Yesterday, LeTV issued two financial products, “9 Money Management†and “Limited Time Spikes†at LeTV’s “Buy and Play America†strategy conference. This is also the first public appearance of the business after LeTV CEO Jia Yueting confirmed the existence of LeTV. Just a week ago, LeTV and LeTV Films also launched “Financial Doubles†for financial products targeting movie fans.
Jin Jie, Vice President of LeTV Financial, stated at the press conference yesterday that LeTV Financial has basically completed the construction of the business segment and the work team and will formally go online before the end of the year.
LeTV's history
Since February 8, this year, Jia Yueting’s WeChat public number poster appeared in the New Year's Eve finances, and the business has been guessed and analyzed by the outside world. Compared with other Internet companies such as Tencent and Ali, LeTV started late in the financial sector. Now sort music as the main financial history is as follows:
In August 2014, LeTV announced the introduction of a strategic investor, CITIC Securities, which will enter the Internet finance industry in the future;
In August 2015, Wang Yongli, a former deputy governor and senior researcher of the Bank of China, and Zheng Xiaoming, former head of TMT of the Bank of America Merrill Lynch Group in Asia, joined LeEco as internet finance business (later becoming CEO of LeTV) and global investment financing. Senior Vice President of Business;
In January of this year, LeTV announced an announcement that seven companies, including Xinwo Capital, initiated the establishment of Xinwo Property Insurance Co., Ltd. LeTV will invest 170 million yuan and own 17% of Xinwo Property Insurance;
In March, Chongqing Leshi Small Loan Co., Ltd. was unveiled and set up, mainly engaged in various types of loans, discounted bills, asset disposal, and internet loan business, providing small-business and consumer loans to enterprises and individuals;
In June, the first financial APP of the same name was launched;
In August, Levision Holdings led the financial management platform lazyfinance network B round 180 million yuan financing.
Currently, on LeTV's official website, we can see that its financial services are divided into four sections: LeTV, LeTV, LeTV, and LeTV. It can also be seen from the course that small loans and financial management are the main directions of action for LeTV over the past six months or so. After more than half a year has passed, how are the business segments now?
Based on small loans and financial management
Wang Yongli once said that LeTV Microfinance focuses on supply chain finance, consumer finance, automotive finance, and microfinance. These areas are also complemented by LeTV's existing businesses. Its mobile phones, televisions (and/or mass-produced cars) will have upstream and downstream supplier relationships, and more than 20 million paying users will also be sources of consumer finance. One regret is that LeTV Mall mainly sells its own products, and its consumption scenario is limited.
LeTV's wealth is very similar to LeTV's APP. At present, this piece is also the most mature. LeTV’s positioning is to provide one-stop financial services and help realize wealth growth. In addition to the new wealth management products mentioned above, in July this year, shortly after the launch of the financial APP, financial products related to the European Cup, the 2016 China Super League and the 2018 World Cup Asian Qualifiers were launched. In the following August, LeTV also entered into cooperation with Mei Mei Financial, which implanted the United States and the United States financial management financial products in the Le Shi Shopping Mall and film business, although it is not known whether it will conflict with LeTV.
It can be seen that the promotion of Letv Wealth mainly revolves around IP, such as movies and sports events. This can attract relevant fans to use Letv financial products, and wealth management products around strong IP will also have better returns. However, some people in the industry pointed out that this is mainly an excuse and the format is too single.
License issues
One industry source told Lei Fengwang (search for "Lei Feng Net" public concern) that entering the financial threshold of Internet finance is not a problem for LeTV. The real problem lies in the financial license. At present, LeTV has only one small loan license, which restricts the development of other financial services. In contrast, Tencent already has licenses for payments, microfinance, fund sales, etc. Ant Financial also has full licenses.
In terms of payment, LeTV's actions are less. In April, there were reports that LeTV wanted to acquire the licensed Guangdong Hefei Financial Technology Services Co., Ltd., which accounted for 70% of the shares, hoping to obtain a payment license with this curve. However, there were other companies that later cut off and LeTV had not yet obtained a third-party payment license.
At present, the central bank's management of payment licenses is very strict and is no longer expected to happen. On the other hand, the payment industry is facing restructuring and reshuffling. Xiaomi, Evergrande, Midea, and Weipinhui have invested hundreds of millions of dollars in payment licenses. The water goes up. LeTV wants to obtain a license at least for a small price.
As for LeTV, the official website introduced financial information as a video, and there is not much news yet.
According to IT Orange's data on internet finance investment in the first half of 2016, under supervision, finance is still a hot area for investment. At the transition of various Internet finance companies, there is still an opportunity for LeTV, but it cannot be cut in mature mode.
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