In 2020, start a business, don't learn from Jia Yueting.

On the last day of 2065438+2009, Jia Yueting, a former GEM star, was severely punished by Shenzhen Stock Exchange-he was banned from serving as a director of a listed company for life, and the sword of Damocles hanging over Jia Yueting, China, finally fell.

Ten years of reincarnation.

On August 20 10/2, letv was listed on the growth enterprise market, becoming the first listed video website in the world, thus opening the blindfold rush of letv ecology.

In 20 15 years, the highest market value of letv170 billion. The overall valuation of LeTV Ecology exceeds 300 billion.

In 20 16, Jia Yueting's net worth was as high as 42 billion, and Hurun ranked eighth in China's IT rich list and third in China's rich list. Letv's ecological model has not only become a successful case of major business schools and MBA research discussions, but Jia Yueting has also become the idol of many entrepreneurs.

Today, Jia Yueting is penniless and in debt of more than 20 billion. In the past four years, more than 60 billion dollars of wealth has gone up in smoke ... LeTV Ecology has also become a failure case in industry analysis in a blink of an eye, so Jia Yueting fell from the idol of entrepreneurs, leaving another alternative ridicule after "returning to Jia Yueting next week".

In 2020, in the United States across the ocean, another sword of Damocles still hangs high above Jia Yueting's head. If the bankruptcy reorganization promoted by Jia Yueting in the United States fails, the future will be gloomy.

Once upon a time, he lived in a temple and had a good time. Now, he is far away from the rivers and lakes and will never return. 10 years, which made Jia Yueting go from loneliness to fame; 10, which also made Jia Yueting fall from landslide to building collapse.

He survived 20 17 years of ice and fire, 20 18 years of management betrayal and 20 19 years of life-and-death struggle, but can he survive the unknown year 2020?

Letv did not boil the ocean, but was swallowed up by huge waves.

The collapse of Letv began with the sea and fire of the famous Xinlv: was it swallowed up by huge waves or boiled? "An open letter.

201110/0. In October, Jia Yueting sent the letter "Sea Water and Flame", which actively exposed the problem of Letv to the outside world, and then triggered a chain reaction, pushing Letv to the abyss step by step.

Many people don't understand Jia Yueting's initiative to open the lid. In fact, there was a great controversy within the company at that time, but Jia Yueting stuck to his guns. An insider who attended the president's meeting in the conference room on the 7th floor of LeTV Building/KLOC-0 revealed that the first person who fired at Jia Yueting was a vice president in charge of the supply chain of LeTV Mobile.

At the meeting, the vice president complained to Jia Yueting that LeTV Mobile owed a huge amount of money to its suppliers and was in urgent need of financial assistance. At that time, the background was that the shipment of LeTV super mobile phones had exceeded100000 units, and behind this huge shipment, LeTV Mobile adopted a very radical way of selling below the cost price, which was based on the business model of "free hardware and charging for services". In the early stage when products seize the market and distribute goods in large quantities, the more mobile phones are sold, the greater the loss.

With the appearance of the first complainant, other ecological leaders complained to Jia Yueting one after another, and even the president of a business line said that he would resign voluntarily if the funding problem could not be solved within one month. In this context, Jia Yueting sprouted the idea of writing an open letter to the supply chain and partners. Jia Yueting said that he hoped to explain the current difficulties to everyone through this letter, and hoped that employees, executives, investors and partners could tide over the difficulties with LeTV.

If "ice and fire" is Jia Yueting's wrong choice at that time under internal and external pressure, then the lending and over-quota freezing by financial institutions such as China Merchants Bank at the critical moment will be the last straw to crush the camel.

According to media reports, China Merchants Bank froze Jia Yueting's assets of nearly 10 billion times at that time, only because LeTV delayed the payment of loan interest of 30 million yuan, completely cutting off LeTV's nearly exhausted capital flow. It is precisely because of this super freezing that LeTV could not save itself and suddenly died.

At the same time, it is rumored that a friend made a public relations budget of 200 million to suppress and discredit LeTV, which really made Jia Yueting realize that "the ice and fire are two days, subverting in suffering."

