Is now in full swing to change the name of the music and coaching change music, continue to arouse the concern of investors.A few days ago, a pledge by the pledge agencies once again let the market focus on the music pensions pensile crisis.
Although it is still not possible to ascertain the price range of the equity pledge for Jiayue Pavilion, as the pledge of equity of senior executives and others is forced to be enforced and institutions have lowered their valuation, the risk of the explosion will become the primary crisis after the resumption of trading of the music visual network.
Leprosy said that the pledge of equity belongs to shareholders' individual behavior, and the company is currently focusing on the business recovery and development, respecting the individual rights of shareholders and meeting the needs of shareholders Constantly concerned about the stock changes caused by equity pledge.
To cover positions will not work, we must force redemption
On the evening of December 4, Founder Securities announced the litigation announcement, LeTV Vice Chairman Liu Hong and former Music Watch Financial Controller Yang Lijie, Fudan Securities did not apply for preemptive repurchase by Founder Securities Founder application for enforcement, the current court The application has also been accepted, and the total amount involved in the two suits has reached nearly 200 million yuan.
In October 2016, Liu Hong and Founder Securities entered into a pledge collateral repo transaction-related agreement, pledged 650 million shares of LeTV shares held by him to Founder Securities, and incorporated the initial transaction principal of RMB100 million. The debt of Liu Hong husband and wife common debt.
Subsequently, the music crisis deepened and entered an indefinite suspension in early July 2017, Liu Hong was asked to supplement the pledge, and then he held 200 million shares of music video stock pledges to Founder Securities, to provide supplementary collateral for the debt, thus , Liu Hong to Founder Securities pledged LeTV net number of shares totaled 8.5 million shares.
Then, due to Liu Hong pledged music Watch shares in the court by the end of the month judicial freeze, Founder Securities then agreed to require Liu Hong to repurchase the equity pledge in advance, but in the end it did not perform .Founder, Founder Securities has to the court Applied for compulsory execution, asked Liu Hong to repay the company's financing capital of 100 million yuan as soon as possible and the corresponding interest, liquidated damages and all other debts.
Public information shows that Liu Hong was the veteran who founded YueTV with Jia Yunting in the early days. Currently, it holds 122 million shares of Lotte, accounting for 3.07% of the total share capital.
And Liu Hong has a similar encounter, as well as another veteran Yang Lijie music.
Yang Lijie pledged 480 million shares of LeTV shares to Founder Securities in Jun 2016 and financed 80 million yuan of funds from March to July this year, and Yang Lijie voluntarily pledged additional shares of 1,362,000 shares of Lotte Television guarantee.
In November 2017, Founder Securities declined due to the deteriorating financial position of Music Watch. According to the agreement, Yang Lijie was required to repurchase ahead of time, but neither Yang Lijie nor his spouse had fulfilled the agreement.
Although, for the Founder Securities debt recovery, Liu Hong and Yang Lijie are not position, but the two pledge financing time point was chosen rather 'precise', just as music funds crisis before the outbreak, the music as non-listed system funds When problems arise.
A music investor said: "In the second half of 2016, there was a major problem in the operation of the music-lending non-listing system, while Jia Yueting borrowed funds from the listed company system through a large number of related-party transactions for blood transfusion."
It is worth noting that this pledge by Yang Lijie, LeTV Holdings as a guarantor, voluntarily for the financing of Yang Lijie joint and several liability guarantee, which means that Yang Lijie equity pledge financing, the probability of entering the 'music as the Department of' business in vivo.
Liu Hong and Yang Lijie are veterans who have been following the establishment of "LeTV" by Jia Yueting, one of the co-founders of LeTV, currently Vice Chairman and Deputy General Manager of LeTV, and Yang Lijie as LeTV Financial since 2008 In May of this year, LeTV claimed that Yang Lijie applied for resigning from the post of CFO for personal reasons.
A brokerage in Shanghai said that the music pledge of equity pledge has made pledge agencies 'very anxious', but has not heard of more litigation. The source pointed out that under normal circumstances, litigation is the next best thing, if the confirmation quality The inability of the holder to redeem, the broker will continue to recourse, the pledgee will face the transfer of the auction if the business is guaranteed, will be recourse jointly and severally liable.
More than 1 billion shares were pledged, when Jiayue Ting was prosecuted?
In fact, the market focus of the music pensions pledge crisis focus is still on Jiayue Ting who.
