Music is more dangerous? How much is Jia Yueting struggling? We spent two months investigating.

Home > Sci-Tech

Music is more dangerous? How much is Jia Yueting struggling? We spent two months investigating.

2017-01-04 18:16:44 48 ℃

The music really like Jia Yueting said, turned the corner in three or four months? At least now, in the eyes of the outside world, the music is still only Schrodinger's cat".

At half past nine this morning, the United States on January 3rd at half past five in the afternoon, LETV super car depth strategic partner Faraday future (Faraday Future, referred to as FF) will be in Las Vegas released its first production car. In the official posters, this new species is pointed to the reconstruction of the Century Automotive industry".

According to earlier reports, FF production car will have to go beyond the Tesla Model X the world's fastest one hundred kilometers acceleration, and such a high-performance Internet car, the price will be between $15-20.

As is known to the outside world, this car on the music as the meaning of unusual. Over the past two months, LETV suffered the most serious crisis in recent years, the automobile business especially being questioned, at this point in time, FF's first car, meaning no longer confined to a car, but the outside of the music as confidence and judgment to. As one interviewee said, "music into & apos; confirmed stage, investors, the capital market need to see clear results, will continue to invest, and is no longer the only before a business model can be."

In the music as a result of the crisis, financial constraints, car projects into the quagmire is just a representation, we try to find the underlying causes of the crisis as the music. The company's organizational structure, governance, and Jia Yueting personal ambition, dogmatism, tolerance and choice, perhaps is the real cause of the crisis.

The following is published in "Chinese entrepreneur" magazine's January 2017 cover story, "Jia Yueting struggle"

writingThis print journalist Li Yating Ma Jiying Li Xiaoxiong |

Editor | Ma Yue

Jia Yueting can only squeeze into the conference hall from the back door.

The afternoon of December 11, 2016, China Hotel, LETV LETV holdings chairman and founder, CEO Jia Yueting will soon begin a speech here, twenty minutes before the speech, the audience will be poured into this can accommodate more than and 100 people packed the hall containment. From the Front Gate Jamal cannot come in, can only be entered from the podium behind the door. Until the beginning of the twenty minutes, the door is still sound, open the door, I want to see Jia Yueting!" Outside the door crowded, more than the people in the hall.


Jia Yueting speech at the door, the door is full of people, from time to time someone was hammering on the door entry requirements. The history of photography | soldier

Jia Yueting stood on the podium, smiling, even a little shy, the day he had some cold, before taking the medicine, the speech sound is not great, sounds tired, but this does not prevent the output values of Jia Yueting music, music is from the birth of a new species, LETV to change 100 in the automotive industry, "the dream" (music as cars) will be the first mark Internet Ecosystem Models in the global market ".

At this point, the distance from the issue of the title of the "music as the sea and the flame: is the sea engulfed by waves or boil? "Internal letter has been a month. In this month, music, as almost every day to occupy the headlines, financing, business, layoffs, arrears, stock prices, etc., as the music of each dimension are placed under the magnifying glass. For the music, many supporters, who sing more, look at China's Internet industry, there is hardly a company like music as such, the external evaluation of polarization so serious.

Seven pm, Jia Yueting and TCL group Limited by Share Ltd chairman, CEO Li Dongsheng, President of Vanke Yu Liang and more than ten people out from the restaurant on the first floor, a young entrepreneur will squeeze into a business plan into the hands of Jia Yueting, his mouth quickly introduced the venture, Jia turned up, very interesting evaluation ah".

Almost all of the people who have been dealing with it will be surprised by Jia Yueting's easy-going, his face seems to have been smiling. He will not be rejected, from the restaurant to the evening activities of the conference hall, two minutes away, he walked for nearly ten minutes, many times by passers-by stopped to take pictures, photo.

At this time the music as far from so calm. It is more like a contradiction of the collection, the huge ambition and the reality of the resources mismatch, barbaric growth of the organization and efficient and stable PK, risk and opportunity coexist. Over the past few years, with the music pool, speed of siege slightly 100 meters sprint and anzhai, as everyone knows, this is a marathon. And when all this focus on one point outbreak, caused the current crisis letv.

