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Original title: Jia Yueting phenomenon

The ultimate is a temptation.

Jia Yueting, an entrepreneur, is committed to building a LeTV ecosystem. It is not great, it is dying, and it is difficult. In order to build this extreme, Jia Yueting's entrepreneurial path is the ultimate, first paving the way, cross-line, cross-industry, one by one, the pace is fast, dazzling.

Extreme is a burden.

In order to achieve this extreme, six years, starting, fixed, and issuing bonds a total of 9 times, financing 9.286 billion yuan, still not enough, so that Jia Yueting became the ultimate CEO, "the world's poorest", "voluntary forever only Receive a company annual salary of 1 yuan." Since the exposure of the ugly, a few short words, the way is still the ultimate, "the poorest, no one."

The ultimate is a phenomenon.

In order to promote this extreme, Jia Yueting "black T-shirt blue jeans", on the "stage" like the Apple product launch conference, "great" and "beyond" become high-frequency words, although occasionally "shaking the fan", However, as long as the public appearance, it will become the focus, causing the two extremes of public opinion. Several rounds, LeTV Ecology and Jia Yueting have become a phenomenon.

Behind this phenomenon is the fiery heat of China's entrepreneurial atmosphere, the bottleneck of China's smart manufacturing, and the occasional entanglement of the institutional environment. It is precisely because of this that at the moment, far from the conclusion of this phenomenon, Jia Yueting phenomenon should be allowed to fly for a while.

Jabs

Jia Yueting’s first public appearance was four years ago.

On September 14, 2012, LeTV announced the suspension of the card because of “planning major issues”.

The "major matter" conjecture, in the following days, overwhelming, there are three main versions: the acquisition of other video sites, the entry of e-commerce, the launch of television terminals.

On September 17, 2012, Jia Yueting continued to be boring on Weibo. “9·19, LeTV.com will announce major issues, which will be a historic day for the entire Internet industry.”

On September 19, 2012, the press conference was quite large. The reporter of the International Finance News saw Jia Yueting, black T-shirt and blue jeans for the first time. Not only did he have a head, but also a few words, but also a few Jobs.

Standing on the stage with Apple's new product launch, Jia Yueting announced that LeTV has entered the smart TV industry and launched LeTV TV Super TV to reshape the TV industry in the Internet era.

From the beginning of this conference, the title of "Jabbs" went without a hitch.

At each product launch conference in the future, Jia Yueting’s line is “black T-shirt, blue jeans”, and Apple always plays an important role in its press conference – for example, at a press conference of LeTV, LeTV Specially adapted Apple 1984 advertising, "Apple is described as an authoritarian, and LeTV is a fearless teenager, and finally bite the apple that was honoured."

Even on the "cry", Jia Yueting unconsciously moved closer to "Joe the Lord." According to "The Story of Jobs," Jobs cried a total of 157 times in his life. Earlier this year, at the press conference of LeTV, Jia Yueting’s “choke” touched LeTV.

In the speech or interview, Jia Yueting is the subversive person. The most common sentence is that “99% of people do not look good, it is possible to achieve subversion.” Introducing products to surpass Apple as the goal, repeatedly expressing innovation to Apple. Disappointment.

Leshi Ecology

Some people say that among the Chinese disciples of Jobs, Jia Yueting is the best one because he does make a lot of possibilities impossible. Smart TVs, mobile phones, or cars that are about to land, LeTV has fallen to the ground of most of the "fudges".

When Jia Yueting first staged the promotion of products, LeTV was only a video website. Subsequently, it quickly cut into several different fields, including television, film and television culture, sports, shopping malls, automobiles, mobile intelligence, and finance. Jia Yueting called it “Le Shi Ecology”.

Since last year alone, cooperation expansion has been dazzling.

On March 23, 2015, LeTV signed a strategic cooperation agreement with BAIC to create a new generation of Internet smart car and car ecosystem and to create a light asset brand. On June 28, 2015, the company of LeTV.com became a second largest shareholder of Coolpad with a shareholding of approximately 2.19 billion yuan. On September 9, 2015, LeTV announced a strategic investment in Beijing Dianzhuang Technology Co., Ltd. to jointly expand the charging pile business. At the end of 2015, LeTV, a holding subsidiary of LeTV, subscribed for 349 million new shares of TCL Multimedia at a price of HK$6.5 per share, totaling HK$2.27 billion. After the transaction is completed, LeTV will hold 20% of the shares and become the second largest shareholder of TCL Media. On January 5, 2016, LeTV announced a strategic cooperation with Faraday. On January 21, 2016, LeTV announced its official entry into India and will establish a product development center of 1,000 people in India.

Such intensive M&A cooperation is Jia Yueting’s strategy. “The first stage of LeTV is mainly to expand money.”

At the beginning of 2016, LeTV launched its globalization strategy and began to expand its scope with the United States and India as the first choice.

According to Jia Yueting, "the ecological model is the inevitable development of the times. How to make the music of the 7th son of LeTV strong and strengthen the anti-revolution is the whole process, and every link is realized."

"Jia" Booth?

Judging from the public information, Jia Yueting did not reject the words of "Jabs." So, is he really a Chinese version of Jobs?

From the perspective of the development model of the two companies, although LeTV built the ecology, it has not yet fully competed with Apple. For example, from the financial report, Apple is not only one of the world's highest-value technology companies, but also a cash-rich company. This is different from LeTV. It is also different from LeTV Holdings.

Unlike Steve Jobs's insistence on focusing and simplicity, Jia Yueting is more radical and more diversified. If we say that both people have an ultimate pursuit, Jobs is pursuing "fine", and Jia Yueting chooses to make the shop "big".