A background worth considering is that in July 2065438+2009, the CBRC issued the Notice on Doing a Good Job in the Creditors' Committee of Banking Financial Institutions to local banking regulatory bureaus and banking financial institutions. The circular requires that the creditor committees of banking financial institutions should do a good job and clarify the creditor committees. At the same time, creditor banks are required not to lend at will. At the same time, a listed company in Chongqing is insolvent, and the Chongqing municipal government convened the local financial office and creditors of relevant banking institutions to set up a "debt committee" for the company, requiring banks to "not lend, keep lending and not press loans".

Coincidentally, on June 2, 2020, 65438+, the Supreme People's Court issued "the Supreme People's Court's Opinions on Further Strengthening the Implementation Concept of Goodwill Civilization in the Implementation Work", prohibiting excessive seizure and disorderly seizure. Article 7 stipulates that if the shares of a listed company cannot be frozen beyond the standard, the number of frozen shares shall be calculated based on the amount of creditor's rights. When calculating, the value of each share is subject to the closing price of the previous trading day, and is generally determined within the range of no more than 20%.

A robe is not accompanied, and white clothes are dust.

After the open letter "Seawater and Flame" was issued, Jia Yueting started the first strategic investment introduction in the ecological history of LeTV to save itself. Although LeTV encountered a crisis, there were still many choices in Jia Yueting at that time, including many well-known Internet companies and consortia in China who were willing to invest.

Sun Hongbin's investment in LeTV began with the sale of Beijing Shimao Gongsan Project in Jia Yueting. At that time, Sun Hongbin hit it off with Jia Yueting under the introduction of the middleman, and the two sides talked for six hours from 6 pm to early morning 1. After the talk that day, Sun Hongbin led the whole Sunac team to hold a project kick-off meeting and personally led the team to continuously adjust 1 month. Sun Hongbin said that "this is the only time that there is a huge investment impulse".

In order to show sincerity, Sun Hongbin paid the sincerity money to LeTV's account without signing a contract. Jia Yueting was moved by the generosity of Sun Hongbin and accepted the investment from Sun Hongbin. It is worth mentioning that at that time, some senior executives of the company were opposed to accepting investment from Sun Hongbin.

In October, 2065438+200765438+/kloc-0, the two sides held a press conference on "Let's walk together and create a better future" in a five-star hotel in Jinbao Street, Beijing. Because of this investment of 654.38+0.5 billion yuan, Sun Hongbin also got the title of "white knight" in the internet circle, but unexpectedly, the two sides parted ways after half a year.

The contradiction between the two sides began with a short story. At that time, LeTV was in urgent need of a sum of 50 million yuan to fill the gap, and Jia Yueting and Sun Hongbin had already negotiated this fund, and Sun Hongbin promised to transfer it to LeTV's account on the agreed date. But when it was time to pay, Sun Hongbin reneged, saying that one of the conditions of payment was that Jia Yueting resigned as CEO of LeTV. Jia Yueting, who was on a business trip in the United States, was caught off guard, and the two sides did not reach an agreement until 4 am. Eight hours later, Jia Yueting announced that Weibo had resigned as CEO of LeTV, and he would stick to it in the United States.

According to informed sources, Sun Hongbin told Jia Yueting at that time, "Don't worry about making cars in the United States! Letv will be managed by me. When you build a car successfully, I will return Letv to you. " Jia Yueting once again believed in Sun Hongbin, and according to Sun's team, the Sun Hongbin team who entered LeTV found that the financial management of the whole company was chaotic, which once again aggravated the contradiction between the two sides.

In the end, Jia Yueting was completely eliminated from Letv, and Sun Hongbin got the most valuable business of Letv, such as Letv Zhixin, Letv Pictures, Letv Finance, and Letv's real estate and land in Shanghai and Chongqing.

Afterwards, Sun Hongbin said "I do". Jia Yueting has always been "conscientious to the end", and his personal debt handling team has repaid 2.7 billion related debts of LeTV's listed companies in more than two years, leaving 654.38+98 million yuan. It is worth mentioning that this part of the debt belongs to the operating debt between the original affiliated companies of LeTV, not the debt owed by Jia Yueting to listed companies.