Music as the most difficult stage has passed, the next thing is not impossible to complete." Jia Yueting smiled and told the China entrepreneur, the music as the capital chain crisis has been resolved into six or seven, the next three or four months will return to normal".

As the music is the embodiment of the personal character Jia jia." This sentence in the "Chinese entrepreneurs" repeatedly heard in the interview. His paranoia and ambition, pride and optimism, tolerance and not to stick at trifles, let LETV wade out a different from other domestic Internet Co, but also to the music of today's crisis hidden trouble.

In the face of the outside world, Jia Yueting, despite his smile, but his expression is very tough: music as the concept, gene, spirit, will not change."

"The speed change: Jia Yueting"

The latest news on December 28, 2016, as the capital is, LETV announced that LETV Jia Yueting, LETV joint Holdings (Beijing) Limited company, signed a "strategic cooperation framework agreement with strategic investors involved in the transaction is expected to more than 10 billion yuan. Although the amount is huge, but behind the gold master, the music did not disclose to the outside world. Previously, Jia Yueting in more than ten students CKGSB had "timely assistance", a $600 million investment letv.

Depending on how much money is owed? Public opinions are divergent。 Such as the payment of up to 15 billion mobile phone suppliers, as the music has more than 60% of the copyright fee is not paid on time, LETV shares fell below the opening line, capital chain tension caused by emergency layoffs, etc.. Jia Yueting in December 11, 2016 to accept the China entrepreneur interview, denied the majority of rumors on the market.

An analysis of a private person, said: the current news from all sides, the music as the basic financial crisis has been in the past half. As the music is very rich in the financing channels on the market, there are a lot of people are willing to pay for the dream of old Jia, but the price problem. At least not yet."

The second major shareholders of listed companies LETV is Shenzhen Xin root the next generation of disruptive technology mergers and acquisitions fund one investment partnership (limited partnership), which is a foundation of Shenzhen municipal government and LETV jointly established, Xin root capital founding partner had strong once said, "as the problem if only money the problem is, we can always come up with 5 billion ~100 billion dollars to support him."

The above private sources, public opinion fermentation also encouraged investors to re-examine the music project, "the investor's concern is not the gap even billions, how much money is not the problem, but the nature of why the funding crisis occur, is the organizational structure, corporate governance, the future tactical implementation issues."

Now, multiple lines of business as the need to invest a lot of money in the interview, Jia Yueting admitted, "my personal money can actually be adjusted, some investment to LeEcoGlobal, and some investment to the car, which side had the intense money out." This is the problem of financial chaos music as ecological systems are concerned in the outside world, between the various subsidiaries difficult to set risk isolation mechanism, a subsidiary of the financial difficulties will transfer to other affiliates, easily lead to capital chain rupture chain.

Deng Pan | photography

Another key lies in the stock price." Private sources believe that due to the music as the most important role in the entire music as the system's financing, continued to decline in the share price is also worrying. If the stock price breakdown Jia Yueting stock pledge warning line, which means he will need to find more money to margin or collateral.

There is a market point of view, the stock price falls continuously is the current financial crisis LETV Mingmen, rather than supply chain debts. If LETV continue to fall, may be the first trigger is the equity pledge risk, but if it happens, will undoubtedly cause the stock market crash, the formation of a stampede, more important is the music as a whole will seriously weaken the financing ability.

2012, on 2013, Jia Yueting, LETV other shareholders have been through a number of trust companies trust financing, and are provided to the music network shares pledged. The above private sources, said: LETV is the music as a weapon of the financial system, in addition to the arrears of LeEcoGlobal, a large number of inputs of the car, the music itself has a large number of debt is about to expire. Many debt, Jia Yueting and its affiliates provide guarantees. Music as the price of the music as the capital chain, seems to have formed a binding relationship."

