On December 11th, Beijing, the eve of the closing ceremony of the 2016 China Business Leaders Annual Conference, Jia Yueting, founder, chairman and CEO of Lexus Holdings, held a private tutor in the capacity of the chairman of the annual meeting of Chinese business leaders. meeting.

At this private meeting, Jia Yueting said, "I am willing to put all my life and life into my dreams. We hope to bring value to our investors and investors in the secondary market. Jia Yueting said, The decline in LeTV's share price is phased, and LeTV will become the most valuable stock in China's secondary market."

For the rumors that the recently controversial LeTV share price is approaching the liquidation line, Jia Yueting said at the private meeting that the plunging of LeTV's share price on December 6 came from competitors' interference.

"Last month, LeTV is surrounded by various voices every day, almost every day is the headline of the media. Ponzi scheme, Deron, bankruptcy... All kinds of sensational labels are on LeTV, thank you to everyone. In the back of the 'planning'. It is not friends but competitors who really put people on the podium." Jia Yueting said.

Jia Yueting said: "On December 6th, LeTV's stocks fell, in order to interfere with the major issues in our planning. LeTV has applied for suspension of trading, capital and industry integration is being planned. On the other hand, there are still many people. I believe that LeTV's ecological model can represent the future."

Jia Yueting also said that LeTV has carried many investors' expectations. “The LeTV investors told me that they want to invest in the first BA T company in the A-share market.” He said, “The dividend in the PC era has been exhausted, and the opportunity to move the Internet has been divided. LeTV has two The choice is to follow the safe old path to become a traditional Internet giant or hardware giant, either merged or acquired; or a whole-hearted species with subversive power. LeTV chose the latter. This year, LeTV's revenue is expected to break through. 50 billion yuan."

On December 6, LeTV's share price dipped in the late session, plummeting 7.85% to close at 35.8 yuan, and once fell to 35.01 yuan. According to reports on the same day, the founder of LeTV. Jia Yueting had a LeTV share pledge closing line of 35.21 yuan. This means that LeTV.com fell below the equity pledge closing line on the 6th of December, and the pledge stock totaled 507.323 million shares, accounting for 64.81% of Jia Yueting's shareholding in LeTV.

However, on December 7, LeTV.com responded that the company needed to suspend verification of the relevant matters. And Jia Yueting himself was excited to express on the Weibo "one of the series of events yesterday, the planning is perfect, the black hand is shameless."

Since the beginning of last month, the question about the break of the Lexus capital chain has been continuously fermented. On November 6, Jia Yueting suddenly issued an open letter acknowledging that LeTV funds had problems. Jia Yueting said in the letter that the company's development pace is too fast, and the globalization front is too long when funds and resources are limited. In an open letter, Jia Yueting announced that LeTV will "beggar the money to expand and focus on the existing business."

Earlier, some media revealed that LeTV's mobile phone defaults to more than 10 billion yuan, and more suppliers have dropped the banner at the LeTV headquarters building.

At the mentor's sharing meeting, Jia Yueting responded by saying: "The supply chain capability has created tremendous pressure on LeTV itself. The rapid growth of mobile phones has become an important reason for our "wrestling." At the same time, Jia Yueting also called on LeTV. “Good Friends” to support LeTV’s movie “Great Wall”, which will be released on December 16.

Among the many businesses of LeEco, LeTV was accused of being the biggest money-burning business and suffered the most criticism.

Jia Yueting said that LeTV's idea of ​​entering a new industry is very clear, that is, focusing on the current ecology and doing it thoroughly. LeTV is not in a hurry to make a profit, creating a precedent for low prices and high quality. "We have postponed our commercialization, which is the price we paid for the anti-convention. LeTV is even anti-common."

According to media reports, Jia Yueting himself invested heavily in the investment and operation of LeTV through the pledge of LeTV shares and cash-out funds. As mentioned in Jia Yueting's open letter, LeTV has invested heavily in the early stage, and has spent more than 10 billion of its own funds, which directly led to his personal financial support for LeEco.

