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Rmb16.8Bn Asset Restructuring Plan Announced January 17, 2017 COMMENT Leshi Internet Information & Tech (300104.SZ) Rmb38.94 Equity Research Rmb16.8bn asset restructuring plan announced News LeTV announced on Jan 14 that the company has confirmed its asset restructuring plan of introducing strategic investors including Sunac China (1918.HK, covered by Vicky Li). According to the announcement, Sunac China will invest approximately Rmb15bn in LeTV and related companies. The remaining Rmb1.83bn investment is from two other investors. Analysis (1) Cash received: List-co: According to the terms of the deal, list-co will receive Rmb7.1bn: Rmb2.3bn from selling 10.40% of Leshi Zhixin (SuperTV subsidiary of list- co) and Rmb4.8bn from Leshi Zhixin issuing new shares. Post the deal, list-co’s stake in Leshi Zhixin would decrease from 58.55% to 40.31%. Non list-co: Non list-co will receive Rmb9.7bn in total. Jia Yueting, founder of LeTV, will receive Rmb6.0bn from selling 8.61% of LeTV. Leshi Holdings (controlled by Jia Yueting) will receive Rmb1.1bn from selling 15% of Le Vision Pictures. Lexin Asset, which is LeEco’s employee holding company, will receive Rmb2.6bn from selling 15.71% of Leshi Zhixin. (2) As stipulated by the terms of the contract, Jia Yueting needs to redeem 55% of his pledged shares within one year, which would require approximately Rmb4.7bn, according to our calculation. That would leave non list-co with Rmb5bn (9.7bn – 4.7bn) to solve its liquidity problem. (3) According to the company’s press conference on the deal, Le Vision Pictures will be injected into list-co by the end of 2017. The non-controlling shares (59.69%) of Leshi Zhixin will be injected into list-co no later than 2020. Implications We remain Rating Suspended on the stock, noting that the deal is still pending shareholder meeting approval. INVESTMENT LIST MEMBERSHIP Rating Suspended Xufa Liao, CFA +86(21)2401-8902 [email protected] Beijing Gao Hua Securities Company Limited Goldman Sachs does and seeks to do business with Brian Dai companies covered in its research reports. As a result, +86(21)2401-8944 [email protected] Beijing Gao Hua Securities Company Limited investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non- US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. Global Investment Research January 17, 2017 Leshi Internet Information & Tech (300104.SZ) Rmb38.94 Exhibit 1: Analysis of sources of funding Funding received Entity receiving funding Source (Rmb bn) Jia Yueting 6.0 Sell 8.61% of LeTV to Sunac Non list‐ Leshi Holdings 1.1 Sell 15% of Le Vision Pictures to Sunac co Xinle Asset (employee holding co.) 2.6 Sell 15.7102% of Leshi Zhixin to Sunac Sub total (a) 9.7 LeTV (list‐co) 2.3 Sell 10.3964% of Leshi Zhixin to Sunac 1.4 Issue new shares to Leran Investment Leshi Zhixin List‐co 0.4 Issue new shares to Huaxia Insurance (subsidiary of list‐co) 3.0 Issue new shares to Sunac Sub total (b) 7.1 Total 16.9 Use of funding calculation Jia Yueting's holding of LeTV post this deal (mn shrs) (c) 512 Max. # of Jia Yueting can pledge (d) = 50% * (c) 256 Note: the contract stipulated # of shrs at pledge as of 3Q16 (e) 571 that Jia Yueting needs to # of shrs need to be redeemed (f) = (e) ‐ (d) 315 reduce percent of shares pledged to 50% within one year Avg stock price when pledging (g) 42.86 Pledge ratio (h) 35% Total pledged loans that needs to be redeemed (Rmb bn) (i) = (f) * (g) * (h) 4.7 Total funding non list‐co can use (Rmb bn) (k) = (a) ‐ (i) 5.0 Total funding list‐co and non list‐co can use (Rmb bn) (l) = (b) + (k) 12.1 Source: Company data. Exhibit 2: Ecosystem structure of Jia Yueting’s holdings Yueting Jia 90% 38.97% 25.85% 10.63% Leshi Holdings LeTV (list‐co) LeEco Global 18.38% 28.38% 50.00% 40.31% 10.00% 20.00% Le Vision 9.00% Le Sports Pictures Le Cloud Co. Leshi Zhixin Leshi Mobile Vizio SuperCar Co. Faraday Future 70.00% 20.00% 28.90% Video in