According to the 2016 semi annual report disclosure, since the year August 2015, Jia Yueting and its affiliates, a total of more than 20 times to provide music as a guarantee. At the end of June 2016, secured a total amount of 2 billion 130 million yuan, in addition to the already completed eight pen, totaling 710 million yuan, most of the rest has recently expired or expiring.

Industry point of view, as the music wants to ride out the crisis, the need to address the financial crisis from two aspects of short-term and long-term. In the short term, on the one hand, we need to find the money to deal with the current debt arrears, on the other hand, also need to stabilize the stock price, to ensure the ability to finance as the music.

From the medium and long term, in addition to adjusting the rhythm of the expansion of the format, it is also necessary to optimize the music as the ecological status of the internal financial, and broaden the financing. Not long ago, as the music of the first seven ecological music as the financial on-line, the former deputy governor of the Bank of China Wang Yongli as CEO sub ecology in the music as the interior was high hopes.

Although the financial platform for the Internet, since the financial supervision is a sensitive to rhetoric, but the platform self positioning is still described as: "based on music as ecology, but not limited to the music itself, but also for feedback of music."

Recently, some financial observers said LETV financial platform "to enjoy it three financial products, its essence as the stock of debt claims Association Fang Yichang new wholly-owned subsidiary, Jiangsu design Valley Technology Co. ltd.. Yi Chang shares in 2016 semi annual report shows that as of June 30th, from music to new enterprise arrears of 197 million yuan.

In addition, close to the music as financial sources, the current music as the financial sector is preparing for a private bank in Shanxi, Wang Yongli has been approached with the government of Shanxi. But as of press time, these two messages have not been confirmed as. The source said that if the music, as the financial success of private banks to get a license, will greatly optimize the music as the capital problem.

"More precisely, to carry the dream of Jia Yueting blind rush, only to build their own financial business, and get enough weight to have the potential to support the financial license. Otherwise, the financial crisis will be staged repeatedly." The source is a comment.

"Music as people in the eyes of the storm"

Music, as the crisis was officially detonated, is derived from the letter issued by the home letter.

"It's not a long time, one or two weeks." Music co founder, LETV vice chairman Liu Hong told reporters, for the issue of whether it is an internal letter, the interior has done a number of discussions, but still underestimated the impact.

"At that time, the mobile phone business overdue accounts receivable is not too much, but it is an internal letter very serious", as a senior mobile phone denied outside said billions of dollars of debt, but he refused to disclose specific figures. "No overdue supplier will run payment reminders, can not be asked to before, now add a lot of unnecessary trouble."

Not only that, TV and mobile phone shipments are also affected, 2016 TV shipments were expected to reach 6 million, but after Jia Yueting will be reduced to the number of between ~600 million units. Mobile phone is also true, as a senior mobile phone, think, if there is no storm, now should invite the media to participate in the celebration of 20 million sales".

More striking is the general staff, "when I know the company, WeChat group is going to explode," music as sports staff Chen Peng (a pseudonym) told reporters, "before you feel everything is normal ah, paid, do business," he still didn't understand why the boss issued an internal letter.

Music staff ready to press conference. Music as the ability to open the conference, Internet Co second. Figure source: IC

A lot of music as employees of their followers as Jia Yueting. Although the music is packaged as a passionate subversive, but the breakdown of specific work, the same trivial and heavy. In 2016 after the announcement of the restructuring in December, the new media and online business groups, the line of business groups and sports consumer business group has become the main business of music as sports three.


Hubei Yichang business street placards promotional music as product source: IC

Chen Peng is the online commercial business group, the Department annual operating line under a large number of sports events, such as the marathon, football, they usually have to deal with the government, the organizers, the tournament is usually half a year in advance during the project, there are a variety of infinite variables, unexpected challenges. Even so, Chen Peng is still full of passion, when in an internal letter just issued, every day he can receive the family and friends of the inquiry, "your company is not to be closed?" "Do you want to change jobs?"