However, Jia Yueting made it clear at the meeting that LeTV will not give up the car and said: "LeTV is the most suitable enterprise in the world to build a car."

Jia Yueting said that in the automotive industry, a bigger change is taking place, and there may be companies that surpass Apple. "Which companies have such an opportunity, will LeTV have such an opportunity? We are willing to give it a try." Jia Yueting said, "China can produce the world's most advanced automotive products."

Jia Yueting also revealed that at the end of December, LeTV will release major information about the LeTV Supercar Industrial Park. "If there is no accident, January 3 will be a conference that shocked the world." At the scene of the speech, Jia Yueting twice broadcasted the promotional video of LeTV Internet Car. "The 100-kilometer acceleration of LeTV's Internet car will be a shocking number for the world, so let's witness this moment at the LeTV conference on January 3."

On December 8, LeTV announced that its Faraday Future, a start-up auto company invested in the United States, will launch its first production car on January 3 next year, calling it "the first Internet eco-electric vehicle in history." On the 9th, LeTV also won an industrial plot in Deqing County, Zhejiang Province for 279 million yuan. It is reported that the company will build LeTV's first auto factory in China.

In terms of funds, Jia Yueting revealed that within a month, the group's subsidiary Le Shizhixin will complete a round of large-scale financing. After a month, LeTV’s difficulties “will be solved to a certain extent.”

Jia Yueting said that I am willing to put all my life and life into my dreams. We hope to bring value to our investors and investors in the secondary market. Jia Yueting said that the decline in stock prices (LeTV) is staged, and LeTV will become the most valuable stock in China's secondary market.

The following is the full text of Jia Yueting's speech:

Internet Ecology Model Represents the Future: Dream On and All In

good afternoon everyone! Last year, I was invited by the China Entrepreneur magazine to make a public keynote speech for the first time. I introduced LeTV's Internet ecosystem and globalization, as well as our dream of breaking through the smog and revolutionizing the automotive industry for a hundred years. Today, I have a feeling on the way to come. I believe everyone can feel that we live in a smoggy environment. How can we change this phenomenon? In fact, I think that as long as everyone is involved, it is possible to achieve it. So, I will talk to you about the present and the future here.

The theme of my speech is: Internet Ecology Model Represents the Future: Dream On and All In

Just last month, on the occasion of the 12th anniversary of LeEco, I sent a full letter of letters inside LeTV. In the letter, we first explain the seawater and flames we have experienced in the past few months. On the one hand, LeTV has consistently achieved good results in the market and users, and the Internet ecological model has gradually gained recognition. On the other hand, we have also deeply reflected on some problems in the first phase of the company's rapid development of ecological strategy, and announced at the same time The ecological strategy rhythm has entered a new phase. I did not expect that this letter actually caused an uproar. In the past month, LeTV has been the headline of major media every day.

Behind the LeTV midfield battle: the collision of two kinds of thinking

You can see all these articles about LeEco in these days: "Ponzi scheme", "Deron", "on the verge of bankruptcy", and even alarmed Mr. Treasurer in a certain state in the United States... all kinds of sensational The label is on LeEco. I am afraid that I am especially grateful to some people for their various planning and promotion behind them. It is indeed a heartfelt gratitude, because people often say that it is not your friend who is sending you to the podium, but your opponent.

Recently, some people also hope to pass the storm of unlisted company LeEco to the listed company LeTV. On December 6th, a series of news with planning traces came out, and the stock price dropped unexpectedly at the end of the day. The purpose may be to interfere with the major issues in our planning. LeTV has applied for suspension of trading and verification of the cause of the change, and our industrial resource integration matters have also been smoothly promoted.

Here I want to send a sentence here: the more hacked, the tougher, the sand field. What's more, LeTV has many investors who have followed us for many years; there are many entrepreneurs who understand the difficulties of entrepreneurial innovation, trust and support for LeTV, and many entrepreneurs and fans. Of course, there are millions of users and fans.

