On January 24, LeTV opened at a price of over 13.50 million with a closing price of 13.80 yuan and a sealed-up amount of 9.1 billion. The turnover of the whole day was 33.52 million yuan, with a turnover of 0.10%. On January 25, Music Watch continued limit-down, turnover of 9.95 million yuan, turnover rate of 0.03%, until the close still shows a huge amount of nearly 85 million shares of the seal.
Quarterly data show that as of the end of the third quarter of 2017, a total of 34 public funds held by LeTV, the total number of shares to reach 123 million shares.According to the valuation of fund companies at the time, this part of the market value of the stock reached 1.407 billion yuan Compared with the peak of nearly 200 Shigekura music, most fund managers in the second half of 2016 and the first quarter of 2017, one after another clearance style holdings of music Watch.
Data show that the raised funds hold LeTV market value accounted for more than 2% of the net fund has 20, 5 funds on music Watch's market capitalization of more than 100000000 yuan, respectively, in post strategic emerging industries, China Post Information Industry , Wells Fargo A, China Post core competencies and E Fund GEM ETF, respectively, the market value of 343 million, 333 million, 158 million, 123 million and 122 million.
A number of heavy positions Music Fund's fund company previously lowered its valuation 3 times, the minimum dropped to 3.91 yuan, compared with the music before the suspension of the stock price, the equivalent of 13 consecutive daily limit.
'We have to clearance.' 'On the afternoon of January 24, the reporter called the fund manager of a fund company in Shanghai. He said he was asked by the company's risk control department and the valuation adjustment relations. The hundreds of thousands of music videos held by him were asked to ignore the cost of pending orders Sell
At the same time there is a need for clearance-style holdings of the passive index funds holding LeTV, taking into account December 18, 2017 LeTV removed from the GEM index stocks, the GEM as the tracking of the passive index funds will also be The corresponding stock clearance before the stop holding the number of LeTV shares.
Public funds are paying for their guilt and punishment.
Three major 'public raise powder' change
Public funds, there is no lack of firm optimistic about the music as the fund manager, and Yinhua Fund sealed the subject, Harvest Fund Shao Jian and China Post Fund Renze Song, the number of shares due to the public optimistic about the music as the Internet speech and other acts considered by the industry public offering Fund for the music of the three big fans.
Which has over 20 years of investment experience. It is the first batch of new wealth award-winning analysts in China. In Yinhua Fund, it is mainly responsible for the management of non-public businesses. It has managed more than 18 billion yuan in assets such as insurance and social security, among which social insurance has 55 The special account of funds, a large proportion of heavy warehouse Music Watch.
However, up to now, the seal tree has been dismissed Yinhua Economic Observer reporter to the Yinhua Fund Department to verify the market, the closure of the tree in late November 2017 due to personal reasons have left.
On December 8, 2014, LeTV Networks released the minutes of the meeting for investors to meet through the WeChat platform of LeTV Investor Relations. On December 1, Jia Yueting, the chairman and general manager of a hospital in Beijing, Institutional shareholders to conduct on-site exchanges.In addition to Yinhua Fund seal tree superscript, another was Jiayue Ting summoned is Harvest Fund Shao Jian.
As the first generation of fund managers in China, Shao Jian market reputation above the seal on the subject, he had helm under Harvest's five funds, of which the longest running disk fund is Harvest growth, up to 11 years and 96 days, The cumulative return of up to 7.6 times from the music network in 2014 three quarterly reported mid-year report in 2016, eight quarters in addition to the 2015 third quarterly earnings, Harvest Strategy Hybrid Holdings market position has been ranked the top ten institutions, including the first quarter of 2015, Harvest strategy mixed holding market value ranked first.
In the last episode of Music Watch, Harvest Fund actively participated.
On July 8, 2015, Shao Jian resigned from the position of fund manager who grew up in Harvest. Now he has been reorganized as chief investment officer and no longer manages the fund products.
LeTV net three major public offer 'fans', the closure of the target and Shao Jian superscript or gradually withdraw from the public offering 'front' battlefield, leaving only young postal fund Ren Zhesong stick in 2013, the 80 after the cutting-edge fund managers with China Post strategy Emerging industries 80.38% yield won the partial stock fund champion of the year, Ren Zesong 'name all over the world', and was named a new 'public offering a brother' title.
Wind data show that a total of 7 products owned by China Post Fund hold Live TV, holding a total of 41,002,300 shares, accounting for 3.22% of outstanding shares, and also the largest fund company holding music Watch in the public offering.
Among the 7 postal products, 6 are managed by China Post Star Fund Manager Ren Zesong, including China Post's core competence, China Post's dual-power, China Post Strategic Emerging Industries, China Post Enjoy a year, China Post's information industry, China Post absolute return strategy.
However, the latest fourth quarterly report of 2017 shows that Ren Zesong has drastically changed his investment style and started heavy trading, including blue chip stocks such as Gree, ZTE, and Yili. Whether he will become the final publicist of LeTV will also be marked with a big question mark.
Arbitrage possible?
In 2017 just past, dozens of publicly-funded fund companies have successively adjusted the valuation of LeTV offline three times, except that China Post Fund adjusted its valuation of LeTV to be 3.92 yuan, and the other fund companies all lowered their income to 3.91 yuan to increase after the increase With a net loss of $ 15.33 at the time of the music stoppage, the valuation of LeTV was only 25%, down nearly 75%, equivalent to 13 lower limit after the resumption of trading.
'There is a very small possibility of 13 music limit network down.' A brokerage researcher told Economic Observer reporter, as the former GEM star stocks, market influence will not let it fall to 3.91 yuan, and the actual controller of financial innovation China is strong and imaginative.
At the press conference held on the morning of January 23, Sunac China responded to investors' questions as to whether it would further increase its stake in LeTV and acquire the position of the largest shareholder. Sunac China said it had not expressed any further increase to the company Intention, the company will be in accordance with relevant laws and regulations, the actual controller and major shareholder of the equity changes held in a timely and truthful disclosure.
This also means that once music Watch opened the limit before 3.91 yuan, and its normal trading conditions, before the withdrawal of 13 funds limit the need to re-update according to the market valuation up, do not count the other Awkwardness ups and downs, the above Fund net fund may have risen sharply, which also provided some opportunities for arbitrage funds.
For heavy losses, heavy losses of fund managers, may January 23 press conference Sunong Bin, chairman of China to create a message to encourage each other: 'In fact, people can not predict the future, can only continue to deal with and adjust. It is our due attitude towards life that we must face difficulties and calmly face the result.