This let Chen Peng and his colleagues fretted over and over again to explain, "it's fine, don't listen to the outside." From the beginning of the second half of the year, the company began to keep the outside paid to dig him and his colleagues, "also have to go, but they haven't felt in the music as well."

Zhang Zhiwei was among the first to feel the shortage of funds in the top, just completed the organizational structure adjustment, he served as music as ecological sales and service platform (China) president, will be responsible for all the music terminal online and offline sales, previously, it is mainly responsible for the music as the mall and line Lepar business. After the adjustment, the music will force the line under the self, music, as the phone will also be sold through Lepar channels, and no longer rely mainly on operators.

In June last year, the performance of all sectors of the company are thriving, Zhang Zhiwei vaguely uneasy. September this sentiment is more obvious, so that he felt cold, the rapid rise in sales of all platforms, but the pricing mechanism has not yet turned over, capital replenishment channels are not clear." His memories.

The evening of September 23, 2016, LETV business platform "9.19 anniversary" after the end of the fourth day, he gave Jia Yueting made a long WeChat, he saw the problem of feedback. Jia should have seen the problem before, but he would like to choose the right time to adjust." Like a seesaw, one is the rapid development of the business, one is the capital, Jia Yueting carefully maintained the balance between the two, if there is abnormal strong demand for business development, and the capital is not timely added, imbalances can hardly be avoided.

Jia Yueting is a man of tolerance, there have been media reports of its employees more tolerant of mistakes.

There have been high-level recommendations Jia to kill decision, but Jia Yueting believes that the opportunity to give, there may be useless to the place, it may not be the right time. "He is a man who knows how to be grateful, and who has made a contribution in any stage of the company."

December 11, 2015, LETV announced that LETV subsidiary music to new will be 6.5 yuan per share subscription price of TCL multimedia 348 million shares, totaling 1 billion 875 million yuan, accounting for 20.1% of the shares after the. The premium rate is around 50%, "an understanding of this acquisition industry insiders told reporters," Jia humanness and generous, not particularly fine. This acquisition is almost a meal on the finalized, but the execution time is relatively long."

This relaxed atmosphere also affects the attitude of the subsidiary in personnel management. Jia Yueting said in an interview with the Tencent, and "elimination of LETV annual index is about 8%~10%, but did not do, to assess the value of 2016, a comprehensive performance evaluation, to resolutely to do this thing."

Music as the face of the situation is so grim, Jia Yueting can not help but adjust.

November 15, 2016, LETV issued an internal e-mail said, and replace Mo cuitian served as president of the Asia Pacific region as the holding, the latter as the "transitional work of Asia Pacific high consultant support". As the official interpretation of music as soon as possible, so that the business into the sustainable development of the channel, a breakthrough in key business operations and development, rapid and substantial improvement in operating performance."

The transferred Mo cuitian, during its business in Hongkong outside guess, improvement is not obvious and "too much money". In an interview, as a senior did not directly deny speculation, but said "the boss is out of tolerance and trust, but the occupation managers should be strict with oneself, and not to her more tolerant".

The second half of 2016, the music as sports into the rapid expansion of personnel stage, a few months time employees expanded from 400 to 800. "Development is very fast, we even started internal referrals, the right will be recommended to the company." Chen Peng told reporters. The employees of the company to expand rapidly, initially for the business development needs, but gradually began to appear in the large.

"After each quarter will do performance evaluation, grade C will be eliminated, but not strictly enforced," Chen Peng said, "recently left the music as sports are mainly two categories, one is voluntary turnover, another is performance evaluation is C." He believes that this is no problem, no identification with company values or ability is not good, leaving the company is a good thing."

Music as too grassroots entrepreneurial atmosphere also allows some foreign big brother can not adapt. Compared with some relatively mature companies, not only to the music while driving the road, more important is to "find a way", "so will only drive the road or just in the music as it is very painful," in the top view, "a lot of business as the music come from the open, looking for direction will become particularly important."

"A man's company"

The other side is the lack of fine wild growth of roots.

