In the 'indefinite' suspension of the music Watch, valuations are one after another body cut and cut back.
On November 15, China Post Fund, Harvest Fund and E Fund Fund all released announcements in the third quarter of this year, lowering the valuation of LeTV for the third time. Among them, the adjusted price provided by Harvest and E-Fund amounted to RMB3.91 per share and the postal fund gave 3.92 Yuan / share, both at the end of October the second valuation hit a fold.
3.91 yuan valuation, compared to 15.33 yuan music stop the suspension of the price, the discount reached 74.49% .This price theoretically allow a large number of equity interests in Jiayue Ting pledge are facing explosive storage. Has been unable to fulfill the promises of listed companies, Jia Yueting, may also be Inability to redeem pledged shares means that financial institutions will be passively at risk.
After the first financial review, since 2013, Jia Yueting handled a total of 34 equity pledges, 19 pledges have not yet lifted the information, involving 13 financial institutions and a 'mysterious' pledge side. The reporter learned that the pledge rate of these financing Generally in 2 to 4 fold, if the valuation of 3.91 yuan, provide pledges or institutions will face billions of risk exposure.Among them for the Juping Pavilion nearly 10 billion financing of the 'mysterious' pledge side, will face more than 3.0 billion burst warehouse risk.With the continuous valuation diving, but also quilt which institutions and retail investors are placed in the brutal loss expected.
Pledged book 'was' explosion warehouse
Music Watch three quarterly shows, Jiayue Ting is still the largest shareholder of Music Watch, a total of about 1.024 billion shares held shares, 25.67% stake, of which 1.02 billion shares were pledged, the pledge ratio reached 99.53% .And the music crisis after the financial crisis , Jia Yueting shares held by all have been frozen.
Taking the closing price before the music network suspended 15.33 yuan (after ex-dividend) calculation, Jiayue Ting pledged LeTV shares market value reached 15.637 billion yuan.If the latest valuation of 3.91 yuan point of view, Jiayue Ting pledged book devaluation will reach 4.004 billion yuan This means that the financial institutions that once rendered generosity to Jia Youting and pledged cash will face a huge risk exposure if Jiayue Ting is unable to redeem it.
According to the LeTV announcement, Jia Youting handled a total of 34 pledges of equity pledges since 2013, of which only 15 pledges have been released from the pledge and no 19 pledges of pledges have been released, involving 10 brokers, 1 trust, Two banks and one unidentified pledgee.
Wind data further shows that the above pledge is still in the state, 3 open securities; CITIC Securities, Guosen Securities, Shanxi Securities, Ping An Trust each two; Minsheng Bank, Haitong Securities, Monarch Securities, Orient Securities, China and Thailand Securities , Southwest Securities, Ping An Securities have a sum.
Jiayue Ting maximum pledge occurred on October 27, 2015, the 467 million shares held by its restricted shares, 40 million outstanding shares, a total of 507 million shares pledged, representing the then held by the music network shares of 64.81% However, without disclosing the specific pledge party, the type of the pledgee only shows up as a general company, and according to this pledge of 507 million shares, Ganyingting has realized a cash amount of nearly 10 billion yuan.
In October 2015, when Jia Youting pledged the pledge, the average price of LeTV was around RMB 50 and the dividend was 25.67 yuan / share. If the pledge rate remained at 40%, then the pledge price was about 10 yuan A financial previously obtained information show, music video equity pledge rate did not reach 40%, but at between 24% to 38% .Therefore, conservative estimates, the average pledge Jiayin Pavilion nearly 8 yuan / share.
Reporters learned from the brokerage firms, brokers pledged stock business, the general warning line is usually 160%, usually 140% of the liquidation line, near the line of warning funds will notify the financing side to add pledges or additional margin, if the fall below the level Warehouse line, will be required to terminate the transaction redemption, unable to redeem will be forced to open.
According to the warning line and the open-line calculation, Jiayue Ting 507 million shares of the pledged warning line after ex-rights is about 12.8 yuan / share, the open-line is about 11.2 yuan / share.To look, the music stop net price of about two Limit, if the three limit-down will break through the open line while Harvest and easy square to 3.91 yuan valuation, lower than the open line of about 65%.
On January 3, 2015, Jiayuenting also made a similar pledge that Haitong Securities had pledged a large amount of 26 million pledges to Haitong Securities for the development of LeTV's ecological business. Using the same method as above, Pledged warning line is about 4.76 yuan / share, the open-line is about 4.17 yuan / share, are higher than the valuation of 3.91 yuan.
Going forward, however, Jiayuenting conducted fragmented stock pledging financing almost every month in 2014. In 2014, the average selling price of LeTV's stock was about 9 Yuan, and according to the average price, The average cordon is 4.5 yuan / share, the average open-line at about 3.93 yuan / share, are also higher than the valuation of 3.91 yuan.
This means that, based on the latest valuation given by the public offering fund, Jiayinting pledged the stocks in the hands of all the public institutions to burst their books. According to the price after the ex-dividend, CBN made a rough estimate and provided equity pledge for Jiayuenting Financial institutions may face billions of exposures, of which 507 million shares of 'mysterious' institutions will face more than 3 billion yuan of exposure.
'The actual risk exposure will not have a book look so big, music as the middle also made a fixed increase, delivery.' Shanghai, a brokerage firm on the First Financial said that the general large institutions to the GEM pledge rate will not reach four Discount, and sometimes only two fold, will also undertake some of the risk commitment, for example, there will be a corresponding clause, agreed to give priority to ensuring the interests of fund-holders.
Niu casual institutions are seriously injured
LeTV November 11 evening announcement said Jia Yueting said that because of music as the non-listed system and its own funds, debt reasons, has been unable to fulfill the commitments of the loan to the listed company, and holdings of shares of listed companies commitment to the composition of listed companies This is considered to give an indefinite suspension of the LeTV network and then cast a shadow, but also become November 15 a public body and then the valuation of music directly to the network down the direct cause.
With a price of $ 15.33 (after ex-rights) before the music video was suspended, this means that there will be a continuous 13 daily limit from the valuation of $ 3.91. This is a serious injury to investors who hold the music watch, regardless of whether they are institutional or retail investors.
Among the shareholders of Music Watch, a total of 34 funds Shigekura Music Watch, the number of shares held 1.30 billion shares, the total market capitalization of 1.407 billion yuan, of which China Post Fund, the highest proportion of shares, reaching 2.89%. In addition, the Central Huijin Asset Management Co., Ltd. also holds 2.2% of LeTV.
In August 2016, LeTV sold a total of 107 million shares to four target subscribers at a price of 45.01 yuan per share, in addition to 39.1 million shares subscribed by Fortune Trust Fund, 21.33 million shares subscribed by Harvest Fund and 21.33 million shares subscribed by China Post Fund Niu Sanzhang Jianping also invested 1.19 billion yuan, 2488 shares subscribed.
At that time, the price of fixed assets increased by about 22.5 yuan, more than 5.7 times that of Harvest and E-Fund, which means that the floating-deficits of the organizations participating in the increase are getting bigger and bigger.
In fact, the investors involved in the increase in August this year, stock has been over-sold period, but due to indefinite suspension of music Watch, are unable to sell stop-loss.
In the view of the above brokerage, Jia Yunting personal financial crisis and the music network's share price is irrelevant.If the music network resumption of trading, the stock price decline is bound to be inevitable, the first is triggered by equity pledge risk.While equity pledge risk trigger, will result in large share price Decline in the chain reaction, financing for Jiayue Ting financial institutions, as well as Investors involved in music Investors are put at risk.