Music as the disease is much more serious than the funding chain problem.
The music crisis not only let the institutions and ordinary investors in a quagmire, but also involved in the internal staff.
According to the media reported on November 20, LeTV and other new music companies as the core staff was informed that the hands of all the shares' cleared ', which makes the original music as the core of high-level, general staff in the hands of the equity agreement into a' Waste paper 'employee rights granted but also dating back two years ago, when Jiayue Ting Le total music company has announced that all employees, to take out Le total 50% of the original total share capital for employee incentives; but with the beginning of this year Rong The stationing of a record, the sale of the holding platform, promised nature is difficult to deliver.
Just a few days ago, Rongchuang had just provided 1.79 billion borrowings and 3 billion loan guarantees to Sinolight. Sun Hongbin once again used real money to save the land, and collectively raised the funds before and after the public auction. On the 15th-18th, a number of funds once again announced the downgrade of the valuation of music stock, adjusted price of 3.92 yuan / share or 3.91 yuan / share.
In accordance with the current stock price, if the music video if the resumption of trading or to experience more than 10 consecutive limit.As a result, almost all of the shares pledged Jiayue Ting shares risk exposure, as the second largest shareholder of Music Watch Sun Hongbin 15 billion will shrink hundreds In the face of nowadays bound with their own music Watch, Rongchuang certainly need self-help.
However, financial innovation at the beginning of the investment Ye Hao, the recent boring worth mentioning, really help music out of the quagmire it? In other words, music as the current issue of funding problems?
At the beginning of the year, when Sun Hongbin was enrolled in the music video, he said that '15 billion yuan is not a small investment, but it is not a problem for the cash flow at the stage of financial integration.' However, with Jia Youting continuing to make dreams in the United States, Also changed with only opened 15 minutes in the semi-annual general meeting of shareholders, the venue is the general meeting of shareholders, the debt collection conference is off the court.Sun Hongbin said 'really there are many difficulties, what are the difficulties I do not know', ' Half a loss of 6 billion, some people ask a little loss then, I do not know.
For today's music crisis, if you can rely on the 'money' can be solved, it is so naive in late August, Music's shares were pledged again, but this time the protagonist is not Jiayue Ting, but 'not bad money' financial innovation China In this light, Sunac borrowed 1.79 billion dollars in music and music videos, which is more likely to be a drop in the bucket for LeTV.LeTV's disease is far more serious than the funding chain.
The biggest doubt is whether LeTV is suspected of IPO fraud.LeTV started as the listing of the GEM in 2010, had been questioned by the public.Although, Jia YuntingIn foreign media interviews on the music video suspected IPO fraud to be denied, but after all, can not be by themselves Having said that, need detailed investigation by the regulatory authorities to have a definite conclusion.According to the relevant provisions, once the music Watch in the prospectus false statements were identified, its IPO constitutes a major offenses, music Watch will also face the risk of mandatory delisting .
The second question is whether LeTV is involved in related party transactions: LeTV's top five customers for sales in 2016 are both LeTV associates, and Jia Youting said: "The cooperation between LeTV and unlisted companies is a business necessity and not a Related transactions. "However, it is undeniable that in the audit report of LeTV, the accounting firm reminded investors of the above problems by emphasizing matters in paragraph. In May of this year, the Shenzhen Stock Exchange again issued an inquiry letter on the 2016 annual report of LeTV, Requires LeTV net receivables, prepayments and related party transactions and other 16 issues detailed disclosure.
Indeed, music Watch is one of the top ten heavyweights in the GEM, but also the banner of the A-share market, a new economic company.Looking at the negative news, LeTV not only allows investors who hold shares to suffer, but also allows the GEM or even A-share market is in doubt, for such a pivotal company, everyone wants it back on track as soon as possible.But in the IPO is suspected of fraud, related transactions and other issues have a clear view, the funds are not estimated to rush into the rash, and its assets Reorganization is also difficult to make real progress in the absence of substantial positive circumstances, the new music is also difficult to resume trading.