This is related to Jia Yueting unavoidably, hands-on management style. In business, Jia is pursuing a pole in the end. In the Chinese entrepreneur, a few times before and after its exclusive interview, whether it is product development or financing progress, Jia Yueting can accurately answer, rarely give ambiguous answers.

Before 2016, Zhang Zhiwei is responsible for the business and nearly half of the decision-making needs of Jia Yueting personally decide, depending on the mobile phone business, products are defined by his decision. In the premise of hands-on effort, but he's obviously time and energy are not enough, for example, TV things should let music to new people to do, he set the rules and results, the specific implementation, is currently the business involved too much of his effort." An analysis of the industry close to TCL.

In the music as the office area, the majority of employees to see the boss, he is running away.

Jia Yueting does not deny his dogmatism, "when I make decisions arbitrarily, the implementation of the time very democratic." In fact, it is reasonable, as the music is still in the start-up phase, is playing Jiangshan, not sitting Jiangshan, the latter is the management, operation of a business, while the former needs to be able to break through the founder, innovation. But the key lies in the people around him and the team can complement each other with him." As a senior told reporters.

In fact, depending on whether it is internal, the general meeting of shareholders or the president, can really tell Jia Yueting to say "no", and he was not accepted by the people, "no one says" no ", or said no, but the company development is the need of firewall." The above sources.

Have strong earlier in the interview also talked about this issue, "there should be a balance and sharing mechanism in decision-making, from individual to collective decision-making and common monopoly, the lack of such music as internal mechanism."

It seems even within the company, Jia Yueting's extremely adventurous, who did not have standardized training of commercial marks, but the problem is not likely the company was to blind rush". In this case, the norms of the system and mechanism is essential, the mechanism is not used to regulate and restrain who, these can be adjusted with the company's strategy and rhythm at any time."

Prior to the release of the internal letter, as the music has revealed a number of subsidiaries restructuring plan.

August 2016, LETV sports office in Chaoyang Park in the vicinity of a crowded office moved to Electric Industrial Park two office, in the relocation ceremony, sports CEO leizhen music as a sword said, "the strategic expansion of music as sports will grow from the savage into more pipe operation efficiency to fine stage. To learn how to operate to achieve the ultimate, ushered in the two own business''."

Almost at the same time, Feng Xing LETV mobile president and Jia Yueting on the strategic adjustment of LETV mobile phone also had a long talk. Prior to this, Feng Xing is mainly in charge of mobile phone sales, marketing and other business, and cell phone research and development, supply chain and other departments are not within his jurisdiction.

In 2016 September, LETV issued pricing 1799 yuan of Le Pro3, the mobile phone has not lose money, the price is August to settle down, so the mobile phone business before sending the letter inside has already started to adjust, the first is not to lose money, the pursuit of positive cash flow." Feng Xing said in an interview. Prior to this, as the music as a mobile phone for sale, have to lose hundreds of dollars.

Jia Yueting issued an internal letter, he mentioned the music as the first stage is to obtain a large number of users, the second stage of the pursuit of positive cash flow, LETV will enter the second stage earlier than previously expected nine months to half a year ahead of schedule "."

"His logic is to seize the industry opportunities, new business financing from the capital market, the gap before business covered by new business," a senior LETV told reporters, "now the biggest problem is not to cut off any Jia a business opportunity which they do not want to give up, he thought the layout is very perfect. So we see a problem, or will hold together, walking may bite, get over, (if) you may choose to."

Whether the company will open such a strategic contraction of such meetings?"

"Often, but they are bloody, no one wanted to leave the table, usually settle a matter by leaving it unsettled." An anonymous music as the top of some helpless told reporters. "Jia Zong very unique vision and strong will, he chose the most people do not recognize it, but it is the right thing."

This sentence is the second half of the sentence of the music as a challenge to the financing environment, the listed company LETV shareholders, almost no strategic investment, mostly financial investment, "China capital market lack of patience, and most of them is not long." Above high-level representation.

