At the time of LeTV's financial struggles, Sun Lebin’s new LeTV is accelerating its efforts to develop a strategy aimed at achieving profitability. Ensuring the stability of the company's core business—its TV screen division—is now a top priority. Recently, LeTV published its semi-annual report, revealing a loss of 637 million yuan in the first half of the year, marking a 323.91% year-on-year decline. LeTV attributed this to the financial difficulties of related parties and the significant drop in its main revenue due to reputational impacts on the company’s brand.
However, LeTV insiders, speaking to the "Securities Daily," stated that following Sun Hongbin's intervention, the listing system (New LeTV) has undergone another round of integration. Post-integration, New LeTV will concentrate on the TV big screen business. With new partnerships in the pipeline, the next objective for New LeTV is to ensure profitability across LeTV and its associated systems.
In addition, the "Securities Daily" learned that to stabilize its core business, LeTV has resumed partial production after parting ways with Hon Hai Foxconn. Currently, LeTV is in talks with potential new TV manufacturers.
It was revealed that after Foxconn's exit, LeTV retained four existing factories: TPV, Yichang, TCL, and Zhongqiang. Following further negotiations, LeTV may introduce two to three additional manufacturing partners, potentially increasing the total number of foundries to seven. While production was scaled back, it never fully ceased. Foxconn’s abrupt withdrawal triggered a temporary halt in production, leading to rumors of a complete shutdown.
On August 29, a representative from LeTV told the "Securities Daily": "Rumors suggesting LeTV has completely halted production are unfounded. Although Foxconn has stopped providing OEM services, LeTV continues its operations, albeit at a reduced capacity."
The reporter learned that several models, including the 4X55M Eco Edition, have resumed production. LeVision New (Tianjin) Co., Ltd., located in Kunshan, Suzhou, is responsible for these productions, with the first batch rolling off the assembly lines on August 21, 2017. This marks the beginning of a new production cycle for LeTV.
For LeTV, a source confirmed: "This specific model resumed production in August and is being manufactured by Yichang. LeTV places orders with its foundries, which then produce the TVs and store them in warehouses. LeTV distributes these TVs globally. Once inventories of certain models reach a safe level, production for those models will resume. This is a cyclical process, and the claim that production has been suspended is a misunderstanding."
The source emphasized: "Termination of cooperation and contract termination are different things. Some media have misinterpreted this message. Foxconn is no longer one of LeTV’s foundries, and their partnership has ended."
LeTV insiders clarified: "Actually, LeTV has never ceased working with foundries. After Foxconn's withdrawal, LeTV retained four foundries and is currently in discussions with new partners."
Details of these negotiations have begun to emerge, exposing potential new foundry candidates. LeTV is actively seeking a replacement for Foxconn.
The "Securities Daily" learned that LeTV is exploring new foundry options for its televisions, with talks already underway. As part of the LeTV listing system and under Sun Hongbin's control, this core business remains central to New LeTV’s strategy. Sun Hongbin’s influence in these negotiations has instilled confidence among potential new foundries.
Following the LeTV financial crisis, supply chain partners like Foxconn and Compal Computer withdrew from LeTV. LeTV Zhixin, a subsidiary of LeTV, hosts the company’s smart TV business. Foxconn's abrupt departure marked the end of a four-year partnership with LeTV.
LeTV and Hon Hai Foxconn began their collaboration in 2013, with Foxconn producing smart TVs and set-top boxes for LeTV. An exclusive agreement prevented Terry Gou from manufacturing similar products for other Chinese internet companies. That year, LeTV also announced a capital increase involving Shenzhen Guanding Construction Engineering Co., Ltd., an affiliate of Foxconn.
Initially, Terry Gou and Jia Yueting fostered a strong friendship. However, by early 2016, Shenzhen Guanding disappeared from LeTV’s shareholder list, signaling the end of their partnership. Foxconn cleared its remaining inventory and ceased OEM production.
This year, LeTV set a new sales target for 2017: aiming for 7 million units with an aspirational goal of 8 million. Achieving this target remains uncertain.
After Sun Hongbin took over, Liang Jun replaced Jia Yueting as CEO to oversee the integration of LeTV’s listing system. Liang Jun explained that the organizational structure has been restructured, with plans to merge the television operations team with LeTV Network’s team. The future of the listed company will center on the TV screen business. Liang Jun also emphasized the need to quickly generate profits for LeTV and its systems.
Currently, LeTV has identified new foundry candidates, and discussions are ongoing. Success hinges on reaching mutual agreements on interests. Each foundry specializes in different sizes of TVs, so LeTV aims to diversify its partnerships. Presently, the demand for TVs remains high.
Smart TV and box enthusiasts can stay updated via Sofa Butler (http://), a prominent Chinese platform for TV box and smart TV news, offering insights, communication, and resources on smart TVs and related software.
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