King of Capital

Friday, September 6st.

Xie Jingxing sent an internal email to notify that Liang Jun, the former president of Lezhi+, a subsidiary of the company, was promoted to president of LeTV.com.

There are two other latest personnel appointments: Huang Yanlin serves as Chief Technology Officer and Senior Vice President, and Dai Yu serves as Head of Platform Operations and Senior Vice President.

The former, known as 'Bill Huang' in the industry, was the chief technology officer of PPTV. He was poached by Weibo last year to solve the poor technical R&D team. Over the past year, he has achieved remarkable results and the number of Weibo outages has been visibly reduced.

LeTV and Vipshop both extended olive branches to him, and the competition lasted for nearly half a year. Finally, Xie Jingxing called him personally and said: I pay you and you do the work.

Huang Yanlin was originally doing very well at PPTV, but the company was acquired by Suning and there was a major personnel purge. He led a group of former veterans to join Weibo, and after some achievements, he wanted to increase his net worth.

Weibo doesn't tolerate it, so it simply changed its mindset completely. Don't mention the platform's development prospects or talk about ideals and feelings. As long as the money is in place, all the glass will be broken!
Very good. LeTV’s current half-dead state is most suitable for this kind of mercenaries.

Just think about it, if Huang Yanlin hadn't had a bunch of people jumping ship to Weibo, it would have been impossible for him to achieve results in such a short time no matter how great his personal abilities were. Moreover, looking at his work history alone, he was first cleaned up and then thrown away after being used, which clearly shows that he has no management or palace fighting skills.

He will not regard LeEco as the last stop of his career, and Xie Jingxing dislikes "technical gangs" even more. In this way, both parties can reach cooperation with the purest and most efficient mentality.

Huang Yanlin took his men and left after finishing his work.

Another platform operations manager, Dai Yu, is the exact opposite. He was an early employee of LeTV and worked in the platform's paid content product team. He has accompanied the company through the "darkness" from last year to now.

Colleagues she worked with day and night were either fired in the personnel purge or found new jobs and left. She watched the entire team disband and was left alone in the empty office with nothing to do, waiting for the hopeless day to come.

At the most turbulent time of the year, I sent an email to Xie Jingxing, requesting the platform to hold a lucky draw for VIP paying users during the New Year. It only requires a funding of more than 20,000 yuan, which was promised to the users before.

When Xie Jingxing saw the budget in the email, he was shocked. How could there be such an employee in the company who hadn't been fired by the HR department? !

Last year, Jia Yueting was desperate for cash flow and the platform's paid content team followed his orders, using every trick in the book to trick users into recharging their VIP accounts.

This includes promising users that they may trigger mysterious Easter eggs, such as inviting the main actors of the platform's popular dramas to randomly chat with VIP users over video calls about the plot...

Later, Mr. Jia became the cause of a major reshuffle in Jia's company. Who would care about an activity that was just an empty promise made by an unknown middle-level manager and did not even go through the reporting or application procedures?
Dai Yu cares, so since she hasn't been fired by the HR department and hasn't quit her job, she might as well create a big wave to filter out the bad ones.

Regardless of his abilities, the first internally trained senior manager has emerged since the company fell into trouble.

She represents LeEco's gradual process of getting out of the crisis, the company has the ability to generate revenue internally, and continues the platform's entrepreneurial ideals. What doesn't kill you will eventually make you stronger - Xie Jingxing commented on her in the personnel appointment email.

Dai Yu will be responsible for the operation of the entire platform and cooperate with Huang Yanlin to build the content, product and user interconnection system of the super TV terminal + LeTV Video, and improve the user payment and advertising ecosystem.

The management adjustment that has lasted for nearly half a year has finally been settled. Liang Jun is appointed as president in charge of the subsidiary Lezhi+, and Zhang Zhao is appointed as chief content officer in charge of the subsidiary LeTV Pictures.

LeTV's main body LeTV Video, Shangna's content operations, Dai Yu's platform operations, and Huang Yanlin's product technology form a three-horse structure.

