The valuation is almost cut by the waist
October 28, the China Post Fund announced that since the date of the company's eight funds held by the valuation of music stocks to adjust the stock, taking into account the stock during the period of share capital increase and dividends, the valuation price adjusted to 7.83 yuan On the same day, the Harvest Fund also announced a reduction in the valuation of the music net, which was further reduced by 30% to $ 7.82 on the basis of the ex-dividend price. The fund also stated that the valuation price was further determined if necessary.
The downgrade, music Watch stock valuation from the lowest price of 15.33 yuan down to 7.82 yuan, plunged 49%, almost cut waist.
This is the music network since April 2017 since the suspension of the second time since the fund company downgraded valuation .7 8, music as a new round of capital chain dilemma after the outbreak, a number of funds began to adjust the music Watch stock valuation , Including the postal fund, including more than a dozen heavy warehouse music raised funds collective announcement announced lower music net valuation, the minimum valuation adjusted to 22.05 yuan, compared with the suspension before the 30.68 yuan, close to three consecutive daily limit.
August 25 this year, music to all shareholders for every 10 shares distributed cash bonus 0.28 yuan, at the same time, the capital reserve fund to all shareholders for every 10 shares of 10 shares in 10 to 10, dividends ex-dividend, music Watch forward The price from the suspension before the 30.68 yuan to 15.33 yuan.
The two days before the July 8 adjustment, July 7, the original music network chairman Jia Yue Ting announced his resignation as chairman of the board of directors, and this time The day before the adjustment, coincided with the resignation of Leung King Leung, general manager of music and music and music in the third quarter of 2017 performance release.
Pledged equity is at risk
Shigekura held by the public offering of music Watch Fund for music Watch down the stock price valuation, triggering the market concerns.As music Watch currently there are a large number of pledged stocks, if the stock price break through the closing line led to sell, then for Ya Yue Ting, Sun Hongbin Or music as the network of investors, will face the risk.
From the music network announced third quarter earnings point of view, Jia Yue Ting is still the largest shareholder of music Watch, holding a total of about 1.024 billion shares, holding 25.67% stake, which pledged 1.02 million shares, frozen 1.04 billion shares. See, Jia Yue Ting holding the pledge rate of 99.53%, the freezing rate of 100%.
Jia Yue Ting 1 billion shares equivalent to more than 150 billion market value was pledged and frozen, if the valuation of 7.82 yuan, Jia Yue Ting stake worth only about 80 billion.However, these pledged shares of the closing line is the number of the current outside is not clear The
According to a financial analysis, Jia Yue-ting had to hold shares in the hands of the pledge, that is, holding the equity as a pledge of the subject matter of a way of financing, its purpose is undoubtedly to finance the equity pledge has always been Jia Yue Ting important One of the means of financing, according to music Watch historical announcement, Jia Yue Ting frequent equity pledge to get more cash flow to support the development of music as the fact that it also shows the music as the desire for money is so strong.
And the 100% stake in the freeze is mainly judicial freeze, the current holdings of shares held by Jia Yue Ting has been frozen. 'Registration company can not fight the freezing of the law, once frozen to wait for legal judgment', is currently in suspension of music Watch, even after the opening, Jia Yue Ting shares But also to face the treatment of judicial freeze.
At present, music Watch is in suspension, although the suspension period, a number of institutions to adjust the stock price of music is expected after the opening, once the stock fell, will inevitably exacerbate Jia Yue Ting equity pledge may lead to financial pressure.
Question 1 How much investment is lost?
According to music Watch earnings, August 2016 Music Watch to four fixed by the total issue of 107 million shares of financing 4.8 billion yuan, of which 39.1 million shares of Fortis Fund, Zhang Jianping subscription 2488 million shares, Harvest Fund subscription 2133 shares, Postal Fund subscription 2133 million shares, set by the price of 45.01 yuan / share.
At that time, fixed prices and today's institutions to reduce the valuation gap is widening, which means that investors are also exacerbated Fukui, which, the big brother Zhang Jianping to participate in music as the net increase, with 2488 shares, 22.5 yuan / share.According to the latest valuation of 7.83 yuan, the current investment in Zhang Jianping 11.2 billion has been fugitive 730 million yuan.
According to the announcement of the music published by the announcement, Fortis Fund, Harvest Fund, China Post Fund is limited to 12 months, which is limited to the sale period until August 2017. After August 2017, because the amount of shares Less than 5%, the number of shares held by these funds is not disclosed.Therefore, the number of these fund is not yet known.
According to Wind data show that as of October 28, 2017, a total of 34 funds Chongkang music Watch, holding the number of 1.23 billion shares, the total market capitalization of 1.407 billion yuan.
Question 2 How long can you keep cash flow?
From the earnings point of view, music Watch is facing enormous financial pressure .2017 the end of the third quarter, music net money 833 million, current liabilities of 12.7 billion, of which 3 billion short-term loans, accounts payable 5.36 billion, while accounts payable From the supplier.
Music as super TV was originally music as the quality of assets, Liang Jun accepted music Watch CEO, also hope that the music as the network, music video, music as super TV resources integration, home screen and content homemade.However, from the earnings announcement Of the cash flow table to see, music from the beginning of this year to the third quarter of operating cash flow of 540 million yuan, while the figure for the same period last year 11.313 billion yuan.
From the merger of the balance sheet, music Watch accounts receivable 9.74 billion yuan last year, accounts receivable was 8.686 billion yuan, accounts receivable over the same period last year to expand.
In May this year, the Shenzhen Stock Exchange on the music as the 2016 annual report issued an inquiry letter, asked Music Watch on the accounts receivable, prepaid accounts of the accounts payable, such as accounts receivable, related transactions and other issues in fact, And related transactions, future performance forecasts, research and development costs and personnel, industry data, cash flow and other three categories of 16 issues to make a detailed disclosure.
Earlier in the investor exchange, investors questioned that the high amount of accounts receivable so that it has a great doubt on the credibility of the report. CICC report said, 'corporate accounts receivable balance than 2015 An increase of 158.53% at the end of the year, the growth rate significantly exceeded the income growth, reflecting a certain degree of risk.
And now, compared to the same period last year, music watch the scale of accounts receivable is still expanding.
Beijing News reporter Liu Suhong Yang Li