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According to a report by Beijing Business Daily on August 26: Luo Yonghao, CEO of Smartisan Technology, released a long article on the social platform saying that as of now, "Zhen Huanchuan" has actually repaid a total of 824 million yuan, including: 1. Starting in April 2020 as a live streaming e-commerce company, 548 million yuan of cash after tax was repaid; 2. 180 million yuan obtained by transferring the mobile phone team and intellectual property rights to ByteDance in 2018 (previously announced on social media); 3. After Smartisan Technology’s funding chain was cut off and production lines were shut down in 2018, Luo Yonghao signed a personal unlimited guarantee to resume work at the factory, and used the remaining materials to make complete machines to pay off debts of 66 million yuan; 4. From 2018 to the end of 2019, Smartisan Technology’s debt settlement team sold Smartisan Technology’s remaining assets in various ways to repay debts of nearly 30 million yuan.

Source: Weibo of the party involved

There was a debt of 600 million that was not included

This figure far exceeds the "debt of more than 600 million" that was once announced to the public. Luo Yonghao explained that it was mainly due to the additional compensation caused by various lawsuits and disputes during the debt repayment process, as well as various fines caused by late payment, which increased the total debt by nearly 100 million. In addition, some situations that occurred at the end of 2022 also generated new debts.

The new debt he mentioned was an investment and loan that was not included in the "True Return 1.0" period. When Smartisan Technology raised funds that year, it received a 300 million yuan investment and a 300 million yuan loan from state-owned capital, totaling 600 million yuan.

Luo Yonghao wrote in a long article that the team had envisioned repaying this part of the debt by capitalization, but in the end, because Jiaogepengyou was listed on the Hong Kong stock market and the Hong Kong stock market was relatively sluggish, it was changed to repay the debt in cash. In addition, considering the nature of state-owned debt, the "True Return" team gave up the debt restructuring negotiations and promised to treat the 300 million yuan investment as debt in addition to the 300 million yuan loan, and repay the 600 million yuan principal in cash.

Source: Weibo of the party involved

Afterwards, Luo Yonghao used his experiences and ideas such as successfully standing on the cusp of the live broadcast trend, low material life requirements, clear and strong spiritual pursuits, and self-realization to explain why he "had to pay so much money for the company?" Some people said to him because of this, "This is really against human nature."

"Later, I particularly liked the sentence 'it's really not in line with human nature'. I think it is the best compliment to 'True Return'," he wrote.

Prepare to go all out to pay off the remaining debt

Luo Yonghao said that he had transferred or closed most of his social media accounts before, and had hardly made any statement in the past two years, "repaying his debts silently." This time, under the pressure of rumors, slander and defamation on the Internet, he stood up and spoke again, publishing three long posts totaling about 15,000 words to prove his innocence and restore the reputation of "Zhen Huan Chuan".

Source: Weibo of the party involved

"Next, my team and I will simply go all out and use all means to increase cash income and pay off the remaining 500 million yuan of debt as soon as possible." Luo Yonghao said that the things that will be done immediately include but are not limited to: 1. Fully resume the update and operation of social media accounts, this time it will be operated on nine online platforms at the same time; 2. Partially resume the recording of variety shows; 3. Fully resume commercial advertising and endorsements; 4. Partially resume the hosting business of weddings and funerals; 5. Fully resume inviting cultural celebrities and film and television stars to the live broadcast room to communicate and bring goods; 6. Fully resume the creation of the commercial comedy blockbuster and serious documentary "True Return" of the same name...

Luo Yonghao, 52 years old, male, was born in Helong County (now Helong City), Yanbian Korean Autonomous Prefecture, Jilin Province in 1972. He is currently the chief product recommendation officer of the Jiaogepengyou live broadcast room, an entrepreneur, and a speaker. He has founded Lao Luo English Training School, Niubo.com, and Smartisan Technology.On March 26, 2020, Luo Yonghao officially announced that Douyin would become his exclusive live streaming platform for selling goods, and completed his first live streaming show on the evening of April 1. Data showed that the total transaction amount of the first live streaming payment exceeded 110 million yuan, and the cumulative number of viewers exceeded 48 million.

Jimu News compiled the social accounts of the parties involved, Beijing Business Daily, Jiemian News, and Chengshi Interactive

(Source: Jimu News)

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