LeTV Denies TV Production Discontinuation, Foxconn Finds New Foundry After Withdrawing

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â–  Reporter Jia Li

At the time of LeTV's loss-making vortex, Sun Lebin’s new LeTV is speeding up the development of a new plan to achieve profitability, and ensuring the stability of the newly established main business, TV screen, is a top priority.

Recently, LeTV released a semi-annual report, claiming a loss of 637 million yuan in the first half, down 323.91% year-on-year. In this regard, LeTV said that due to the financial status of related parties LeTV system, while the company's brand has been a certain impact, the company's main revenue has dropped sharply.

However, on August 29, LeTV insiders accepted the “Securities Daily” interview and said that after Sun Hongbin’s entry, the listing system (New LeTV) has completed a new round of integration, and after the integration, the new LeTV will focus on the TV big screen business. As soon as new partners are introduced, the next step of the new LeTV is to realize the profitability of LeTV and LeTV Systems and other LeTV systems.

At the same time, the "Securities Daily" exclusive reporter was informed that, in order to ensure the stability of the main business, LeTV has gradually resumed production, after parting with Hon Hai Foxconn, currently LeTV is negotiating new TV foundries.

The reporter was informed that after the withdrawal of Foxconn, LeTV currently has four foundries, namely TPV, Yichang, TCL, and Zhongqiang. After this round of negotiations was completed, LeTV or re-introduced 2 to 3 TV foundries, and LeTV as a foundry or eventually increased to 7.

TV just cut production and did not stop production

Has entered a new production cycle

The sudden withdrawal of Foxconn caused LeTV to fall into production rumors.

On August 29, relevant people in LeTV.com said in an interview with a reporter from the Securities Daily: “The rumors about LeTV’s complete discontinuation of production are not true. Currently Foxconn has stopped giving OEMs, but LeTV has never stopped production. There has been a reduction in production for some time."

The reporter was informed that at present, a number of LeTVs with the product model 4X55M Eco Edition have resumed production. The manufacturer of LeTV as TV is Levision New (Tianjin) Co., Ltd., which is located in Kunshan, Suzhou, and the production date is August 21, 2017. In other words, from August 21st, LeTV's model has entered a new production cycle.

For LeTV, a new source said: “At present, this batch of models of LeTV has resumed production in August of this year and is being manufactured by Yichang. LeTV will first place orders with the foundry, and LeTV’s foundry will complete the production. The product is placed in the warehouse. LeTV will distribute the TVs of various models around the world. After certain models of inventory are eliminated to the safe range, the new product line will be reopened for the corresponding model product. This is a cycle, and it is not an outsider's rumor that the production is suspended. ."

He believes that: "The termination of cooperation and the termination of contracting within the contract are two concepts. Some media have misunderstood the reading of this message. At present, Foxconn is indeed not a foundry of LeTV. The cooperation between the two parties is terminated."

The above-mentioned person inside LeTV told reporters: “Actually, LeTV has never stopped cooperation with the foundry. After Foxconn's withdrawal, there are four factories for LeTV’s foundry and they are currently negotiating new foundries.”

Negotiate details exposure

Who is the new foundry?

After the withdrawal of Hon Hai, LeTV is looking for new partners.

"Securities Daily" reporter learned that LeTV is looking for a new foundry for television, and the two sides entered the negotiation stage.

LeTV is part of the LeTV listing system and is controlled by Sun Hongbin, and is also the core business of New LeTV. The reporter learned that Sun Hongbin’s influence in the negotiations between the two parties has injected a lot of confidence into the new foundries.

After the LeTV fund crisis erupted, Lexus' supply chain companies Foxconn and Compal Computer were successively ejected to evacuate LeTV. LeTV Zhixin is a holding subsidiary of LeTV, the listed platform of LeTV. It mainly hosts LeTV's smart TV business. The sudden withdrawal of Foxconn announced that the cooperation between LeTV and Hon Hai has been broken for four years.

LeTV and Hon Hai Foxconn officially held hands in 2013, when Foxconn became LeTV as a super TV and Internet set-top box products. LeTV signed an exclusive agreement with Hon Hai. According to the agreement, Terry Gou could no longer manufacture smart TVs for other Internet companies in mainland China. On April 2 of the same year, LeTV.com disclosed that the Board of Directors had resolved that Shenzhen Guanding Construction Engineering Co., Ltd. would add new capital to LeTV, and after the completion of the capital increase, Shenzhen Guanding will account for 20% of new shares. Shenzhen Guanding is regarded as an affiliate of Foxconn.

At that time, Terry Gou and Jia Yueting also established the most solid friendship. However, five years later, this friendship began to deteriorate.

In July of this year, it was reported that from the beginning of 2016, Shenzhen Guanding was no longer on LeTV's new shareholder list, and the shareholders’ relationship was terminated. Foxconn has stopped giving OEMs a chance to fully clear inventory.

Earlier this year, LeTV announced a new sales target for 2017: “To protect 7 million units and strive to reach 8 million units”. It remains to be seen whether the 2017 sales target will be achieved.

However, after Sun Hongbin arrived, Liang Jun replaced Jia Yueting as CEO to fully control the integration of LeTV's listing system. Liang Jun said that at present, LeTV listed system has been re-adjusted to the organizational structure, the next step will continue to integrate the television operations team and LeTV network's team, the future of the entire listed company's business mainly to television screen. At the same time, he has to consider how this LeTV and LeTV to make new profits as soon as possible. Obviously, with a stable partner, it is an important guarantee for New LeTV, which focuses on the TV industry, to realize profitability.

“At present, the company has found new foundries and both parties are in negotiations. Whether or not they can reach a cooperation depends on whether the two parties can reach an agreement in terms of interests. Each manufacturer’s TV is different in size, and LeTV will choose more partners. At present, LeTV’s demand is still large,” said LeTV’s insiders.

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