US, music, Ecom, Yidao TCL Multimedia CoolPad VR, etc. (car hailing) List‐co LeEco Electric Vehicle business Controlled by list‐co Invested but not controlled by list‐co No ownership relationshp with list‐co Source: Company data. Goldman Sachs Global Investment Research 2 January 17, 2017 Leshi Internet Information & Tech (300104.SZ) Rmb38.94 Disclosure Appendix Reg AC I, Xufa Liao, CFA, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Investment Profile The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites of several methodologies to determine the stocks percentile ranking within the region's coverage universe. The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows: Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends. Quantum Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets. GS SUSTAIN GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate performance: cash return on cash invested, industry positioning and management quality (the effectiveness of companies' management of the environmental, social and governance issues facing their industry). Disclosures Coverage group(s) of stocks by primary analyst(s) Xufa Liao, CFA: A-share Consumer Durables, A-share Food & Beverage, A-share Media, China Consumer Products. A-share Consumer Durables: Gree Electric Appliances Inc., Midea Group, Qingdao Haier Co.. A-share Food & Beverage: Anhui Gujing Distillery Co., Jiangsu Yanghe, Kweichow Moutai, Luzhou Laojiao, Qinghai Huzhu Barley Wine Co., Shanxi Xinghuacun Fen Wine, Tsingtao Brewery (A), Wuliangye Yibin. A-share Media: Alpha Group, Beijing Enlight Media Co., Beijing Gehua CATV, Beijing Hualubaina Film & TV Co., BlueFocus Communication, China South Publishing & Media, Focus Media Information Tech, Guangdong Advertising, Huayi Brothers Media, IMAX China Holding, Jiangsu Phoenix, Leshi Internet Information & Tech, Oriental Pearl, Ourpalm Co., Wanda Cinema Line Co., Zhejiang Huace Film & TV. China Consumer Products: Biostime International Holdings, Bright Dairy, China Modern Dairy Holdings, China Resources Beer, Mengniu Dairy, Tingyi (Cayman Islands) Holdings, Tsingtao Brewery (H), Uni-President China Holdings, Want Want China Holdings, WH Group Ltd., Yili Industrial. Company-specific regulatory disclosures The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by the Global Investment Research Division of Goldman Sachs and referred to in this research. Goldman Sachs had a non-securities services client relationship during the past 12 months with: Leshi Internet Information & Tech (Rmb38.94) Distribution of ratings/investment banking relationships Goldman Sachs Investment Research global Equity coverage universe Rating Distribution Investment Banking Relationships Buy Hold Sell Buy Hold Sell Global 32% 54% 14% 64% 60% 51% As of January 1, 2017, Goldman Sachs Global Investment Research had investment ratings on 2,902 equity securities. Goldman Sachs assigns stocks as Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the purposes of the above disclosure required by the FINRA Rules. See 'Ratings, Coverage groups and views and related definitions' below. The Investment Banking Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment banking services within the previous twelve months. Goldman Sachs Global Investment Research 3 January 17, 2017 Leshi Internet Information & Tech (300104.SZ) Rmb38.94 Price target and rating history chart(s) Leshi Internet Information & Tech (300104.SZ) Stock Price Currency : Chinese Renminbi Goldman Sachs rating and stock price target history 100 6,000 65.92 60.13 68.09 90 70.22 5,500 80 65.43 69.72 38.2 5,000 70 62.73 60 4,500 28.1 50 18.8 63.43 4,000 30.02 40 20.55 22.09 3,500 30 22.14 3,000 20 68.61 2,500 10 65.45 0 2,000 Jan 4 Jun 5 B RS B F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 2014 2015 2016 Index Price Stock Price Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 12/31/2016.
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