Take the music network Rongchuang and Sun Hongbin may have been bored recently, the same worry, there are still a large number of music video financing provider financing disc.
Music Watch resumption of trading is still no clear time more than 3 billion financing plate serious stuck
In fact, the music disclosure of LeTV net size of the information freeze on this year, October 27, the day the exchange announced business announcements on the subject of margin trading in the third quarter of this year's regular adjustment, since October 30 The implementation of this adjustment, the list of the subject of margin financing and securities have no music Watch figure, which means that LeTV has been transferred to the margin financing standard pool.
As of October 27, LeTV net financing balance is still as high as 3297000000 yuan.Even if there are still after the financing of cash repayments, in accordance with the previous reduction in the financing rate, it is estimated that the current music financing LeTV still a large margin of more than 3 billion yuan.
For the financing of the two financial liabilities, financing clients want to end debt in general there are only two ways, one is the sale of securities repayments, one is cash repayment.Because Music Watch since April 17 this year has been suspended, so far has been There are more than six months, and there is still no clear resumption of time, financing customers unable to sell music by the network to pay off the debt, which means that during the suspension, the music network to buy music users if you want to repay only by way of cash repayments.
Data also show that music Watch since April 17 suspension, the financing balance all the way down from 4.92 billion yuan before the suspension dropped to 3.277 billion yuan on October 27, a decrease of 1.195 billion yuan, due to the music can not stop selling tickets Repayment, which means that financiers have settled over 1 billion yuan of financing liabilities through cash repayments, but still more than 3 billion yuan have been heavily held up.
If the scale of 3.277 billion yuan compared with the A-share financing standard, you can find that this scale is in the 27th place in both cities, only 1/6 of the Ping An A-share financing plate. However, LeTV net financing balance is in the GEM in the second position, second only to the 4.4174 billion yuan of wealth in the east, higher than the 3.997 billion yuan Triad environmental protection.
Worried about the financing of the customer off: a lot of contract broker refused to Lotte as collateral
During the suspension, the financing funds can only be paid in cash. After the resumption of trading, the music network Budie will be a big probability event. If the decline is too large, some heavy-weighted investors will face the pressure of explosion, all of which make the financing clients in a harsh situation. Trouble may not be more than that.
The reporter as an ordinary investor, call a number of brokerage customer service, asking them to redeem Le MelNet's two financial standard after the disposal.
These brokers generally said, Since LeTV was transferred to the two melt standard, even after the resumption of trading will not be able to finance the purchase, but the debt can be purchased previously financed to repay.
Press inquiries found that LeTV is still in the exchange margin trading can be secured against the security bond standard pool, but most of the brokers either from their own security standard label pool will be removed from the net, or directly as the music as a security net Conversion rate reduced to 0. Haitong Securities on November 2 that will be transferred to Letv net range of collateral, Guoxin Securities will LeTV as collateral converted rate of 0.
There are exceptions, Shenzhen, a large brokerage customer service told reporters that LeTV is still in the company collateral in the pool, but the conversion rate of only 16% .This means that holding 100 market capitalization LeTV, can only act as 16 Yuan margin trading margin.
Brokers are generally cautious about the rollover of margin lending contracts with Music Watch.
A brokerage customer service directly said that the music as the net margin trading contract can not be extended.Registered in the capital of a medium-sized brokerage customer service told reporters that if the financial lending contracts involving LeTV financing liabilities, if you want to contract extension, by the customer Where the sales department to go through a special process, approved by the headquarters to decide whether to pass.Guangdong a large brokerage customer service said that if investors involved in high-margin securities trading contracts, can not self-service contract extension.
Brokerage lowered the fair value of music video equivalent to the suspended price of nine before the limit
Music Watch troubles, not only lowered the valuation of public offering, and even the two financial intermediaries brokerage business is also lowering its fair price.
On the 15th of this month, the State Securities official website released a notice that due to the music network released three quarterly reports this year, the financial situation has deteriorated significantly, a number of fund companies and brokerage firms to lower the valuation of the securities, the State Securities decided from 2017 11 From the 22nd of January, the fair price of LeTV will be adjusted to RMB11.18 (follow-up will likely be adjusted multiple times depending on the market and the securities). Customers holding adjusted LeTV shares in the Adjusted Collateral will be subject to the adjusted fairness Price calculation of the market value of securities, the credit account to maintain the proportion of security will be changed accordingly.
According to the fair price calculated by Guotai Securities, LeTV net closing price before suspension (no rights), at least 9 daily limit to reach this price.
Not only music as non-listed system, the financial status of listed company Music Watch also significantly deteriorated this year, the first three quarters of this year the biggest loss since the listing, a huge loss of 1.652 billion yuan.
In order to save music and dilemma, then Fang Rongchuang China plans to continue providing loans to the music system total 1.79 billion yuan.
However, the Shenzhen Stock Exchange quickly sent a letter on this matter to be concerned about the Shenzhen Stock Exchange asked LeTV net if the relevant borrowings can not be repaid, the pledgee exercise of the security right or pledge will lead to listed companies 'shell' in the letter of interest, The Shenzhen Stock Exchange also asked LeTV supplementary disclosure if the relevant debt can not be repaid due, the pledge and the assets for the security of the disposal process, the specific process of disposal, disposal of funds allocation order, and asset disposal constitute a major asset restructuring, and Sponsor comments.
Predictably, music video stock price plunge after the resumption of trading will be a big probability event, the suspense is whether the Chinese financial Rongchuan bring a lot of resources and financial support for the music, if possible, the music resumption of trading after the stock price pressure will be relatively light, Brokerage pressure on financing customers will be relatively small.
Apart from the pressure of shrinking market cap and explosion positions after the resumption of trading, according to the current annualized interest rate of 8.5%, the financing customers have already paid billions of financing interest during the suspension period of half a year. If the resumption of trading is in the foreseeable future, financing The interest burden on customers will be further aggravated.
Music Watch has not yet clear the resumption of trading time, while the music network founder Jia Yueting still making repairs in the United States.