A wave of ups and downs.
On the evening of December 4, Founder Securities released a lawsuit notifying the current and former executives of LeTV (300104.SZ) that the announcement that since Liu Hong and Yang Li Jie could not repurchase LeTV due to the pledge of shares of LeTV, Securities applications for enforcement, the court has also accepted this application.
A broker in east China said that although it is still not possible to judge the price range of the equity pledge for Jiayuenting, as the equity pledge of Liu Hong and others are forced to apply for execution and public funds and brokers have lowered their valuation, It is the tremendous pressure the company has to face after the resumption of trading.
On December 5, LeTV responded to 21st Century Business Herald According to the reporter, the aforesaid lawsuits involving Liu Hong and others are individual behaviors of shareholders and the Company is currently focusing on the business recovery and development and respects the individual rights of shareholders and will continue Concerned about the stock changes caused by the pledge of shares'.
At the same time, LeTV said that the resumption plan is still subject to public announcement, but 'indefinite' suspension for the financing of LeTV financial investors, in addition to the pressure of warehouse explosion, but also face tremendous cost of capital. It is learned that the music video network suspension of nearly eight months, has made it more than 100 million financing of the interest paid.
Executives default
Although previously outside the music pledge of the equity pledge Lotte speculation, but the 'answer' was originally revealed by Founder Securities on the evening of December 4.
According to the lawsuit announcement released by Founder Securities on the very evening, in July this year, since all the shares that Liu Hong pledged to the Company were frozen by the court, the Company requested Liu Hong to repurchase the equity pledge in advance according to the agreement, but in the end, As a result, Founder Securities has applied to the court for enforcement, requiring Liu Hong to repay the company as soon as possible all the debt.
Relevant announcement further disclosure, Liu Hong equity pledge occurred in October last year, involved 650 million shares, a total of 100 million yuan of financial capital in July of this year, Liu Hong and then to 200 million shares of music Watch as a supplementary pledge guarantee.
And Liu Hong have similar encounters, and Yang Lijie.The above announcement said that Yang Lijie in 480 million shares of music video in June last year pledged to Founder Securities, financing of 80 million yuan.This year from March to July, Yang Lijie and Voluntarily to hold the 1,362,000 shares of music Watch a supplementary pledge guarantee.
It is noteworthy that, when Yang Lijie equity pledge, LeTV Holdings (Beijing) Co., Ltd. as a guarantor voluntarily provide joint and several liability guarantee for its financing.This means that Yang Lijie equity pledge financing, probably entered the music Department 'business body.
21st Century Business Herald reporter learned that Liu Hong and Yang Li Jie are always follow the Yuyue Jia founded the 'music as the' veteran ', currently Liu Hong is still vice president of the music network, director and other positions, Yang Lijie Sun Hongbin in the main , Left from the position of chief financial officer, Zhang Wei took over as of the end of the third quarter of this year, Liu Hong held a total of 122.5 million shares of LeTV, 3.07% of the total share capital; Yang Lijie holds 20,825,500 shares, the proportion of the total share capital of 0.52 (Note: The number of shares held by Liu Hong and Yang Li Jie in the Department is the quantity after the ex-rights, and the pledges referred to above are all before ex-rights.)
Meanwhile, according to several data mentioned in the Founder Securities announcement, 21st Century Business Herald reported that the prices of shares pledged by Liu Hong and Yang Lijie last year were 15.39 yuan / share and 16.67 yuan / share, respectively, corresponding to the same period The average price of shares were ex-dividend of 44.80 yuan / share and 51.02 yuan / share. As a result, the pledge price compared to the share price of about 3.5 fold.
This shows that if this ratio is used to calculate Jia Yunting's latest share pledge liquidation line, it can be concluded that after the ex-dividend of 11 yuan / share, the warning line is 13 Yuan / share.
Wind information data show that there are a total of 1.4 billion shares of music Watch in pledge status, accounting for 55.15% of the company outstanding shares which, Jia Yue Ting can check the latest equity pledge occurred in October 27, 2015, which had pledged outside 507 million shares of restricted shares, and in the pledge the same day, the music video stock price closed at 51.34 yuan / share.
'Music Watch now the stock price is 15.33 yuan / share, to 11 yuan / share, you need three down limit Jiayue Ting only possible risk of liquidation, but I personally think that even if the music network on the resumption of trading tomorrow, there is a risk exposure to Jiayue Ting I'm still optimistic, "said the private equity person.
Financial customer concerns
For Lotte shareholders, the troublesome thing is not only the risk of equity pledge, but also worries about some financiers who use the two financial services to buy shares of the company.
Despite the suspension of more than seven and a half months, the resumption of trading has become a daunting problem for LeTV, which continues to apply for suspension of trading on the grounds that the reorganization is a "major and unprecedented precedent." This will require a huge sum of money The cost of capital.
According to Wind Information, as of October 27, LeTV net financing balance is still as high as 3.277 billion yuan, which is still in the top 30 positions compared with the latest financing scale of all A-share listed companies and still ranks GEM Second only to Oriental Fortune (300059.SZ). Despite the suspension of music financing since its termination on April 15, the financing balance of Music Watch has been decreasing from 44.92 billion yuan on the 14th of the month to 32.97 mentioned above 100 million yuan.
The broker mentioned above mentioned that since LeTV is still in suspension, financing customers want to solve their own debt problems, can only choose to repay the cash method, but he also said that for the majority of financiers Although the cash repayment method is feasible, taking into account the actual situation, there is still more than 2 billion yuan of financing balance in the music video network.
However, even with a financing balance of 3 billion yuan, if interest rates are calculated at 8% interest-bearing interest rate for two years, the interest paid by financial investors has already reached 160 million yuan in the nearly eight months when the music network is suspended.
An optimist who asked not to be named financial customers on the 21st Century Business Herald reporter said that due to delay the resumption of music Watch, himself in the eight months before the suspension, has paid more than 200 million interest.
"Including my clients, we invested 30 million in the form of margin financing and securities lending at an annualized interest rate of 8.26%." The financier explained.
At the same time, the fair value of music Watch by the broker down, once again hit the financing off a 'stuffy.'
In November of this year, after a public offering agency lowered its music rating again, the two financial businesses of some brokerages also lowered their fair value, of which, Guoxin Securities adjusted the fair value of LeTV to 11.18 yuan / share, and CITIC Securities It is almost 'cut' its fair value adjusted to 7.82 yuan / share.
Faced with this situation, the above-mentioned financing clients said that if the stock price after the resumption of trading of the music network drops to less than RMB10 / share, both the equity pledge and the margin financing and securities lending will face the risk of liquidation. However, he thinks Music Watch's valuation should not be based on market sentiment, but should proceed from the company's value.
'Public raised funds cut just to cater to retail sentiment, inhibition of redemption only I know the value of music Watch, in any case will not fall below 11 (yuan / share).' Fear like now has been suspended, the cost of capital pressure is too great.