Leshi Zhixin

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Leshi Zhixin Electronic Technology (Tianjin)
LeTV Zhixin
Company typeSubsidiary
Founded7 February 2012 (2012-02-07)
Headquarters
Tianjin
,
China
Key people
Jia Yueting
Decrease (CN¥730.6 million)[1] (2015)
Total equity(CN¥238.0 million)[1] (mid-2016)
Owner
Le.com(39.3670%)
Sunac China(32.7109%)
Leshi Holding(17.9497%)
LeRan Investment(3.9486%)
Truly International(2.6667%)
Xinle Asset(1.9313%)
Huaxia Insurance(1.1045%)
Beimeihong Tech.(0.6442%)
ParentLe.com
SubsidiariesLeTV Zhixin HK (100%)
Footnotes / references
2016 figures unaudited[1]
Chinese name
Simplified Chinese乐视致新电子科技（天津）有限公司
Alternative Chinese name
Simplified Chinese乐视致新

Leshi Zhixin Electronic Technology (Tianjin) Co., Ltd. (also known as LeTV Zhixin) is a Chinese television manufacturer which was a subsidiary of Le.com (aka LeTV). In 2017 Sunac China bought a part of Leshi Zhixin's stake, as well as subscription of new shares. Other new investors of the company were Huaxia Life Insurance (1.1310%) and a private equity fund LeRan Investment.

The company produced TV that branded "Leshi SuperTV".

History[edit]

2016[edit]

In late 2015, it was announced that Leshi Zhixin would bought the new shares of TCL Multimedia for HK$2.27 billion (HK$6.5 per share), a subsidiary of TCL Corporation. On 11 May 2016, the deal was completed, which Leshi Zhixin holds the stake via Hong Kong incorporated subsidiary Letv ZhiXin Investment (HK) Limited.[2][3]: 44 

2017[edit]

On 13 January 2017 Sunac China (via Tianjin Jiarui Huixi (Chinese: 天津嘉睿汇鑫企业管理), a subsidiary of Tianjin Yingrui Huixi (Chinese: 天津盈瑞汇鑫企业管理), which Sunac China had a contract with Tianjin Yingrui Huixi that Sunac China used Tianjin Yingrui Huixi as a proxy to invest in China in order to bypass the law on restriction on foreign investment) acquired part of the stake of Leshi Zhixin from Le.com and a minority shareholder, private equity fund Xinle Asset Management Tianjin (Chinese: 鑫乐资产管理(天津), a fund for employee ownership[4]), for CN¥2.302 billion and CN¥2.648 billion respectively. After the transaction, Leshi Zhixin would issue 10% new shares to Tianjin Jiarui for an additional CN¥3 billion (share capital and share premium combined). After the deals, Le.com would still be the largest shareholder but for 40.3118% only, it was followed by Tianjin Jiarui for 33.4959% and Leshi Holding Beijing for 18.3805%; Xinle would owned just 1.9777% as the fifth largest shareholder,[4] as well as 5.86% would be owned by the others,[1] including two new investors: private equity fund Ningbo Hangzhou Bay New District LeRan Investment Management (Chinese: 宁波杭州湾新区乐然投资管理)[nb 1] for 4.0434% stake and Hua Insurance for 1.1310% stake.[4] LeRan Investment and Hua Insurance bought the stakes for CN¥1.43 billion and CN¥400 million respectively.[4] As part of the deal, Tianjin Jiarui has rights to nominate one out of three directors of Leshi Zhixin.[1]

In February 2017 Le.com formed an agreement with a supplier Truly International Holdings (SEHK: 732) for capital increase. Truly would own 2.3438% stake in Leshi Zhixin for CN¥720 million.[7][8] However, after a legal mediation the new agreement was for Truly to own 2.6667% at the initial partial investment amount of RMB240 million.[9]

In December 2017, the company was renamed to Xīn Lèshì Zhìjiā (Chinese: 新乐视智家电子科技（天津）有限公司; lit. 'New Leshi Smart Home Electronic Technology (Tianjin) Co.', 'Ltd.').[10]

According to National Enterprise Credit Information Publicity System, as at 20 December 2016, Leshi Holding Beijing, a private company owned by the chairman of Le.com, had pledged all their Leshi Zhixin stake to China Minsheng Trust.[6][11]

Equity investments[edit]

Footnotes[edit]

  1. ^ Le.com declared that LeRan was controlled by Jia Yueting himself.[5] However, according to National Enterprise Credit Information Publicity System,[6] Jia Yueting was the owner of the general partner and manager of LeRan Investment only (for 0.14% via an intermediate subsidiary owned by Leshi Holding Beijing), as well as an additional 14.27% stake owned by Leshi Holding Beijing; state-owned enterprises Yingda Capital Management and Linfen Investment Group, in fact owned 57.06% and 28.53% stake of LeRan Investment respectively as limited partner, since July 2016.

References[edit]

  1. ^ a b c d e "MAJOR TRANSACTION - IN RELATION TO INVESTMENT IN TARGET SHARES OF LESHI INTERNET,LESHI PICTURES AND LESHI ZHIXIN" (PDF). Sunac China. Hong Kong Stock Exchange. 13 January 2017. Retrieved 18 January 2017.
  2. ^ "COMPLETION OF THE SUBSCRIPTION OF NEW SHARES UNDER SPECIFIC MANDATE" (PDF). TCL Multimedia. Hong Kong Stock Exchange. 11 May 2016. Retrieved 21 January 2017.
  3. ^ "2016 Interim Report" (PDF). TCL Multimedia. Hong Kong Stock Exchange. 30 August 2016. Retrieved 21 January 2017.
  4. ^ a b c d "关于公司重大事项暨引入战略投资者的公告" (PDF). Le.com (in Chinese). Shenzhen Stock Exchange. 14 January 2017 [Written on 13 January 2017]. Archived from the original (PDF) on 18 January 2017. Retrieved 18 January 2017.
  5. ^ "关于放弃控股子公司增资的优先认购权暨关联交易的公告" (PDF). Le.com (in Chinese). Shenzhen Stock Exchange. 14 January 2017 [Written on 13 January 2017]. Archived from the original (PDF) on 18 January 2017. Retrieved 18 January 2017.
  6. ^ a b National Enterprise Credit Information Publicity System (in Chinese) accessed on 21 January 2017
  7. ^ "DISCLOSEABLE TRANSACTION IN RELATION TO INVESTMENT IN LESHI ZHIXIN" (PDF). Truly International Holdings. Hong Kong Stock Exchange. 14 February 2017. Retrieved 14 February 2017.
  8. ^ "关于放弃控股子公司增资的优先认购权的公告" (PDF). Le.com (in Chinese). Shenzhen Stock Exchange. 14 February 2017. Archived from the original (PDF) on 15 February 2017. Retrieved 14 February 2017.
  9. ^ https://truly.com.hk/Upload/trulyhk/English/OtherAnnouncement/2021/Other/eLeshiMediation-18493755076.pdf [bare URL PDF]
  10. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2018-01-26. Retrieved 2018-01-25.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ 乐视终于找到援军168亿能否解渴？ 2017-01-14 Southern Metropolis Daily (in Chinese)
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