The same robe is not accompanied, and white clothes are dust. Whoever loses and wins has his own evaluation.

It is difficult to jump into the sea to fish, but it is difficult to fly in a car dream.

Jia Yueting, who was forced to give up Letv, thought it would be smooth sailing to build a car in America, but he didn't expect that a free America could hardly bear his dream of building a car. Not only was he betrayed by senior executives, but he also had a life-and-death struggle with the investor (Evergrande), which almost cost him FF.

The betrayal of the management of FF Company was beyond Jia Yueting's expectation. At that time, Stefan Krause, CFO of FF Company, and other senior executives used Jia Yueting's trust to meet and talk with more than 30 investment institutions in order to crowd out Jia Yueting. When an investment institution is interested in FF, StefanKrause privately tries to persuade investors to cooperate with him alone, so as to remove Jia Yueting from FF and make him CEO. If the potential investment institution is unwilling, he will use various means to prevent the investment institution from doing its best to deeply understand the company's behavior, and tell the investment institution that FF is not worth investing, and even directly tell the investment institution that FF management is chaotic and so on to slander the company, prompting interested investors to give up the idea of investing in FF at an early stage.

"Until StefanKraus' plot was discovered, Jia Yueting was still retaining him, hoping that StefanKraus would realize his mistake and change his mind, but StefanKrause had already been rearranged outside and set up his own company by stealing FF technology and talents." An executive inside FF said that after StefanKrause left FF, he quickly set up an electric car company called Evelozcity with UlrichKranz, another executive, and some core employees, and made an investment. It is rumored that the investor once took a fancy to FF, and was later "cut off" by StefanKrause and invested in the company he just founded.

The above FF executives said that the progress of FF financing was delayed for at least half a year because of StefanKraus' immoral behavior. After the company fired StefanKrause, Jia Yueting, a stranger in the United States, was forced to personally lead the team to restart the financing negotiations.

At that time, the capital flow of FF was close to withering. Without investors, no matter how strong Jia Yueting is, it may not survive 20 18. However, Fortune once again took care of Jia Yueting, and the entry of Evergrande Group Xu Jiayin helped FF through the most difficult period, and Jia Yueting's future seemed to have vitality again.

However, reality is not as beautiful as fairy tales, and there is no warmth in the business world. After the honeymoon, the relationship between the two parties became turbulent because Evergrande asked Jia Yueting to resign as CEO of FF Company.

Because of Sun Hongbin's lesson, this time, Jia Yueting did not resign as CEO, but launched a struggle between ants and elephants. Due to different original intentions and ideas, it is impossible to judge who is right or wrong in this FF control dispute, and the final "peaceful breakup" may be a kind of harm to both parties.

After breaking up, Xu Jiayin started the car-making route bought buy buy, and Jia Yueting once again returned to the journey of suffering, with tight capital flow and only half of his salary.

One year after the breakup, an auto industry analyst said at a domestic new energy auto industry forum that according to the current path of Evergrande spending nearly 200 billion yuan to build a car, it would be successful to finally recover one-fifth of its investment. If we continue to invest in FF, relying on FF's technical and product advantages, as well as Evergrande's huge domestic sales system and strong execution, we may have opened up the new energy vehicle market in China, which will be the only vehicle enterprise that can compete with Tesla.

According to informed sources, there was "exclusivity" in the contract between the two parties at the beginning. After Evergrande invests in FF, it can no longer be involved in automobile-related industries and launch other brands. Therefore, after the conflict between the two parties, the previous contract can only be ended by "peaceful breakup".

Analysts believe that after the termination of the exclusive contract, Evergrande can actually keep pace. Evergrande is still a shareholder of FF at present, and FF's products and technologies are still very advanced. If Evergrande is willing to pay a moderate sum of money, it can completely help FF9 1 achieve mass production and realize its dual-brand strategy. For example, Hengchi faces the mass market and FF faces the high-end market. Like Geely's acquisition of Volvo, Geely is responsible for competing with Volkswagen, FAW and other manufacturers in the mass market, while Volvo competes with BMW, Mercedes-Benz and Audi at the high-end brand level.