It is difficult to use simple or complex to describe the music as a means of financing, but there is one point, LETV little by way of equity financing of financial money, people are still holding Jia has 34.46% of the shares of listed companies (as of September 30, 2016). Music as the capital operation has not been a strong Department of the entire ecosystem, and did not give full play to the financing capacity and tools, or some of the more primary means." Jia Yueting said in an interview.

Music is not the organization decided to determine the strategy, but the strategic decision organization. So when you see the TV and automotive industries the opportunity for change, we will push the investment layout." Jia Yueting said in an interview with Tencent. In other words, music and not according to the hands of the resources decided to do things, but to see the thing to do, the opponent's resources will be too optimistic.

There are a lot of signs that Jia Yueting did not predict the financial crisis is too optimistic. At the end of July last year, Jia was interviewed in the United States, that the biggest anxiety is "fast enough, including the entire organization construction speed, speed and strategic resource acquisition needs there are still differences." Jia recognized themselves in the strategy is still very optimistic, "and all the insurgents are optimistic, very optimistic in the tactics, in the implementation of that difficulty, to give their all to do this thing."

There is a word may better reflect its resolve, "even as the car may drag us dead, even the slow death of the listed companies, but as long as we doomed eternally, LETV do this greatly promote the development of this industry in China can."

""The eyes are the battlefield""

Meeting is the music as one of the corporate culture. Every Sunday afternoon, the ecological synergy will continue from twelve pm to 2 pm. Every Monday, the president of the Council, there will be up to hundreds of people together, when the important agenda from early to late. Jia Yueting didn't say much, "he is the most careful listening." Zhang Zhiwei said. In other sectors, the same is not open, Feng Feng's interview is from his 12 hour meeting of the day out of the lunch time.


Jia Yueting and Ding Lei (left) in San Francisco to attend the music as part of the United States Department of eco camp conference map source: IC

Zhang Zhiwei does not think these meetings are meaningless, "the meeting is not just for decision-making, but for education." In his view, LETV senior from each company, the original hardware only starting from the hardware logic, software only understand software, the purpose of the meeting is "let different people enter the system inside, with the language and thinking of ecology, gradually become a so-called ecological man".

Almost all of the music, as high as the identity of Jia Yueting's persistence, the surface is very gentle, but the heart is very firm, he finds that will not let go, and even some stubborn. Even if he was able to convince him, he would follow his own ideas."

Not every time Jia Yueting decided to get LETV high-level recognition, in 2014 of the interview, Jia once described what they want to do music as cars by the decision of "99% core senior opposition", but this did not hinder progress completely LETV car.

Jia Yueting's inner heart in the recent storm of public opinion in the performance of the more obvious. Zeng Qiang said, Jia Yueting should be more focused on the listed company system, music, as the car can not be said to do business."

For strong position, Jia Yi light response, music as the car does not need to adjust the strategy, the rhythm and the ability to match existing." In the car business, Jia believes that the need to make changes just as the music ability, rather than the music as the strategy and values.


The history of photography | soldier

In Zhang Zhiwei's opinion, Jia Yueting will not be forced to the outside to accept their point of view, "he will persuade you into his insinuating language and logic system, let you think his idea is correct, we will also be affected."

Another point that Zhang Zhiwei was impressed by Jia Yueting's ability to learn, "if you say something to his knowledge of the system has added that he will absorb quickly, if you say he is not recognized, he can listen to, but then he will selectively forget."

For the company's architecture, Jia Yueting has a vision. Music is divided into three systems: listed companies, non-listed company and music as car. Listed companies including music video, music as television and music as cloud services, non-listed company system including sports, mobile phone, pictures, financial business, LETV car as an independent system.