At the investor exchange meeting last month, the first shareholder who stood up and asked questions told me that they wanted to cast their own BAT in A shares. He is worried that LeTV will change its strategy after being under pressure.

I know that LeTV carries the expectations of many long-term value investors. From the very beginning, it was a company deeply rooted in China's domestic market and local investors. In the past few years, the traffic dividends in the PC era have been exhausted, and the tickets for the mobile Internet have been divided by BAT, and most of them are overseas venture capital and investors. Since then, the Internet industry has increasingly become monopolized.

In this environment, LeTV has two choices. First, follow the old road of security and tradition, to be the extension line of the traditional Internet and hardware giants leading the industry, waiting for the fate of being dominated, or withdrawing after the merger and acquisition; second, struggling to break out and exploring a brand new The road becomes a new species with subversive and value creation power.

LeTV chose the latter. In 2009, it gradually upgraded from an online video site to an ecosystem that was vertically integrated and horizontally open. In recent years, we have achieved some achievements and created some miracles: In 2016, LeEco's total eco-revenue is expected to exceed 50 billion. Last year, this figure was close to 20 billion, a year-on-year increase of 150%. Among them, the listed company LeTV.com is actually delivering a high-growth transcript: LeTV's 2010 IPO revenue is more than 2 billion, and revenue is expected to exceed 20 billion by 2016. We only used 6 In the year, revenue has increased nearly a hundred times.

The super TV in the listed company system will soon announce a breakthrough of 10 million units. Everyone knows what the value of the user behind it is, and it is much higher than the value of 20 to 30 million units in the traditional industry. And LeTV Super TV not only made a major breakthrough in quantity, but also made us proud that LeTV started from the users of the pyramid tower, which means that more than half of the high-end users in the market are choosing LeTV. TV. We are not only in the high-end market, but also the international brands such as 3S are far away from each other, and the sales in the entire smart TV market are far ahead;

The super mobile phone in the LeEco system of non-listed companies will also set a sales record of 20 million this year. In the market where mobile phone competition is fierce, it has become the fastest growing brand in the whole industry in 2016. Under the super-entry of these two smart terminals, LeTV operates to maintain 50 million fans; with content as the "soft" entrance, LeTV video brings flowers and music, music and video, and provides content services for hundreds of millions of users. Just next Friday, LeTV Film Co., Ltd. produced a large-scale "Great Wall" directed by the director of the artist, and also asked for a lot of support.

More importantly, LeTV's unique business model provides a direction and a possibility for all companies around the world who are trying to innovate, transform and upgrade.

However, the turmoil this month after the letter was sent out has already affected the judgment of entrepreneurs, the public and media friends who really care about the ecological model and care about where the business economy will go in the next era.

Just a few days ago, the chairman of a LeTV heavyweight supplier partner that I respected deliberately came to me for more than 2 hours. He is not talking about the supply chain. He is here to discuss the ecology with me. He has focused on an industry for more than 20 years and is a global leader. After seeing LeTV's model in the past few years, I began to study cross-border and ecological. Now, after seeing our staged problems, I think that the future of business still depends on professional division of labor.

Finally, he asked me a word: In fact, people are very short in this life, what is it like for you?

This incident touched me very much. I realized that the storm of public opinion around LeTV is essentially the collision of traditional thinking with the ecological thinking of the next generation Internet; it is the trend of the professional division of labor and the Internet ecological model who can represent the future of business.

Specifically, the professional division of labor model essentially enlarges and strengthens itself through economies of scale rather than subversive innovation, and then pursues the maximization of corporate profits as a market leader or even a monopolist; and the Internet ecological model is After breaking the boundaries of industry, innovation and organization, we will strengthen and expand ourselves through value reconstruction and value sharing, with the aim of creating new value and maximizing user value.

So in the process of China's economic transformation, can the market provide a sufficiently open and enlightened environment for many companies seeking entrepreneurial innovation, transformation and upgrading? And LeTV, just at this time served as the touchstone. In turn, can LeTV truly become the next generation model that the market can learn from through its own practice?

