Taoyuan Capital issued a statement: reached an agreement with LeTV on the acquisition of Yidao shares
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Taoyuan Capital said in a statement that on July 13, 2017, Yidao held a shareholders meeting and reached an agreement on Taoyuan Capital's investment in Yidao, thus achieving a controlling stake in Yidao. Taoyuan Capital said that the core of Yidao's survival lies in more than 40 million users and 6 million platform car owners, which will be the source of value that Taoyuan Capital and Yidao regard as a pearl. Providing users with better travel services is the goal of Taoyuan Capital after entering Yidao. As for why it acquired Yidao, Taoyuan Capital explained that in recent years, Taoyuan Capital has made cultural tourism and sports as key investment directions, and has successively laid out tourism resources in Japan, South Korea, Malaysia, Switzerland and other places. In the future, it will bring overseas travel services back to China, and travel services are an important driving force for connecting tourism business. Yidao's positioning is very consistent with Taoyuan Capital's layout of cultural tourism. On June 28, Yidao issued an announcement stating that the company has recently changed its controlling shareholder, and a new controlling shareholder has entered. LeTV is no longer the controlling shareholder of Yidao, and the original management team continues to be responsible for the management and operation of Yidao. Yidao plans to hold a media communication meeting on July 4 to make public explanations on specific matters. Since the announcement of the change of controlling shareholder, rumors about Yidao's new shareholder have been heard from the outside world. There was news that Ping An Group will enter Yidao; there was also news that private equity fund Blue Giant Investment Holding Group may be the controlling shareholder of Yidao. Blue Giant has participated in Mobike, JD Finance, Evergrande Real Estate and other companies. Another relevant person revealed that the private equity investment fund "Taoyun Capital" acquired Yidao, and Blue Giant Investment is its subsidiary. Sources said that Taoyun Capital has a close relationship with LeTV and has participated in equity financing of many LeTV non-listed system companies; and Taoyun's cash price for this transaction with Yidao is about US$500 million. After the transaction, LeTV only retains a small portion of the equity. Yidao said that it would not comment on the news for the time being, and Taoyun said that "official information shall prevail." According to information, Taoyun Capital was established on November 21, 2014, and Wen Xiaodong is the legal representative and manager. In addition, Wen Xiaodong also serves as the founding partner and president of Lancapital Investment, while Taoyuan Capital holds a controlling stake in Lancapital Investment. According to Lancapital Investment's official website, Lancapital Holdings Group is a large financial services company with an asset size of more than 16 billion yuan. The group has five major business segments: equity investment (PE), asset management (AM), venture capital (VC), financial investment (FI), and investment consulting (IC). It directly/indirectly controls or holds shares in more than 20 companies. Lancapital Investment has participated in LeTV's projects many times, including LeTV Mobile, LeTV Sports, LeTV Pictures, and LeTV Auto. In August 2014, LeTV announced a plan for the private placement of A shares, saying that it plans to raise approximately 4.5 billion yuan from five specific targets including Lancapital Investment, of which Lancapital Investment will contribute 1.5 billion yuan, but the plan has not been approved by the China Securities Regulatory Commission. According to media reports, Wen Xiaodong and the capital he operates are in contact with LeTV-related parties and may take over more LeTV Holdings equity assets. (End) The following is the full text of the statement: First of all, we would like to thank friends from all walks of life for their recent concern for us. On June 28, 2017, Taoyuan Capital reached an agreement with LeEco on the acquisition of Yidao’s equity, and injected the first batch of funds into Yidao on June 30 to solve the problem of car owners withdrawing cash. However, due to some necessary legal procedures and related processes that have not yet been completed, we have entered a period of silence and cannot announce it to the public. We sincerely apologize for this. On July 13, 2017, Yidao held a shareholders' meeting and reached an agreement on Taoyuan Capital's investment in Yidao, thus achieving a controlling stake in Yidao. In May 2010, the founding team headed by Mr. Zhou Hang opened the prelude to Yidao. As China's earliest online car-hailing platform, we believe that it still has a lot of room for value exploration. On the other hand, we firmly believe that "Misfortunes are the foundation of blessings, and blessings are the foundation of misfortunes." Without vigilance, even the best companies will go to danger, and companies in danger will have the opportunity to become excellent as long as they can persist. After going through a difficult situation that many people have not experienced, I hope that Yidao will be even more tenacious! The core of Yidao's survival lies in more than 40 million users and 6 million platform car owners, which will be the source of value that Taoyuan Capital and Yidao regard as a pearl. Providing users with better travel services is the goal of Taoyuan Capital after entering Yidao. Here we would like to express our heartfelt thanks to the users and platform car owners who have supported Yidao now and in the past! At the same time, we also express our deep gratitude to the founding team headed by Mr. Zhou Hang, Yidao's early venture capitalists, Yidao's important strategic investors - Ctrip, Mr. Jia Yueting who intervened in Yidao's crisis in 2015, and LeTV, and all the friends who have been and are still sticking to Yidao's positions. If it weren't for you, Yidao might have ceased to exist long ago. If it weren't for you, Taoyuan Capital would not have had the opportunity to enter Yidao, and we would have lost the opportunity to ask for leave, learn, and communicate with you, which we cherish. We also hope that our entry can bring some new vitality to Yidao. In recent years, Taoyuan Capital has focused on cultural tourism and sports as its key investment direction, and has successively laid out tourism resources in Japan, South Korea, Malaysia, Switzerland and other places. In the future, we will return to China with high-quality overseas travel services, and we believe that travel services are an important driving force for connecting tourism businesses, especially the "high quality and differentiated" positioning of Yidao, which is very consistent with Taoyuan Capital's layout of cultural tourism. In the future, Taoyuan Capital will continue to inject the required funds into Yidao and integrate the group's subsidiaries to provide valuable resources to Yidao. We also know that an excellent company needs many partners. We plan to invite more partners to participate in Yidao in the future. On the other hand, we understand that the development of an enterprise cannot be separated from user needs. Starting from the user's perspective is Taoyuan Capital's requirement for Yidao. Therefore, Yidao will gradually adjust and improve in the future. I hope everyone is still willing to give Yidao such opportunities and time. At the same time, we would also like to thank our colleagues who work day and night for the Yidao project! Without your support, there would be no such quick decision! Thank you! Taoyuan Capital Group July 14, 2017 As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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