After a full suspension of 9 months, LeTV again resumed the news of the resumption of trading.
According to the Securities Times reported on January 16, the music insiders confirmed that the music network resumption of trading in the recent days, the company has been prepared to resume trading, as to when the specific resumption of trading, but also regulatory notice.
For investors, the most concern at the moment is undoubtedly the stock price after the resumption of trading.
In this regard, a private equity investment director in South China to surging news (www.thepaper.cn) said that the music stop too long suspension, recovery after the fall is inevitable and the music video industry restructuring, can not change the optimistic 'Bu Bud' Trend, 'Even if music fell to three or four dollars, there is no interest in participating.'
A public fund manager also said to surging news that the raised funds have repeatedly lowered its stock price, currently offering 13 daily limit, the net value of the product will not have much impact, of course, no chance to leave, no one Will be willing to continue holding this vote, 'long pain, short pain.'
Music Watch resumption soon? The agency said that even if music fell to 3, 4 dollars, there is no interest in participating.
'There may be money knife licking blood, but it is not suitable for ordinary investors involved'
On the evening of April 16, 2017, LeTV announced that it plans to adjust the program for the acquisition of LeTV as the stock will be suspended from the IPO on April 17. After the conversion, the share price of LeTV will be HK $ 15.33.
LeTV started its listing in August 2010 and started to expand in 2012. Its share price reached 89.47 yuan / share and its market value exceeded 100 billion yuan once in 2015. In the nine months after the suspension, LeTV has experienced a precarious storm.
'(After resumption of trading) at the level of individual stocks there is no opportunity to operate, will be directly limit down to seal up.' Noah is good - the fund manager Li Yi Zhe said.
In the opinion of a private equity investment director in South China, LeTV's suspension of trading hours is too long, and it is inevitable for the company to make up after the resumption of trading, while the reorganization of LeTV will not change the trend of LeTV's 'Budian'.
The source believes that the music Watch long-term suspension, there is no restructuring of the reorganization, the market has already lost its confidence in the music video acquisition MICE, even if the restructure of the success of the music for the stock price boost can have much to say.
In terms of performance, the reorganization of the underlying music video industry's profitability is not good.SELAC China announced in August 2017 earnings report, 2016 LeTV film business revenue of 1.098 billion yuan, net profit attributable to shareholders of the parent company 1.45 RMB100 million, less than 30% of the promised performance at the time of the plan to be injected into LeTV in 2015, well below expectations.
According to January 16, the latest disclosure of music Watch "progress notice of progress during the suspension of major asset restructuring" shows that financial innovation will be the music video industry equity adjustments.China's financial division of Tianjin Ka Ruixin Huixin Enterprise Management Co., Ltd. (hereinafter referred to as' Tianjin Jia Rui ') plans to increase its investment in the music industry. After the capital increase, Tianjin Jia Rui holds 40.75% of the equity interest in LeTV. As the largest shareholder, the equity interest of the company held by LeTV Holding (Beijing) Co., Ltd. will be 21.81 % Down to 16.3592% stake, the second largest shareholder.
'3500 stocks, why we must pay attention to music.' 'The above-mentioned a private equity investment director in southern China, said that even if music fell to three or four dollars, there is no interest in participating.
Another private equity chief investment officer also believes that the venue will certainly have the money you want to lick the blood at the limit plate to try to pry board music video stock price, but for ordinary investors, the subject of the target away from, rather than intervene.
Fund companies forecast 13 limit
Since LeSide's suspension of trading, many raised funds that hold LeTV cut their ratings on music. Only in November 15-18, 2017, at least 26 agencies announced the downgrade of LeTV, followed by Yes, Shigekura holds LeTV network fund product net plunge.
On November 15, 2017, Fortune Trust Fund, Harvest Fund and E Fund Fund announced that they will evaluate LeTV at a price of RMB 3.91 per share starting Nov. 14. CSRE Fund, Music Watch in accordance with 3.92 yuan / share valuation.
This means that according to the valuation system of the above institutions, LeTV valuation is only 16 billion yuan, leaving only 25% of the total market capitalization, down nearly 75%, equivalent to about 13 after the resumption of trading limit.
'For public funds, the net value of the fund has fully reflected the underestimate the value of music, so hold the music net fund its net worth will not be much volatility.' Noah is good - wealth fund research manager Wang Jianwei on surging journalists Said.
Wang Jianwei believes that as the market formed a consensus on the music Watch, the stock is likely to fall to this position, and there will be oversold process, but the funds are often not sit still, there will be self-help behavior, there is a certain probability of strong Bounce, however, is not recommended.
'Personal feeling that there is some support for the platform of the platform from the end of 2013 to the end of 2014. It is likely that there will be a little bit of openness about 8.5 yuan.' Another private equity manager is relatively optimistic that although public funds will be Music Watch valuation Down to 3.9 yuan in the vicinity, but the road fell there will be a brief pause.
Limited impact on the GEM
As a former gem 'a brother', the resumption of music as GEM will bring pressure on the GEM?
In fact, regulators have taken a number of steps to prevent the influence of Lotte on a number of indices such as the GEM.
Since the music video network in April 2017 suspension, the Shenzhen Stock Exchange has been on the GEM finger has been 2 regular adjustments, respectively, in June 2017 and September 2017, but the music Watch in these two adjustments are well preserved GEM refers to the name of the constituent stocks.
However, once the first heavyweight GEM LeTV, in the Shenzhen Stock Exchange December 18, 2017 announcement, the final at the same time by the Shenzhen Stock Exchange, Shenzhen 100 Index, the GEM that these three indexes kicked outside.
Shanghai, a private equity fund chairman believes that the LeTV survey transferred the major indexes will be a corresponding reduction in the impact of the market a lot. 'In fact, the market, the heart hanging stones finally landed, after all, music as time fermented for so long, GEM It should be a wave of rebound after the music video resume trading.
'The market for music's thing should have been digested,' said Chen Zhilong, a million-ton equity partner and investment director.
Another Shanghai private equity firm also believes that some of the measures taken by the regulator on Jiayuenting and LeTV are actually preparing for the resumption of trading of the music video network. The market concern that the music video resumption license plate will plunge will be mitigated accordingly.