Delayed the resumption of the music Watch after the collective valuation of the fund company down by the financial innovation to China to borrow 1.8 billion to ease the financial pressure, but also attracted the attention of the Shenzhen Stock Exchange: Will LeTV cause borrowing led to 'shell' .
On the evening of November 20, LeTV revealed its announcement on borrowing and providing guarantees to its related parties, which revealed that LeTV Zhixin, the controlling subsidiary of LeTV Network, and LeTV respectively proposed to borrow RMB500 million from Tianjin Jiarui, a subsidiary of Sunac China Yuan, 1.29 billion yuan.
Among the borrowings, a total of 9 pledges involving companies including LeTV subsidiary and LeTV Co., Ltd. were pledged:
On November 21, the Shenzhen Stock Exchange issued a letter of interest on the above matter to require LeTV.com to explain whether the pledgee's exercise of the security right or the pledge right would cause the listed company to 'de shell' if the relevant borrowings could not be repaid and asked to verify whether the relevant debit China Sun Hongbin intends to start the music as the result of plans to add new capital and share expansion plans authenticity.
A week ago, LeTV was lowered valuation of a number of funds, the share price after the cut has been less than 4 yuan.
A number of funds lowered the valuation of music video market valuation evaporated 137 billion
November 15, China Post Fund, Harvest Fund, E Fund Fund once again released a public notice to reduce the valuation of music, adjusted prices were 3.92 yuan / share, 3.91 yuan / share, 3.91 yuan / share.
According to the downgraded stock prices of the three funds, LeTV total market capitalization of about 15.6 billion in May 2015, LeTV reached the highest market value of 152.657 billion, which means that in accordance with the Fund's latest valuation, LeTV total market capitalization has more peak evaporation 137 billion!
November 16, the remaining fund companies continue to follow the music network valuation adjustments.Credit Credit Suisse Fund, the State Ocean Franklin Fund, Nordisk Fund, Wells Fargo Fund, Lion Fund have joined the team to reduce the valuation of music ratings.
After several valuation downgrades, the lowest valuation of 3.9 yuan / share has dropped 74.56% over the pre-IPO share price of 15.33 yuan, equivalent to a continuous 13 daily limit. Compared with the historical peak, it plunged 91.28%.
This decline in more than two years, a very rare in the history of A shares - comparable to only about Hong Kong stocks 'old thousand'!
However, a big wave of high-profile optimistic about the music manager at the moment may not have how anxious, too many people on mine, 'Baotuan heating', always able to shirk the past - perhaps the bonus can still take the picture.
The tragedy is Ji-Min. Directed at the fund company's professional management capabilities, real money invested, and then indirectly eat 13 daily limit.
Even more strange is that, as the music debt crisis has erupted, Jia boss has issued a 'public letter' to 'sea water boiled', the long-term stock price suspension, there are a number of brokerage research report to give music Watch 'overweight' rating .
It does not matter to push the wrong ticket, anyway, is already commonplace. Just want to ask: how to buy has been suspended?
Let's take a look at the funds that hit the rock music video online.
Fund collective thunderbolt: Music Watch 'killed' incomplete record
According to Wind data, as of the third quarter of 2017, among the institutional shareholders of Lotte, the fund held 4.84% of the shares.
From the music video this year, three quarterly view, China Post Fund holds the most music shares the most in the music of the top ten shareholders, Industrial Bank Co., Ltd. - China Post Strategic Emerging Industries hybrid securities investment funds holding ratio of 0.77% Ranked the eighth largest shareholder; Agricultural Bank of China Co., Ltd. - China Post Information Industry Flexible Allocation Mixed Securities Investment Fund 0.75% stake, ranked ninth largest shareholder.
Public raised funds from the third quarter of this year's point of view, in the top ten Awkwardness contains music Watch there are 21 fund management companies, and the fund more than the Fund, which, while LeTV net market value accounted for more than the net assets 5% of the following funds:
Those years, music network and the fund's past
In fact, LeTV just listed a few years, and did not get institutional investors of all ages.
