main income comes from hardware sales and services such as content and membership. For Lerongzhixin, hardware sales are still at a loss, but membership subscriptions and content services have been steadily increasing. Currently, each contributes about half of its revenue to Lerongzhixin.

Returning to the public eye and holding public events are also considered by some LeEco employees as the beginning of Lerongzhixin's search for independent financing. At today's event, Le Rongzhi launched new TV products and announced the return of mobile phone products. In addition, Lerongzhixin also has smart ecological products such as smart air conditioners and smart door locks.

In January 2017, LeEco announced a round of 16.8 billion yuan worth of war investment. Jiarui Huixin, which is actually controlled by Sunac China Holdings Co., Ltd., became the main investor. After this financing, Sunac won LeEco. 8.61% stake in LeTV, becoming the second largest shareholder of LeTV. Jiarui Huixin holds a 33.4959% stake in LeTV Zhixin, making it the second largest shareholder of LeTV Zhixin. In addition, Sunac also acquired part of the shares of LeTV Pictures.

In September 2018, in a judicial auction, after Sunac China won part of the shares of Lerongzhixin and LeTV, it was promoted to the position of the major shareholder of the two companies. Among them, Sunac China will hold 46% of Lerongzhixin, and more than 36% of LeTV Holdings; at the same time, Sunac China will also hold 42.8% of LeTV Pictures, which is also the largest shareholder.

In June 2020, 1,354 trademarks owned by LeTV were finally won by Jiarui Huixin, which is actually controlled by Sunac, for 131.37 million yuan. These trademarks include "LE", "LEMI", "LETV", "LE LeTV" , "LeTV" and other registered trademarks. After this auction, Lerong was able to use the "LeTV" trademark to continue operating LeTV.com, LeTV TV and LeTV Pictures.

In addition, Sina Technology also learned that after the successful auction of the Lerong Building (formerly known as LeTV Building), the relevant procedures have been completed, and the listed company LeTV will issue relevant announcements soon.

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