The first stage of the ecological strategy: new species, anti-conventional and blindfolded

Before giving the answer, we want to analyze it first. Please watch a video that was played at the "Subversion Day" conference on September 19, 2012.

From the day of its birth, LeTV is a new species with anti-conventional genes in its bones.

The ecological model is too new. LeTV Super TV has been launched to the market for just three years. Mobile phones, sports and automobiles were released only last year. Internet finance was officially unveiled in November this year. It’s new to many people who don’t understand what LeTV is saying. Many new people want to persuade themselves to desperately search for our boundaries and logic; it’s new enough to keep itself in a longer time dimension for people to examine and judge. It can't be self-certified and it can't be proved - it is the most lonely species in the epoch.

The ecological model is too unconventional. It is a new force to overthrow the theory of professional division of labor that has prevailed for more than a hundred years and in the industrial age, trying to create new value through innovation and ecologicalization.

LeTV entered the new industry very quickly, and it almost rose in an anti-conventional situation. Many people are questioning the speed of LeTV. LeTV has never entered blindly. Our borders are actually very clear. We are not single to expand in pursuit of scale. We are entering strong related fields and are seeking all kinds of innovations. The opportunity to create value. Breaking the boundaries of innovation and value creation is actually a long and dangerous process – this is a path without shortcuts, because we can't copy, can't follow, and can only follow the inner guidance.

The real innovation is like this. Making money and making money is something that every business will do, but if we want to play a respected role in the global economic landscape, we must take the patience and the initial heart of entrepreneurship in order to quickly seize the opportunity given by the times. Resist the loneliness and suffering in the process.

LeTV is not in a hurry to make a profit. Since the birth of LeTV Super TV, it has created a precedent for high quality and low price. Chinese users have been through the "low quality and high price - low quality and low price - cost performance" for 30 years, they are very satisfied and very accustomed. Therefore, LeTV’s behavior is also considered to be anti-conventional – people have seen LeTV burn money to subsidize users. In fact, LeTV has done more than this. In order to let users have a better experience, we sacrificed profit and delayed commercialization. - This is a very big price paid by Le as "anti-conventional";

LeTV, it is not just anti-conventional, it is simply the most common sense of existence. LeTV's scale, business, and genes all seem to have nothing to do with the car – why is it that the investment is huge, the cycle is long, the technical threshold is unattainable, and even Apple can't make it?

But we just believe that LeTV is not only a car, but also the most suitable company in the world. In the past few years, we will continue to explain our views to the market, explain our philosophy, and constantly introduce to the market what the future of the car is. I believe that many people can understand more about what we are doing. Kind of thing.

Based on the above, many people regard LeTV as a different kind. If heterogeneous subtexts are different from traditional new thinking, new models, and new strategies, then LeTV is indeed a heterogeneous, new species emerging on the eve of the next era of the Chinese Internet.

In this way, "the blindfolded madness", as seen in the video, LeTV people will fall, get hurt, climb up, until a real leap. It is after the tempering of the “robbery” that LeTV truly achieved the goal of the first phase of ecology:

All of LeTV's sub-ecologies, which have been officially launched, have achieved relatively ideal market positions in their respective industries. I will not repeat the results. We will use the three core intelligent hardware to fully cover the user's family, mobile and travel life. "Platform + Content + Hardware + Software + Application" is the entrance, integration is a three-dimensional multi-dimensional scene.

The second phase of the ecological strategy: focus, strengthen the anti-business, and scale to obtain high-value users

I have already clearly expressed the problems in the first stage of the ecological strategy. Every enterprise that wants to achieve greatness has to go through many such ups and downs in development. What is important is that we can clearly understand our shortcomings and shortcomings, and actively and effectively carry out improvement and sublimation. These are the most valuable assets for LeTV and have far-reaching implications for our future development.