In his plan, the listed company as the music as the basis, to ensure adequate profits, and the future will be more and more high-quality assets into the market system". Previously, music studios had planned at a price of 9 billion 800 million yuan in 2016 to inject LETV, also promised 2016 year 2017 year 2018 year attributable to shareholders of the parent company net profit after deducting non recurring gains and losses were not less than 520 million yuan, 730 million yuan, 1 billion 40 million yuan. But in 2016, LETV pictures participate in the movie, only "bounty hunters" to obtain 210 million yuan at the box office, "grand track" important works as music studios betting, released ten days only 380 million at the box office, one billion box office mengsui.

In an interview, Jia Yueting did not deny the poor performance of the 2016 film music as the main reason for the late injection of letv. A set of logical music as perhaps the greatest risk lies in this, do not allow any part of merchandise, whether it is business or out of stock funds, will affect other aspects of the entire ecosystem in advance.

But this logic is difficult to follow the scheduled orbit at any time. In the normal development of the subsidiary business stage, non-listed company system can nurture listed companies in the capital market performance, for example, last year in the A stock market boom, LETV continue to release good news listed companies and non-listed company, LETV price soaring.

But as the capital market turns cold, although LETV in 2016 the performance of listed companies is better than in 2015, but the non-listed company, such as mobile phone suppliers owed money, or LETV car problems, these will inevitably affect the LETV listed companies in the capital market performance.

Jia Yueting's response is: music as a listed company and non-listed company as well as music as the car is a different system, whether it is money or business are fragmented, but this effect is inevitable."

Liao Qian, chairman of the board of directors of TCL Group believes that from a business perspective, the music as there is no problem, the biggest problem is still in the capital level. In 2014, he judged as users migrate from traditional TV to smart TV, business prospects will be more clear. "It will be a hundred billion market size, it was very exciting, but today, the user moved over, the commercial value is not, in other words, advertisers did not come. At present, the commercial imagination of smart TV space is clear, but need to wait for a clear benchmark industry events."

Although competitors, but Liao Qian does not deny the role played by the music as a matter of this matter, this is not the music as a matter of fact, but the entire industry, if there is no music, the industry will be more slow transition."

In the industry view, before most of the business are LETV benchmarking, business logic works, the problem is already a business, such as smart TV, mobile phone and other business limited imagination, the competition is too fierce, and ongoing business, LETV, music as sports car but requires a lot of money.

Liao Qian believes that music as before is the logic of "falsification logic", "tell the music as a business model can get financing, or to get recognized by the capital market." Not good in the capital market under the background of the development of music might be "confirmed" logic ", which means that the investors and the capital market began to see a clear result, will continue to invest, it is more troublesome."

To be able to see is that this capital crisis has brought a lot of changes to Jia Yueting, in an interview last year in the United States, he also said, in the seven ecology, as the car is certainly ranked first." However, in an interview with reporters, he said the listed companies ranked first, as the music car ranked second.

The storm is also affected to some extent, the music as the most recent financing, music as the problem is magnified, even if we initially know that the funds are tight, but also greater confidence than now." This has been confirmed by Liu Hong, last month, to offer funds to organizations and individuals as a minority, "there is looting, also sincerely help letv."

In the interview process as a number of music as high, they are either directly or indirectly, said the equity is the bottom line as the music to talk about financing, that is to say, the controlling stake is still in the hands of Jia Yueting". For this, in an interview with Chinese entrepreneurs, Jia Yueting also made a clear reply, as the music will never lose control of the team, otherwise it is not as music."

Jia Yueting said more than once, he took music as more important than their own lives, but now the music is not the lack of grand aspirations, not death of the heart, but can let the dream and the reality from the sharp opposition to reconciliation and coexistence business rhythm. How to Jintuiziru entrepreneurs from the wilderness in Greenwood entrepreneurs'growth, this is the greatest challenge for Jia Yueting.

Li Yating liyating@iceo.com.cn

British majiying@iceo.com.cn

Li Xiaoxiong lixiaoxiong@iceo.com.cn

This excerpt from the 2017 first phase, more detailed reports "Chinese entrepreneur" magazine subscription hotline, please call 010-64923579 or press the following two-dimensional code recognition about "Chinese Entrepreneur Magazine (ID:iceo-com-cn)"