280000 investors paid the wrong money after all. What arrived earlier than Jia Yueting, who returned to China next week, was Leeco's curtain call in the A-share market.

On July 20, Leeco ushered in its last trading day, and the share price was finally fixed at 0.18 yuan, leaving a total market capitalization of only 718 million yuan, more than 99% less than the peak market capitalization of 170 billion yuan.

On July 21, Leeco was officially delisted from the gem, and Leeco, which has been listed for ten years, finally came to an awkward end. this tragic ending is sad.

A dream every ten years, from "gem number one" to "mess"

Reviewing the development history of Leeco, we have witnessed the glory and collapse of an Internet empire.

In 2004, Jia Yueting founded Leeco, which started as a wireless video streaming business. In the era of video piracy, Leeco bought a large number of film and television rights at a low price, stepping on the tuyere of video website transformation.

On August 12, 2010, Leeco was listed on the gem and became the "first A-share network video share". In the following years, Letv Film, Letv Sports, Le Shiyun and Letv Automobile were established one after another, with the intention of creating a closed loop of the super industry chain. In 2015, Leeco became the fifth technology stock with a market capitalization of 100 billion yuan after BABA, Tencent, Baidu, Inc. and JD.com. With the bull market, Letv's share price once reached an all-time high of 179.03 yuan and a market capitalization peak of 170 billion yuan.

In the next five years, Letv fell from the peak to the bottom. Letv's share price began to fall in 2016 when it was exposed that there was a crisis in the capital chain. In 2017, Sunchuang Sun Hongbin invested 15 billion in Letv, but it turned out to be a failed gamble. In the same year, founder Jia Yueting left the United States and has never gone to the appointment of "returning home next week," leaving Letv, who has been mired in years of huge losses. On May 14, 2020, the Shenzhen Stock Exchange announced the termination of the listing of Leeco shares and finally bid farewell to the A-share market on July 21.

It has been calculated that in its heyday, a share of Leeco (a record high of 179.03 yuan per share for Letv on May 12, 2015) can be comparable to "more than half of a bottle of Moutai" (Guizhou Moutai has a maximum price of 275.2 yuan per share on the same day). When delisting, a share (0.18 yuan / share) was only reduced to the price of a piece of Lay's potato chips.

From hundreds of billions of empires to chicken feathers, Letv's exit made countless investors really feel the bursting of the capital bubble.

The collapse set by the Jia Yueting people from "Jabbs" to "running Dreamer"

Jia Yueting appeared in public for the first time on Sept. 19, 2012, with a black T-shirt, blue jeans and a very simple PPT similar to Apple Inc's press conference. As the head of hundreds of billions of empires, Jia Yueting immediately became a spiritual idol of the Internet, and his proposal of "ecological opposition", "suffocating dreams" and "subverting the extreme" was also popular among investors.

But just two years later, Jobs had a new "wall"-Elon Musk, founder of Tesla, Inc.. At the end of 2014, Jia Yueting announced the launch of Letv's "SEE Project", which is to build a super car and a vertically integrated Internet intelligent transportation ecosystem and lifestyle. Musk and Jia Yueting bet on the fate of the company and themselves at the same time in this car-building game, but unlike Musk, "Jask" personally buried hundreds of billions of Letv in the car-building dream.

After Jia Yueting left the United States, "Lao Lai", "Pancake King" and "PPT car maker" immediately became synonymous with him. Three years have passed and he has not shown up for the appointment after promising to return to China next week.

Finally, on July 2 this year, Jia Yueting announced on his personal Weibo Corp an open letter, "work and start a business, restart your life, with my apologies, gratitude and commitment."The personal bankruptcy reorganization filed in the United States was finally completed.The reorganization plan officially came into effect, and the creditor trust was formally established and put into operation.

Buffett said that only when the tide goes out do you know who is swimming naked. At the end of Letv's story, when the bubble finally burst, Jia Yueting took off the mask of commercial genius and became a century dreamer on the run.

From the business circle to the entertainment circle, how many bosses has Jia Yueting cheated?

From business leaders to entertainment stars, from suppliers to ordinary shareholders, Jia Yueting harvested countless leeks.

According to public data, as early as 2015, Ma Yun, Wang Jianlin and Wang Sicong participated in the first round of financing of Letv Sports, in which the A round was led by Wanda and the A+ round was followed by seven institutions and individuals, including Yunfeng Fund and Prussian Investment, which were invested by Jack Ma.