Different development paths, in addition to personal traits, are also related to the entrepreneurial environment in which they are located, especially the technological development environment in China and the United States. Through decades of development, the United States has long been a mature market. A typical example is that Apple also needs marketing, but never too much, LeTV has a lot of press conferences, but more is "a showcase." In contrast, this round of China's Internet entrepreneurship boom has yet to lack a concentration of focus and technology.

"LeTV actually reflects the real side of China's Internet industry at this stage. We often say that in the global Internet industry, how many of our companies are in the forefront. In fact, our core competition is those, aside from the Chinese market, many of them are virtual. An industry analyst told the International Finance News that this has both corporate factors and the major environmental factors of the Chinese Internet.

Exploring this issue has to be mentioned in the past.

In 2014, Jia Yueting stayed in the United States. There is a saying that the body is flawed, and there is another saying that there is another "going to do". In this regard, PingWest even labeled “Jia Yueting” with “political animals” in the report.

Coincidentally, CCTV reported on November 10 that the former director of the China Securities Regulatory Commission's Investor Protection Bureau, Li Liang, was accused of helping nine companies to apply for public offerings or listings, including LeTV. LeTV responded in the first time. "The company has always operated according to law. The current major shareholders and senior supervisors, including LeTV and its actual controllers, have nothing to do with the above matters and are not affected."

Capital chain

The ultimate entrepreneurial personality and the ultimate development path have made LeTV Eco has been shrouded in “rumor tensions in the capital chain”. In the face of such rumors, LeTV's consistent strategy is to fight back strongly.

The data shows that LeTV.com has been listed in 2010. Since 2011, it has been financing through various direct financing methods (including bonds and private placements). According to incomplete statistics, if indirect financing (including short-term loans, bank loans, etc.) is added (calculated based on cash inflows), LeTV's IPOs have raised more than 20 billion yuan since the IPO. This scale is larger than the market value of many GEM listed companies.

At the beginning of November, it was reported that LeTV's production was suspended due to financial problems, and Jia Yueting suffered the biggest capital chain crisis since the online market. From November 2nd to November 10th, LeTV's share price fell by 14.3% in six trading days, and the evaporation market value exceeded RMB12.5 billion. This time, Jia Yueting rarely admitted.

On November 6th, the first thing was “inadvertently” flowing out of the 5000-word reflective letter. After that, I received an exclusive interview with the media and admitted that the financial pressure was very high. He said that he would adjust the strategy in the future, bid farewell to the expansion of the money, and focus on the existing ecology.

"The blindfolded madness can only be a kind of spirit. If the specific operation is lack of digitization, such a frenzied expansion, the financial side will definitely have a big problem." The above analysts told the International Finance News reporter.

"In the field of China's Internet, such companies that rely on leverage, continue to dismantle the East, and repeatedly overdraw the fertility of listed companies are really rare." An industry insider lamented the reporter that the current Jia Yueting is not facing the face of Jobs. Drive out of the company's situation, but if he does not have this kind of reflective spirit today, LeTV is really dangerous.

BetaCar

On November 9th, Jia Yueting and the senior management team held an investor exchange meeting in the Leshi Building to answer questions from investors face to face.

At 9:30 in the morning, the first floor of Leshi Building, a corner of Chaoyang District, Beijing, was filled with investment institutions, individual shareholders and media personnel waiting in line to enter the investor exchange meeting. This is probably the most influential investor exchange in the history of LeTV. In addition to the full venue of the exchange meeting, two temporary conference rooms with live TV broadcasts are also full, and even some people who are unable to enter the venue are dealing with security personnel.

At the exchange meeting, Jia Yueting responded to the problems of the capital chain, the globalization strategy, the business sector adjustment of the listed company, and the core of the future strategy. He stressed that LeTV would not commit to any third party and once again shouted that "LeTV is either great. Either die."

In terms of listed companies, Jia Yueting believes that he has not paid enough attention in the past and expressed his "sentiment and apology for the long-term value investment shareholders of LeTV." Next, investors may expect LeTV's performance in terms of asset injection expectations, performance and major shareholder support.

From Jia Yueting's statement, LeTV, which is rapidly burning money to expand its business, is indeed short of money. In order to reverse the current situation, LeTV will enter the second stage of ecological strategy: stop the expansion of burning money, focus on the existing ecology, and move toward high quality and sustainable growth. Road, completely freed from the shackles of funds.

So, how about Jia Yueting’s way forward into the stage of reflection adjustment?

"Jia Yueting has finally put his foot on the brakes." Liu Buchen, a senior observer in the home appliance industry, said, but reflection is only the beginning. The implementation of strategic adjustment can bring LeTV to a safe zone. Slimming and industrial focus are the top priorities. The "edema disease" is not completely cured, and the so-called introspection has no practical value.

The above-mentioned industry insiders said that LeTV's content is healthy, and the TV industry's forward payment is also a real business model. Mobile phones can drive scale. If LeTV is successful, it is undoubtedly the most effective for brand and global influence. It’s just that the financial pressure is really big. “If there are new investors entering the market and the financial crisis is passed smoothly, LeTV will have a lot to do in the future.”

It’s a scorpion is a horse, next year’s CES show in the United States or Jia Yueting’s moment. At that time, Jia Yueting will give high hopes to LeTV's first production car, BetaCar, to show up. According to Jia Yueting, anyone who has seen this car will be tempted. Paul Jacobs, chairman of Qualcomm, took a look at it last month. After reading it, he gave up the decision to buy Tesla Model X because he had to wait. Buy BetaCar.

Enter [Sina Finance and Economics Unit] Discussion