For LeTV financing financier, the price will make the position more than 34% of the basic are in a 'quasi-explosive warehouse' state, the loss is generally 50% to 60%, many ten million heavy warehouse facing the affirmation Is a warehouse explosion 'fatal loss'.
Music Watch (300104.SZ) 's "indefinite" suspension, has so that more and more financing clients face loss black hole.
Public raised funds collectively lowered the valuation of music Watch, meanwhile, some brokerage business also began to reduce the fair value of music Watch, the maximum adjustment rate than the company's suspension price 'cut'. First Financial learned that due to LeTV Financial conditions deteriorated significantly, the State Securities will adjust the fair value of music Watch to 11.18 yuan since November 22. After adjustment, the financier will hold the market value of music Watch at 11.18 yuan, the proportion of maintaining the guarantee will also change .
Not long ago, CITIC Securities, Haitong Securities and other brokerage companies have also lowered the fair value of music Watch, which, CITIC Securities lowered to 7.82 yuan.Reporter from the two financial investors and brokers who learned that as the broker lowered the fair value, Many financing customers face explosion warehouse, the high proportion of positions have been insolvent debt, fear of breach of contract may arise.
Since the music video network suspension, the financing of the borrower has borne nearly 200000000 yuan of interest, interviewed financier believes that music Watch 's "indefinitely" suspension in the area of two financial and no precedent, the two financial trading rules also posed a challenge In addition to the heavy interest, many LeTV financiers are in a "quasi-explosive position," but some securities lawmakers said that under the existing laws and regulations, if there is no regulatory approval of LeTV violation, it is very difficult for two financial investors Recover the loss.
Financing customer loss black hole
After LeTV announced the three quarterly reports, the brokerages also joined the team that lowered their stock price expectations.
In early November, CITIC Securities released a business announcement that it lasted for a long time and released three quarterly reports on October 28, 2017. Pursuant to the rules and regulations on margin financing and securities lending business and the "margin trading agreement", CITIC Securities decided Since November 6, the fair price of LeTV has been adjusted to RMB 7.82 and the guarantee ratio has been adjusted in accordance with the adjusted fair price.
A senior investor with two financial statements told reporters that for LeTV network financing customers, the price will allow the position in more than 34% of the basic are in a 'quasi-explosive warehouse' state, the general loss of 50% ~ 60%, many tens of millions of heavy warehouse is sure to face the explosion of the 'fatal loss'.
Not only CITIC Securities, some brokers are also timely adjustment Le Fa net fair value to Haitong Securities, for example, Haitong Securities announced on November 20 the latest fair value of LeTV 13.87 yuan while Golden State Securities announced a few days ago, due to the music as the net three Quarterly reports show a serious deterioration in financial conditions, a number of fund companies and brokers lowered the valuation of the securities.In order to prevent the risk, will be November 22 to adjust the fair value of LeTV to 11.18 yuan, saying that according to follow-up market and LeTV situation, May also be adjusted many times.
'We are still waiting to see, there is no downward adjustment (fair value), as long as the interest can be paid, the guarantee ratio is normal, it is still for customers to roll out. .Shanghai, a brokerage business operators in charge of financial affairs to accept the first financial interview, said that if given in accordance with individual broker low fair value, a lot of music investors two financial investors have come to the open line, there will be a lot of explosions.
The source believes that the music network suspension is the first case of the market, the latter part of how to deal with more brokers are also waiting to see, do not rule out more brokers continue to cut the fair value of music Watch.
The aforesaid two-way investors believe that the drop in the fair value of brokerages brings investors more losses compared to the lowered valuation of public funds. "If fair prices continue to fall, many people burst up two or three times enough, Heavy positions, high concentration, life and death may be lost in accordance with the previous situation, many people will choose to breach of contract, completely unnecessary. "The source said.
The two meltdown warehouse defaults fluctuated abnormally in the stock market in 2015. Financing brokers and brokers filed a courtroom with them.There was more than one brokerage firm who believed that due to the long-term suspension of music Watch and the financial investors' losses caused by financial risks, the broker There is no more responsibility, just to fulfill the contract, on the contrary, as a creditor, when the financier explicitly does not pay off the debt, the broker has the right to litigation.
Can the recovery of listed companies?
'After this kind of' black hole ', the (customer) loss is very large, a lot of insolvency, brokerage brokerage, this situation is more helpless and embarrassed. "Beijing's financialists told reporters that the surface The music network's suspension, financing customers seem to have no better way, only to pay interest in accordance with the contract, to fulfill the relevant obligations to repay his advice is also the same 'can get the money to end quickly.'
According to statistics, when LeTV reached a peak of 2 billion yuan, accounting for more than 11% of the outstanding market capitalization, its trading suspension was on April 18 this year with a balance of more than 4.4 billion and a final public balance of 27 October Is 32.98 billion yuan, accounting for 8.47% of the circulating market capitalization is still the ratio of suspension of 7 months since the music network every day there are millions to tens of millions of financing redemption.
This reporter learned that the current interest rate of two financial integration in the annualized about 8.5%, some of the largest customers have the minimum annualized at least 6% .According to this calculation, 3298000000 yuan of financing plate, music since the suspension since the suspension of interest of more than 160 million yuan.
For high interest rates, investors have previously expressed "overwhelmed by the First Financial." LeTV in the long absence without a prior suspension, means that financial customers still have to pay interest in the state can not be traded.To this, there are two Financial investors quite dissatisfied that the music Watch as financial customers should bear some responsibility for the loss of financing, follow-up or by the financing of the prosecution.
Zhang Yuanzhong, director of Beijing Wentian Law Firm, told reporters that although the financing clients have the intention of recovering, the premise must be regulated by LeTV as a related violation, and the financing customers therefore suffer losses. "LeTV currently suspends the supervision of the regulator Allowed, if the back of the SFC that it is suspended illegal or there are other problems, both financial investors, including investors in general can be investigated for losses.
In fact, the two financial investors who accept the first financial interview feel helpless is that the current music financial net loss of customers 'sufferings.' Although there is no liability in the brokerage, but the relevant trading rules are considered There is room for renewal, such as whether the margin trading margin should be provided for the time limit, if the suspension will be out for how long the two melt standard and so on.
Responsible for the two meltdowns interviewed believe that LeTV net two financial plate, the future may appear more investment disputes, which makes the broker is also very embarrassing, the broker can do is just follow the contract go.