All five of them report directly to Chairman Xie Jingxing, and it is a bit awkward for Cao Yong to maintain the status quo.

But compared to the attention paid to this loser in the palace fight, another major event happened, attracting all the attention inside and outside the company.

Two months after Xie Jingxing shed tears at a press conference and revealed his huge debt of tens of billions, the securities regulatory authorities, after careful assessment, decided to send an investigation team to LeTV to strictly and promptly examine the financial fraud issues and be responsible to investors.

Hundreds of thousands of retail shareholders and creditors looked across the Pacific Ocean at Jia Yueting, who was shouting at him to return to China next week on the streets of New York, but they no longer had the energy to curse him.

According to regulatory requirements, financial fraud doesn’t matter, the key is that there has never been any fucking profit!
As we all know, listing on the A-share market requires three consecutive years of net profit. That is to say, LeTV being fined for financial fraud is one thing, but it has never made a profit and does not meet the listing conditions, and will face forced delisting.

So what should investors who hold LeEco shares do?
Either keep the shares that are less valuable than toilet paper; or demand compensatory repurchase or bankruptcy liquidation compensation from LeTV; or find a way to sell the shares to others.

Before today, the debt-equity restructuring plans proposed by Xie Jingxing were all based on a balance between the three options. He was willing to repurchase shares, but the price had to be carefully negotiated.

The forced delisting mechanism has been triggered and the last glimmer of hope for the stock resale option has been lost. It's impossible for an unjust buyer to drop by the sky in this situation, right?

Investors are left with the choice of retaining their shares or agreeing to a restructuring buyback plan.

Only a very small number of smart people and gamblers are willing to retain their shares and try to achieve greater success after seeing LeTV's efforts to change its company name, reorganize its business team and other measures over the past six months.

The value of Shen Xin's existence is to make the vast majority of investors completely lose confidence. While crying and cursing at Xie Jingxing, "You bastard, you are so rich why don't you invest in LeTV," they desperately hand over their shares at the lowest price.

From this, we can get a glimpse of the subtle attitude of the regulatory authorities. Is it really a good thing to launch an investigation into financial fraud as soon as possible at this point?
The game takes place in a dark corner that is invisible to the general public. Delaying for two months despite the doubts of slow response is the limit...

The leader of the regulatory investigation team had a stern style of conduct. He only asked for a large conference room and had no other requirements. He reviewed the financial information that Deloitte had already prepared step by step.

"He didn't even drink the bottle of water. I wanted to say hello and give him some fruit, but he was pushed out directly."

Liang Jun was in the chairman's office on the top floor. He pointed to the floor with a secretive look on his face, indicating the situation in the large conference room downstairs. On the desk, there was a smart speaker the size of a thermos cup. It was matte black in appearance and had a circle of blue light on the top. The blue light flashed with the sound of soft music.

A costume drama was playing on the computer screen. Yang Mi frowned and glared with stiff features and no acting skills at all. Her appearance was also made plain by the supporting actress next to her. Then look at the ugly male lead wearing a wig...

Xie Jingxing sat sideways, half-lying with his legs on the desk, his eyes blank and his expression as if he was in a daze.

"Mr. Xie, I don't think the supervisory department has any ideas. Otherwise, please come out and express your condolences. They work very hard." Liang Jun said to himself nervously.

Xie Jing Xing raised his leg and tapped the keyboard with his heel to pause the video. He tilted his head and looked at him: "What do you think of this drama?"

“Well, I specifically asked iQiyi, and the data Yang Mi ran in their large model is better than what we tested.” Liang Jun was so annoyed that he had no place to express his feelings.

The TV series "Three Lives Three Worlds Ten Miles of Peach Blossoms" controlled by Jiaxing Media started filming in February this year. Now that the filming has been completed, a simple trailer has been edited and posted on the video platform for promotion.

Shang Na, Cao Yong and other executives in the content business line all agreed that the drama would be a hit, and external companies such as iQiyi and Hunan Satellite TV also agreed, and they seemed to be raising the price to grab the copyright.