According to the statistics of Zhong Deng Company, the total share capital of Yue Watch is 3,989 million shares, with a total of 659 shares pledged, with a total of 1,647 million shares pledged and a pledge ratio of 41.30%, of which Jiayuenting is still the largest shareholder of LeTV and holds a total of 1,024 million shares Shares, 25.67% stake, of which 1.02 billion shares were pledged, the pledge ratio reached 99.53%.
Frequent pledge of equity, borrowing new and old is Jiayuting make up the usual shortcomings of the funding gap, while the music fund crisis, the shares held by Jiayue Ting have all been frozen.
Jiayue Ting largest equity pledge in recent years, but also the only one did not disclose the pledgee in October 2015. It will hold 467 million shares restricted shares, 40 million shares outstanding, a total of 507 million shares were Pledged, accounting for 64.81% of its shares held by the music Watch.
Analysis pointed out that Jiayue Ting is relying on the pledge of 507 million shares, the financing of nearly 10 billion yuan set so far, LeTV notice there is no notice on whether Jia Yunting financing of this information.
According to statistics, in August 2010, LeTV initial public offering of shares.It the year after it successfully landed in the capital market, Jiayue Ting began to use his shareholder rights, pledged equity financing.
Jia Yunting's first pledge of equity occurred in September 2011, when Mr. Jia then pledged his 22 million shares of personal name to Shanghai International Trust Co., Ltd., accounting for 21.36% of his personal holdings.
Since then, Jia Yunting through continuous pledge collateral and pledging, Jiayue Ting all the way to dreaming .. Listed more than seven years, Jiayue Ting handled a total of 34 equity pledges, involving 12 brokerage firms, including Haitong Securities, China Securities, Orient Securities, CITIC Securities, Ping An Securities and so on.
Taking into account both Liu Hong and Yang Lijie have faced the risk of explosion positions were asked to replenish the pledge until the final defendant to court and Jia Yunting as the largest shareholder of Music Watch, the hands of the 1 billion equity pledge then will also lead to institutional litigation?
In this regard, brokerages said LeTV has been suspended, the agency can not be forced liquidation operations, does not rule out the possibility of more litigation.
Expiration of the period of the stock expired, open price where?
Although the true value of hard-net stocks that have been suspended for more than six months has hardly been accurately estimated, all the fund companies have given their target valuations of "no minimum and only lower".
Since the burst of the capital chain crisis, as of the end of November, the valuation of LeTV shares suffered three rounds.
Music Watch shares suspended from April 14 this year, the suspension of the stock price of 30.68 yuan. Subsequently, the music crisis, E Fund Square, etc. 3 raised funds urgently lowered the valuation of music, including Castrol and China Post Fund cut by 3 Limit, easy to square down slightly above the level of 3 limit.
On October 28, LeTV revealed its third quarterly report of 2017 with a net loss of RMB1.652 billion and the fund company started a new round of price adjustment, generally adjusting the valuation of LeTV's stock price to 7.5 yuan / share.
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.
According to several data mentioned in the above announcement of Founder Securities, Liu Hong and Yang Lijie last pledged price of shares were 15.39 yuan / share and 16.67 yuan / share, corresponding to the same period, LeTV average price was 44.80 before ex-dividend Yuan / share and 51.02 yuan / share. As a result, the pledge price compared to the share price of about 3.5 fold.
Jia Yunting can check the latest equity pledge occurred in October 27, 2015, which had pledged 507 million shares of restricted shares overseas, and in the pledge the same day, LeTV net shares closed at 51.34 yuan / share.
It is understood that the broker's stock pledge business, the general alert line is usually 160%, usually 140% closed line, close to the warning line capital side will notify the additional pledge or additional margin, if the fall through the open line, will be terminated transaction Requires redemption, unable to redeem will be forced to open.
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. '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.'
There are also data show, LeTV equity pledge ratio mostly in the range of 24% to 38% .Therefore, conservative estimates, Jiayue Ting average pledge was about 8 yuan / share.
In the face of this situation, market participants warned that the music after the resumption of trading if the stock price fell to 10 yuan / share or less, then both the equity pledge or margin, will probably face the risk of liquidation.
From the current A-share market, due to hit the pre-warning line of stock pledged and then touched the open line, and thus lead to a more substantial decline in the case of the case is not obvious.If this happens, Jiayue Ting either make up the stock or margin bonds, However, for now, all of Jia Yunting's stocks and funds have been frozen, how to make up?