In 2013, more and more raised funds began to get sparked with Music Watch before Mr. Ja's stay abroad because of 'illness'.
As of the end of 2013, the proportion of funds holding shares in the music holding institution was as high as 22.97%, and the number of public funds raised by Lotte Group reached 40. That is, this year, the music group's annual growth rate reached 313.12%.
In the first half of 2014, China Post Fund started to buy music video stocks successively. By the end of 2014, China Post Fund held about 8 million shares in the top ten tradable shareholders of Music Watch, accounting for 0.96% of the total share capital.
In the funds sought after and Jia boss 'eco-anti-' call, the total market value of music Watch exceeded 150 billion yuan in one fell swoop, become the GEM 'a brother'.
A lot of funds seem to be true love Jia boss After a large reduction in Jiayue Ting, fund companies represented by China Post Fund, still participating in the set by the increase in music to the blood transfusion.
In July 2016, the music network to 45 yuan / share price increase was completed, among the shareholders set to increase, the Finance Fund was allocated 39,102,400 shares were allocated 1.76 billion yuan; Harvest Fund allocated 21,328,600 shares, with 960 million Yuan; China Post Fund was allocated 2132.86 million shares, with 960 million yuan. And this batch of shares was originally expected to be listed and traded on August 8, 2017.
Never thought, not wait for the lifting of the ban on equity, music Watch on the suspension.
Now many funds give music valuation equivalent to the valuation of the suspension before the price has dropped 74%, equivalent to a continuous 13 daily limit.
Too awkward: the stock has been suspended, brokers still give overweight rating
Of course, when it comes to thunder and lightning, the shadow of the brokerage is inevitable.
On June 3, 2016, following the resumption of the trading of music videos, a number of brokerages released a lot of research reports. Goldman Sachs, CITIC and CICC think Music Pictures is expected to inject into the music and television ecosystem and further improve the music ecosystem.
However, that is, in the continued touches of these brokerages on the music Watch, the music video stock prices on the way down in the fall, all the way down to 15.33 yuan / share before the suspension in April this year.
In fact, even in Jiayue Ting shouted 'eco-anti' every day with the big show in the performance of the moment PPT, there have been many investors questioned music financial fraud, just open some investor community, can see the full text.
However, the so-called professional brokerage research institutions, there are few doubters, but more than one brain sings.
For example, on September 6, 2016, Gao Hua Securities published a research report titled "Excessive Market Monetization, Monetization Will Might Be Reiterated; Strong Buy", giving a target price of $ 63.43 and a 40% increase in the target.
Market over-worried? Reiterate strong buy?
What is even more awkward is that even after the credit-cash flow crisis broke out, there are still overweight ratings given by brokerages, such as Hai Tong Securities' two research reports in April 2017, all of which give overweight ratings.
Currently, a number of position funds lowered its target price for LeTV, mostly at around 4. The target price for the six-month period given by the two research reports of Haitong Securities in April 2017 was 35.75 and 31.2 yuan respectively, 17.86 and 15.59 yuan, but still embarrassing the upper case in accordance with the six-month period of validity calculation, Haitong second research report rating is effective until October 21, 2017.
I would like to ask: Before the research report released on April 14, 2017, LeTV has been suspended, so far no resumption of trading, then, given the April 21 overweight rating, it is necessary to let investors go to the moon On the holdings of it?
As one of the leaders in the brokerage industry, Haitong Securities ranks the first tier in the domestic brokerage industry both in terms of client volume and asset size, and has a long history in the capital market. As a leading brokerage, Haitong Securities history has discovered a lot of Ushimata, but also for the brokerage industry has delivered a large number of outstanding talent. Brokerage research report investment loss is not surprising, there is no global broker investment bank can maintain 100% accuracy rate, if one hundred percent Sights, how many people are willing to be the seller researcher?