Creditors put Jia Yueting's life on the line.

In a series of negative voices, Jia Yueting has fallen from the altar that others look up to. Even from the media, any creditor can embarrass Jia Yueting. For example, Gu Yingqiong and others, such as Tao Tao Capital Wen Xiaodong and others. Although I won the lawsuit against Gu Yingqiong, I still can't get rid of the title of "liar".

Is Jia Yueting a liar? As Wang Shuo said in the year-end summary of 20 19, "Jia Yueting still insists on making cars in the United States because he owes billions. I don't think he is a liar. Liars do not have this axis. " Among the various opinions, Mr. Wang Can's evaluation of Jia Yueting does not represent the opinions of a class, but at least represents the opinions of a circle. The so-called benevolent sees benevolence and wise sees wisdom, and that's all.

Jia Yueting finally made it to 2020, but this time his fate has been firmly grasped by creditors.

20 19, do or die and Jia Yueting made the boldest choice. He voluntarily chose personal bankruptcy and reorganization.

In his view, this plan is to repay the debts of all creditors, but it has been blocked by a few creditors such as lazy money and departure. According to media reports, the actual controller behind lazy money is Tao Yun Capital Wen Xiaodong. There is a complex debt relationship between Taoyun Capital and LeTV Holdings. Therefore, lazy money hinders Jia Yueting's personal bankruptcy reorganization. In fact, Taoyun Capital wants to get the FF equity held by Jia Yueting at a low price.

At present, Jia Yueting's personal bankruptcy reorganization is being tried in American courts, and the two sides seem to be tied. At 2: 30 pm EST on February 18, the Delaware Bankruptcy Court made a formal resolution: it announced that it approved Jia Yueting's personal bankruptcy reorganization to continue in the Central District of California, and rejected the motions of Shanghai's lazy money, departure and a few creditors to cancel the bankruptcy reorganization plan, which harmed the interests of all creditors.

Jia Yueting Debt Processing Group indicated that it supported the decision to transfer the restructuring plan to central California for further progress, in view of better and faster implementation of the restructuring plan, maximization of FF assets value, better access to fair and just debt repayment for each creditor, and convenience of trial. And will work together with all creditors to promote the smooth completion of the restructuring plan as soon as possible.

One of the lawyers said in court that three or four creditors, such as Qi Cheng, who supported the lazy money motion, basically sued Jia Yueting in the United States and got the priority of compensation, so most creditors would lose the opportunity of equal compensation. The amount of creditor's rights represented by lazy money was only $654.38+800 million, while the amount of creditor's rights represented by creditors who formally submitted the motion against lazy money exceeded $950 million. This disparity also proves that most creditors support Jia Yueting's bankruptcy reorganization plan.

Due to the obvious conflict of interest, the two "creditors", Chicheng and Lazy Money, have come to obvious opposites with most other creditors. At present, Jia Yueting needs to reconcile its differences as soon as possible, because if the bankruptcy reorganization plan cannot be reached with creditors as soon as possible due to obstruction, on the one hand, the B round financing of FF Company will be greatly affected, and on the other hand, most creditors will lose all their money.

But in the eyes of lazy people, the fundamental purpose of Jia Yueting's bankruptcy reorganization is to make creditors give up their claims. They hope that the California court will restart the review procedure of Jia Yueting's assets, and finally support the use of FF equity in Jia Yueting's name for debt repayment.

And this is almost a devastating ending for FF who is still in the B round of financing. Earlier, when answering a question from the Federal Trustee's Office, Jia Yueting said that after submitting the bankruptcy reorganization plan, the negotiations on FF financing had been suspended, and "investors are waiting for the completion of my personal bankruptcy reorganization".

20 19 12.30, Bi Fukang, who has been the global CEO of FF for four months, said in an interview in Beijing that creditors had misunderstood Jia Yueting and FF before, but after FF9 1, many people's attitudes changed. At the creditors' meeting held at FF headquarters, two creditors expressed their willingness to continue to trust Jia Yueting and continue to invest in FF.