As the head of the sect, Xie Jingxing was completely confused. He and the president, whom he personally appointed, looked at each other in silence for a long time. So he gritted his teeth and watched the dozens of minutes long trailer over and over again throughout the morning, trying to find some mysterious feeling.

Liang Jun really wanted to give the young marshal a thumbs up. This kind of crazy and desperate spirit was simply perfect, as long as he didn't drag him into the torture together.

"Forget it. From today until the third of next month, each of us will write a minimum of 10 novel reviews or film and television drama reviews. If we fail to complete them, we will run a city marathon. If both of us reach the minimum, whoever has the fewer articles will run." Xie Jingxing was extremely perverted.

The corners of Liang Jun's mouth twitched, his heart was filled with excitement and he nodded vigorously to accept the bet!

Nowadays, mainstream video platforms like to use mathematical modeling to judge the quality of a film or TV series, which is often criticized by practitioners such as screenwriters in the traditional film and television industry for only recognizing traffic stars and so on...

In fact, who the hell doesn’t know that good scripts and good actors are important? Maybe one day a breakthrough in modeling will be able to quantify these two factors, but at least it can’t be done for now.

Fan traffic data can be quantified, and the cast + script subject matter can be fed into a big model to basically determine the lower limit of a drama.

For the platform, both procurement and sales are helpful in avoiding internal corruption. After all, there is a limit to how much this drama can sell for, and there is naturally a range of its corresponding value.

Don't do the whole thing of saying art is priceless before you buy it but you can make a wrong judgement after you buy it.

Secondly, the controllable lower limit means industrialization to a certain extent, and industrial waste is also industry. As long as the cost is stable, whether you can make money depends on the price difference!

On the other hand, if we want to set an upper limit, we still have to follow the vague subjective judgment that art is priceless. The question then arises: should we give the decision-making power entirely to Shangna or Zhang Zhao?
Don't doubt people if you don't employ them. Xie Jingxing trusts them, but it would be better if he could understand them when he listens to their work reports.

Often, a large portion of the loss-making film and television projects that are well known to the public are actually profitable.

Taking Yang Mi's "Three Lives Three Worlds" as an example, Zhang Zhao and others judged at a glance that the drama would be a hit based on their professional ability. It was estimated to be worth 6 million yuan and cost million yuan to produce, so it was obvious that it would make huge profits.

So for a drama with a production cost of over 6 million and an estimated value of 3 million, it is very reasonable to declare a production cost of 6 million, and it is even more reasonable to sell the copyright to a video platform for million.

Considering the rebate and kickbacks the platform spent 7 million on purchasing, and the advertising investment and user payment were lower than expected, resulting in a slight loss. Is this drama a loss or profit?
The traditional film and television circles have been doing this for more than a decade. In recent years, Internet gold hosts have invaded across borders and have become increasingly prosperous.

It seems simple and crude, but the actual operation involves far more than just film and television producers and video platforms. From actors' salaries to financial derivatives, the chain is opaque and long, leaving huge room for operation.

The use of popular stars by various video platforms is a wise way to fight back after being deceived and paying the price.

The young coach is not satisfied with maintaining the lower limit, and pursues the real control of the business with a self-abuse spirit. Liang Jun's eyes go dark and he wants to die, but he sees a bright future.

With the arrival of the regulatory investigation team, the company's capital restructuring has accelerated and is progressing well. Shen Xin is meeting with creditors and investors one by one to discuss breakthrough progress.

If privatization is completed within two years, it will not be a problem for the Xie family to inject new capital.

On the other hand, the job arrangements of Huang Yanlin and Dai Yu are intended to open up the interaction between the platform and super TV, and the core strategy of hardware terminals continues to be strengthened.

In the future, the company will be a hard technology manufacturing company focusing on smart entertainment and home products. The natural traffic of the film and television business can leverage infinite and beautiful user growth expectations.

That’s right, traffic.

The film and television business is only this useful, and the so-called pan-entertainment is a huge pile of garbage that cannot make money and continues to bleed and lose money.

Liang Jun also didn't want to be fooled by Shangna and her group, he was the president of the company!

(End of this chapter)