After that, Leeco began to decline, but it still attracted a lot of investment from business leaders.

In 2017, Sun Hongbin, chairman of Sunchuang, a fellow villager in Shanxi, sent a lot of money to Jia Yueting to invest 15 billion yuan in Letv. Unfortunately, Letv's debt problem was like a hot potato, and Sun Hongbin did not bring it out of the quagmire, so that at the subsequent financial innovation performance meeting, Sun Hongbin shed tears on the scene and expressed his willingness to gamble and admit defeat.

Even if Jia Yueting later lost to the United States, there are still people who are willing to pay for his dream. Jia Yueting founded FF, a new energy vehicle company in the United States, and devoted most of his energy to car building. In June 2018, Evergrande Health announced an investment of US $800m to become a major shareholder in FF. Unexpectedly, soon after, the two sides went to court and the 100-day honeymoon period finally ended in farce.

In addition to business leaders, Jia Yueting's harvest list also has many well-known figures in the entertainment industry.

According to public information, the shareholders of Letv Pictures include directors such as Zhang Yimou and Guo Jingming, as well as stars such as Sun Honglei, Huang Xiaoming, Feng Shaofeng and Li Xiaolu. Liu Tao, Qin Lan, Li Chen, Ni Ni Studio and other stars hold shares in the company through Beijing Jinyang. Letv delisting, the entertainment industry can be said to have suffered heavy losses.

Habitual foolish thinking? 100 million funds flowed into Letv and retreated frantically.

According to the Shenzhen Stock Exchange, as of March 31, 2020, Leeco had a total of 280800 shareholders, with the remaining investors holding about 62 per cent of the shares except the top 10 shareholders. It is these 280000 ordinary shareholders who have been cheated the most by Jia Yueting.

If you choose to cut the meat when "returning to China next week" becomes "do not ask the return period", although you have to bear the pain of a sharp decline in assets, you will not lose all your money.

But there are still some people with fantasy, waiting for LeTV "Phoenix Nirvana, restructuring to return to A shares." According to wind, Leeco had more than 180000 shareholders when it was suspended in 2017, but soared to more than 320000 after the resumption of trading in 2018. Although the company has issued a series of risk warning announcements before, many investors still have a sense of fluke. Before Leeco suspended its listing on April 26th this year, in several times the limit, 900 million funds continued to bottom, continue to bet on the future of Letv.

Until a delisting announcement, the former "stock king" was reduced to a "leek empire", and 280000 shareholders wanted to cry without tears.

But this is not the end of this gambling game, even in the face of Letv who can no longer recover, there are still a large number of leeks one after another.

After the release of Jia Yueting's open letter on July 2, a large number of orders appeared in the withdrawal of Letv, which was closed by the daily limit. By the close, the turnover had reached 138 million yuan, with a turnover rate of more than 13%.

Jia Tianwang once said that subversion can only be achieved if 99% of the people do not like it. With a crazy influx of 100 million funds, 1% of the believers are doing the final "stupid" struggle, waiting for the next fool to take over.

In the end, Leeco's "ECG" was fixed at 0.18 yuan, and Letv's defeat has come to an end. I don't know who became the last fool among the leeks at the bottom.

History is always a reincarnation.

When the dust of the times falls, there are always people who think they can play with it.

Coincidentally, there is Letv in the A-share market and Rui in the US stock market. Lucky after the thunder, many investors entered the market to copy lucky, although a small number of lucky people "successfully retired", but more are holding waste paper-like stocks extremely remorseful catcher.

History is always reincarnated in different forms. Investors who once fantasized about "suffocating their dreams" with Jia Yueting lost all their money, and the bottom hunters who once hoped to enter the market before the fall of Rui Xing also lost their strength.The era of irrational investment of "blindfolded running" has passed, and the speculation of taking chestnuts out of the fire will only put themselves in danger.

It is hoped that Letv's ending will alert investors and stop taking chances and speculation, stay away from junk stocks and return to value investment.

Rookies with no investment experience and scarred leeks can also choose a more robust way to invest-for exampleChoose a reliable fund company, buy a fund with excellent performance, avoid the concentrated risk brought by a single stock, invest regularly, avoid the risk of concentration during the election, and experience the value of compound interest.

After all, irrational investment practices of chasing concepts, listening to stories and blowing bubbles end up playing with fire and setting themselves on fire.