I emphasize once again that LeTV has never said or changed its strategic direction. What is changed is the strategic rhythm. We will enter the second phase of the ecological strategy rhythm in advance: focus on the existing market, initiate internal organizational changes, and strive to achieve ecological reinforcement across organizations within three years; in the listed company LeTV system, I will put more energy into it. The profitability of listed companies and TV ecosystem will enter a stage of rapid growth; in the LeEco system of non-listed companies, P&L (profit and loss) management will be fully promoted, and I will pay close attention to the positive growth of ecological cash flow and the high value of scale. Users pay equal attention to development goals.

The mobile phone supply chain that everyone cares about is gradually being solved, the product supply will return to normal, and Le Pro3 has resumed sales. Eco AI mobile phone Le Dual3 will be released soon;

Relevant financing work is progressing smoothly, and we will release it at the right time;

The sales system revolution has started. Through business integration and organizational transformation, we have established LeTV's eco-sales and service platform. This is the sales and service system of omni-channel, three-dimensional and full-paying eco-products with UP2U as its core and its own O2O platform. Since the retail industry's first transformation from offline to online, it is hoped that it will create a new value, create value for our ecological partners and users, and create a new retail format.

My dream of blue sky and the revolutionary dream of the century-old automobile industry

Now let's talk about the most unconventional existence in everyone's eyes: LeTV supercar.

Eight years ago, people still thought that mobile phones were a communication product, and Jobs said it was a mobile Internet product. When Apple made it a mobile phone, the Internet and it was one day, Apple became the world's greatest company;

Four years ago, when people still thought that television was a home appliance, Coke considered it a home Internet ecosystem. When one day, Let's let it integrate content, cloud, application and the Internet, the real ecological TV was born, it subverted the entire TV industry; when the big screen and the Internet merge, it has broken the innovation and ecologicalization. The music of the anti-model subversive concept of the company appeared;

Now, people still think that the car is a travel tool, and we think it is a traffic Internet ecosystem. When one day we let it integrate electricity, intelligence, sharing and the Internet, it will subvert the entire automotive industry. When the car and the Internet are going to merge, there will be a company that goes beyond Apple, and LeTV will most likely be the company.

If you look at the future and look forward to the future, LeTV will look like a gamble of unfamiliar knowledge; but standing in the future and looking to the future, LeTV is the most suitable and most capable enterprise in the world.

Because the next generation of the automotive industry will be a master of cross-border innovation and technology. We believe that electrification, intelligence, Internet and socialization are the direction of change in the global automotive industry in the next decade. Based on the judgment of industry trends, LeTV has been committed to leading change with triple thinking from the beginning.

The first priority is the innovative thinking of the Internet: The intelligent electric vehicle in the Internet is the next realm of subversive technology and innovation, and the perfect integration of cross-border technology.

The value chain of the automobile industry is being reconstructed and relocated - the core value of the car has changed from a vehicle to a new scene of traffic Internet life; the era of cars from non-renewable petroleum energy to new energy has become irreversible, the traditional car The core technology is just a gasoline powered system around the engine. In the next era, the core system of the Internet intelligent electric vehicle is composed of four major technologies: computing system, driverless and AI, Internet and electric.

Therefore, we must break the boundaries between the Internet and technology, electric vehicles and traditional cars, cars and other smart terminals, from the underlying technology to the upper applications. In the past few years, LeTV has already transformed the traditional automobile industry by breaking the technical boundary between the Internet and cloud, big data and artificial intelligence, automobiles and other intelligent terminals, and in the past three years, we have accumulated research and development in the Internet intelligent electric vehicle technology. All the core technologies required are in an absolute leading position among new players in the next generation of automotive in the world:

Everyone will see a lot of LeTV's business today in the future car: Now LeTV will become the display system of the future car; now LeTV will become the brain of the future car; now EUI will become the nerve center of the future car; Now LeTV, sports, music, and car networking will become the entertainment service system of the future car; now LeTV cloud platform will become the artificial intelligence and automatic driving platform of the future car; now the easy to get and the zero-sense will become the future car Shared platform.

