If the share price goes down after the resumption of trading, the shareholders holding Lotte shares will undoubtedly have a great impact. To avoid similar tragedies, risk prevention and balancing mechanisms are needed for regulators and investors.
According to reports, there are fund companies since November 14 to hold the music fund valuation of its stock once again adjusted the valuation adjusted to 3.92 yuan per share.Currently, the music stop stock price suspension price of 15.33 yuan / share, total The market value of about 61.1 billion yuan.If the music network resumption of trading, the stock price plummeted, almost all of Jiayinting pledged shares of fear of compulsory liquidation will face the outcome, as the stock investors can be described as Needle.
Shares of Internet stocks have articles published by shareholders, said he saw a lot of big V Rhapsody, bought 100% of the financing positions, and now for fear of seeing the news of LeTV, only dare to read the title, dare to open the content. Described, or so many Music investors as the mood of the moment.
No bubble, there is no harm.If the music video valuation is not high, even if the market value of zero, the market is also limited damage.However, the music market as high as 600 billion yuan, the highest even exceed 100 billion yuan; if the resumption of trading all the way to the stock price Decline, really from 15 yuan to the current estimate of less than 4 yuan, for the hands of music stocks investors, the impact is undoubtedly enormous.
On the one hand, Jiayue Pavilion's PPT and ecological concept of anti-concept actually played the role of promoting market value, on the other hand, some funds and other large institutional investors chase can not be ignored, 2012 to Among the top ten shareholders of Music Watch, there were a number of funds among its shareholders in 2015, and its main body was notable for advocating a stock price bubble. "It is noteworthy that LeTV also implemented a private placement of RMB 4.8 billion in 2016, Also for the fund.
In fact, despite the normal operation of the music Watch, its performance is difficult to support the imaginary stock price and market capitalization, investment risk is evident in the event of a loss of fund investment, loss of money is based on the people, not fund managers or fund companies, This can easily breed moral hazard, transfer of benefits and other issues.Therefore, it is necessary to improve the fund management mechanism at the fund level, make full use of the platform of Fund Shareholder Conference, and give full play to the binding power of the fund to fund companies; Fund company's governance mechanism, to punish illegal fund managers.No institutional reflection, there is no liquidation of the violation, the tragedy or will be staged again.
It is true that the stock bubble is laissez-faire, it is always worth discussing. Listed companies such as PPT painted a blueprint for the development, there are many successful, but more or halfway, investors invest according to the blueprint, is bound to risk prevention and This requires the relevant departments of the IPO audit company, information disclosure and other aspects of a rigorous examination to ensure that the disclosure of information disclosure of listed companies transparent and transparent, in order to reduce the information asymmetry as a result of investor losses.
At the same time, the fixed refinancing system is also worth considering.Currently, the fixed-incremental system is established by regulators with full confidence in the price discovery ability of private equity investors and so on, but this trust is apt to be abused due to the long-standing disadvantages in many markets. This year has been refinancing system has been perfected, but the fixed increase in the problem is still difficult to cure, such as the threshold is still too low, etc. I believe that one solution is in strict accordance with the standards of public offering to deal with private placement, regulators need This private placement of channels for rigorous review.
Of course, investors failed to invest, this is the hedge against the risk of capital markets, the lack of understanding of the risk of investment investors also need to examine .However, many of the responsibility, Jia Yuet Ting's commitment is somewhat 'forced.' The original commitment to reduce Holding the proceeds of the stock, should be lent to LeTV for free, the music net will be returned to the money, the money used to buy the stock.Now, Jia Yueting music as non-listed system and individuals appear financial crisis, unable to fulfill commitments such as holdings.
However, it is said that Jia Yueting is busy financing the car repairs in the United States, Le Car as the United States Office and the reception has a lot of mansions, whether it really has no ability to perform, still need to investigate the subject of responsibility, previously promised not fulfilled, and how to win the trust in People, let others lend money to your car? Perhaps, Jia Yunting only fulfill their previous commitments, with the past there is a break, only to win the trust of business partners, but also for music investors to reduce a little loss.