Can Jia Yueting win this life-and-death game?

He who saves himself will always save himself.

Even if Jia Yueting's bankruptcy reorganization goes smoothly, there is still a huge gap before him that needs to be bridged-how is it possible-FF gets 850 million US dollars to mass-produce FF9 1?

Rumor has it that every time Jia Yueting is dying, he has his own noble people to help him. Can Jia Yueting, which has gone through personal bankruptcy, still welcome noble people?

In 2020, FF will face more fierce competition in the new energy vehicle market. Among them, Tesla's super factories in China and Shanghai have been mass-produced, Weilai has also released the third model, and Ideality has also launched its own booking plan ... Mercedes-Benz, BMW, Audi and other luxury car companies are also making steady progress in their new energy vehicles.

He who saves himself will always save himself. Jia Yueting, who has no way out, can only save him now. From the outside world, the technology and products of FF9 1 are the last hope to decide whether he can save himself successfully. Judging from the news revealed by FF at present, there are still many domestic capitals willing to invest in FF, provided that Jia Yueting successfully completes bankruptcy reorganization and solves the worries of investment institutions. Obviously, although the listing of FF9 1 has been delayed due to financial problems, through the previous strategic planning, the technology of FF9 1 is still ahead of the models currently on the market.

What deserves our attention is that at the end of last year, FF changed from the plan of producing FF9 1 products in small batches in the United States to a large-scale strategy, and planned to achieve ground production in China.

"After full analysis and discussion, we decided to strengthen the mass production strategy of FF9 1. As the first flagship product of FF, FF9 1 has achieved multi-dimensional subversion and change, and is a unique product in the market. Even compared with Tesla ModelS and ModelX, the configuration of FF9 1 is absolutely competitive. " A technical executive of FF is confident that the appearance of FF9 1 will become the leader of high-tech luxury electric vehicles. If economies of scale can be exerted, the cash flow in the first three years of mass production will be significantly improved, and the long-term return rate of investment capital will also be improved.

Bi Fukang, the new CEO of FF, said that he has been to China twice since he took office as global CEO of FF four months ago. One of the most important tasks is to discuss the mass production and financing of FF9 1 in China with domestic investment institutions, domestic car companies and local governments. According to him, FF has initially discussed with a local government and car companies in China, and the progress is good. In terms of financing, the company is also confident to complete it in the first quarter of 2020.

But all this still needs to wait. If the reorganization fails and the financing fails, then it is really as written in the letter "Seawater and Flame", "a reincarnation, a legend; A round of subversion, rebirth. No company has such an experience, tempering in ice and fire again and again. "

Qin Shuo, a well-known media person, once used a picture to describe Jia Yueting: At the moment when no one was not desperate, a person hung on a cliff, and there was a deep valley below, surrounded by howling wind, but he just wouldn't let go, and his facial expression was no different from that of ordinary people. He will not belittle himself because of his failure, nor will he exile himself because of endless criticism from others. He just hangs there, swings there, does what he can and asks people he meets for help, but he doesn't beg. Perhaps it is this mentality that has done so many things and made so many mistakes. I don't know whether this is an entrepreneurial spirit or how to define it. I only know that most of us have put it down and got rid of it. A figure hanging there because of childish and stupid mistakes, a figure who doesn't know what strength to rely on but just won't give up, is engraved in my mind, swaying and floating, indescribable.

Not long ago, Jia Yueting wrote in a letter to creditors: "In the face of the disaster and disillusionment on the road to entrepreneurship, if you are alive, you can continue your dream. Living is a duty. There are thousands of possibilities when you are alive. If you are alive, your story will not end. You can pay off your debts and go back to China to be ff. "

Is Jia Yueting's 2020 a complete dream, or a rebirth of nirvana? What warning can Jia Yueting's entrepreneurial experience give new entrepreneurs? In the uncertain year of 2020, "Don't learn from Jia Yueting when starting a business" seems to be no joke. ?

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.