The second is the ultimate technology and the ultimate product thinking: unlike mobile phones, LeTV is entering the early stage of the immature development of the smart car industry value chain. Our challenge and opportunity is to be able to create a product that can completely replace the traditional car and promote the user's habit of rapid migration. It must start from the lowest level of technology and be extremely demanding on innovation: high density and high security. Battery grouping technology and battery management solutions, motor systems that clearly exceed engine performance and energy efficiency, electronic control systems that efficiently use electrical energy, artificial intelligence and driverless systems, and in-vehicle interactions, electric Automotive network communication solutions, vehicle networking technologies and application systems, etc.;

Electric cars can completely kill traditional cars in terms of acceleration performance, but they need to meet the most demanding requirements to push the technical performance to the limit. LeTV is a company that has the ultimate performance experience gene for users. We started from the very beginning. Adhere to the next generation of products that surpass competitors, recruit the world's top teams, and perform top-level configuration and development on all core parameters and performance.

The third priority is subversive mode thinking: we have made all other preparations for the super car to completely subvert the existing traditional automobile industry rules and user experience by defining the future big-screen ecosystem and the construction and operation of the mobile Internet ecosystem. : Disruptive business models, profit models, marketing models, and leading R&D models and product values. Industrial change is doomed to the fact that existing rules must be subverted, everything must be thoroughly innovated and evolved, and LeTV, in this matter, has full grasp and successful experience can be used for it.

Four months ago, we announced the news that LeTV supercar settled in Moganshan, Zhejiang. The day before yesterday, we officially got the plot. Taking this as a starting point, we will build China's first D-class car factory, China's first Internet eco-super car factory, and China's first open super-car industrial park with UP2U as its concept and full user participation. At the end of December, we will officially announce the significant progress of the LeTV Supercar Industrial Park.

In three years, LeTV has carried out subversive exploration in all areas of the car: cross-border industrial layout based on intelligence, electric, Internet and sharing, comprehensively subverting key hardware indicators from design to performance, from speed to driving experience, research and development. Mastered the core technologies such as algorithms and AI. After overcoming countless difficulties and pressures, we and our strategic partner FF will soon be able to show you the revolutionary results we have achieved.

Today, I want to spoil through one of the most watched car power performance test videos here: How does the FF production car overturn the world's fastest 100km speed record:

Racing video playback

The 100km acceleration time will definitely be a shocking number. This video is an early spoiler, leaving a suspense for everyone , see CES on the 3rd of the month , we witness this historical moment together. I believe that 99% of people do not believe that an Internet company has such a limited performance by mastering the core technologies of battery, motor and electronic control. It is a mark of the Internet's ecological model in the global marketplace, and is a reflection of the ability of startups to build and possess disruptive innovation.

Conclusion -

Ladies and gentlemen, in the past two years, LeTV Eco has created too many miracles. Of course, it has also taken a lot of detours: while our strategy implementation is too fast and actively deploying future technology and innovation projects, it ignores the current cash flow of ecological operations. Forward rapid growth....... Frankly, I used to say that "LeTV may be successful, maybe it will die on the road to success." Because it is known that the Internet ecosystem is unique, we have no experience to learn from, and only evolve in trial and error. It is possible to move to the future.

After this storm, LeTV will truly mature. I can say this now, LeTV Ecosystem will be successful, and supercars will succeed.

I know that many people want to know the answer to that question - so desperately, why?

Because I want to create something unique to the world.

If you are willing, please give us some time to adjust and repair; of course, the questioning of LeTV will not stop here. The return of the warrior is the battlefield. All the things can only be given time to prove: use the action to speak, use The result speaks and speaks with facts.

We have such a group of “same people” who believe that the Internet ecosystem model will definitely represent the future: Dream On and All In

I have given all my life and even my life to my dreams. I believe that I will be the 1%. I believe that if you can pay for your dreams and you will not be able to take care of you, you will become that 1%.

I believe that the world will make way for All In.