Article丨BT Finance HAN
Jia Yueting, who has been stuck in “returning home next week”, has been abroad for more than three years.
Today, LeEco’s ecological dream is broken, and countless investors are “buried”; on the other side, FF Faraday is still looking for a listing with the undeserved desire to build cars.
latest news,LeTV and 14 responsible persons were fined a total of 480 million yuan by the China Securities Regulatory Commission, setting a record for the highest fine in the history of A-shares.After the penalty decision is made, the collection of investor claims will also start. With the heavy hammer falling, should Jia Yueting wake up in his dream of “LeEco + FF Cars”?
The real hammer of financial fraud, stock prices are everywhere
Since its delisting, LeTV (400084.OC) will be transferred to the “Old Third Board” (two networks and delisted companies of the National SME Share Transfer System) from February 3rd. The transaction will be transferred three times a week, and the price limit will be limited. 5%.
What is staggering is thatLeTV, which retired from the third board, turned on its “demonization” mode and recorded 25 consecutive daily limit. The price soared from 0.19 yuan/share in early February to 0.48 yuan/share, an increase of about 250%.
But willLeTV 3Pulling to the daily limit does not require much capital. Because the company’s rise and fall is limited to 5%, and the price is 0.2 to 0.4 yuan per share of the “floor price”, it means that LeTV 3’s biggest daily rise and fall is no more than 1 cent, and the daily trading volume is sluggish, hundreds of thousands The daily turnover of the yuan can create the appearance of a “surge”.
In this kind of fanaticism, the penalty decision of the Beijing Securities Regulatory Bureau fell heavily.The market is not unprepared for this, because the investigation of LeTV began as early as April 2019, when the China Securities Regulatory Commission opened a case for alleged violations of laws and regulations by LeTV and Jia Yueting.
After more than a year of investigation, in 2020, the China Securities Regulatory Commission issued administrative penalties and advance notice of market bans, “Real Hammer” LeTV’s financial fraud from 2007 to 2016, and determined that the company did not disclose related parties in accordance with regulations. Other illegal facts such as transactions and fraudulent issuance.
The latest news shows that, based on the level of violations and the degree of harm, the Beijing Securities Regulatory Bureau has decided to fine 240 million yuan on LeTV, 241 million yuan on Jia Yueting, and 600,000 yuan on then-executives Yang Lijie, Wu Meng and others. Fines ranging from 30,000 yuan.
It is worth noting that the overall business of LeTV is currently in a state of suspension, and the litigation and arbitration issues involved are still at stake.according toChina Merchants Securities, The major litigation and arbitration of LeTV 3 listed entities involved nearly 5.7 billion yuan. At this time, participating in the share price speculation of LeTV 3 is tantamount to a knife. Although LeTV 3 can be traded on the Old Third Board, the company still has the risk of terminating the transfer due to huge fluctuations.
Investors lost their money, solicitation of claim conditions opens
What’s incredible is that even though LeTV and Jia Yueting have been ruined and burialed with countless leeks, there are still no shortage of investors to support them. For example, on the forum, some investors believed that “the huge fine this time signifies that LeTV can no longer get worse, and the road ahead will be all the way up.”
This view that LeTV has “bottomed out” may not be correct, and investors are still waiting for compensation.
According to “Securities Star” citing lawyer Song Yixin’s point of view, after the decision of the Securities Regulatory Commission’s penalty, it means that the time conditions for investors’ claim litigation have been determined and the collection of claims has started.
There are precedents that listed companies have been sued by investors and awarded compensation for fraud.For example, in January, the China Securities Journal reported that a law firm announced that the court’s decision had previously been involved in financial fraud.YabaiteCompensation of 3.447 million yuan to investors. In addition,Luckin CoffeeIn the fraud case, 14 overseas investment institutional investors have also filed claims in a group.
Jia Yueting is also prepared for compensation, but some of it is out of responsibility to investors and some of it is out of self-protection. From his various performances, it is not difficult to pry and guess.
His debt handling team once stated that “Jia Yueting’s creditor trust does not exceed 10%, and it will still be used for possible LeTV shareholder compensation.” Before the huge loss, it is still a huge question mark to what extent this 10% trust fund can play a role.
Faraday’s future is confusing
The left-handed LeTV’s ecological dream is broken, and the right-handed FF (Faraday Future) has ushered in the wind. This is the reason for the speculation of LeTV 3’s stock price. Rejuvenate the LeTV ecology.
On April 5th, Eastern time, FF formally submitted the S4 listing document to the US Securities Regulatory Commission, intending to use the SPAC (Special Purpose Acquisition Company) model to enter the secondary market.However, there is still uncertainty about whether FF, which has not confirmed any revenue, can be successfully listed.
At the business level, Jia Yueting once stated that the FF91 model is expected to be mass-produced and delivered in the first half of 2022.At the same time, FF finalizedauspiciousIt is a Chinese partner and signed a framework agreement, and said that it will get the support of a certain tier city in China. At present, this city is generally considered to be Zhuhai.
In terms of manpower, in March not long ago, FF announced that Chen Xuefeng, the executive vice president of Chery Jaguar Land Rover (a Sino-British joint venture automobile company), joined as the CEO of FF China.
However, Geely Holdings and FF signed a “framework agreement” and once stated to CBN and other media that “a small amount of investment in FF listed companies”; Guangdong media “Times Weekly” also reported that Zhuhai State-owned Assets and FF is still in contact Negotiation stage.
All in all, it is too early to say that FF is expected to come back to life after almost stagnating for two years.However, the secondary market and the news have long been foggy, attracting some investors to run into the market and want to “play big”; the truth may be that LeTV’s new leek has sprouted. With the heavy hammer of fines falling, Jia Yueting’s dream of “LeEco + FF Cars” may be time to wake up.
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