On the sixth day of resumption of trading, LeTV.com was still nailed at the daily limit with no county idea. Its market capitalization in six days has evaporated nearly 29 billion yuan and its latest share price has slipped to 8.15 yuan. This means that the equity pledge of Jiayue Ting will burst up at any time.
October 27, 2015, Jiayue Ting carried out a mysterious huge equity pledge financing, which will hold 467 million shares of restricted shares, 40 million shares outstanding, a total of 507 million shares, which was held by the music network shares 64.81% of the total, was pledged to a financial institution.Exceptionally, which specific body did not disclose the pledger type is only displayed as a general company.According to the current stock price of music Watch, Jiayue Ting rely on the 507 million shares Pledge, financing sets now nearly 10 billion yuan.
At the time of the pledge, the average price of LeTV is around RMB50 (without excuse). If the pledge rate stays at 40%, then the pledged price will be about RMB10 (based on the existing share capital) .Ceijing Finance previously obtained data show that music equity equity pledge rate is not high, mostly in the range of 24% to 38% .But broker stock pledge business, the warning line is usually 160%, the closing line is usually 140% , Near the line of warning funds will notify additional pledges or additional margin, if it falls below the open line, will be required to terminate the transaction to redeem, unable to redeem will be forced to open.
Conservative calculation, Jiayue Ting of the 500 million shares of pledged, open the line at about 8.05 yuan, make up the warehouse line at about 9. In theory, this mysterious body has been urged to cover up Jiayinting.
According to the latest data of Zhong Deng Company, the total equity of LeTV is 3.999 billion 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 1.024 billion shares and 1.02 billion shares held by Jia Yueting were pledged and pledged Reaching 99.53% after the outbreak of the music fund crisis, all the shares held by Jia Yunting have been frozen.
As Jiayue Ting holdings almost all of the pledge, and the music network notice Jiayue Ting also does not have the corresponding plans to cover short positions, if the trigger explosion positions, the shares will be the amount of agency disposal, music Watch will once again face the changing days .Reporters have consulted Shanghai A broker pledge of business people, the other said that as the current shares are in jiayuenting judicial freeze, if jiayuenting can not be additional margin caused default, the broker can only go court proceedings, litigation or to promote the equity auction, which comes with jia yingting or Music Network negotiations.
Prior to this, LeTV has two shareholders Liu Hong, Yang Lijie equity pledges by the securities companies to recover debt.
Liu Hong is the old part of Jiayue Ting, a veteran who founded LeTV. The pledged LeTV stock was frozen by the court in late July 2017, and Founder Securities requested an early repurchase, but Liu Hong and his wife failed to fulfill the contract. Securities Litigation Liu Hong as soon as possible to repay the company's financing capital of 100000000 yuan and the corresponding interest, liquidated damages, the full cost of debt and pledge to achieve all the debt.
Similarly, in June 2016, Yang Lijie pledged 480 million LeTV shares to Founder Securities for a financing of 80 million yuan. The pledge was supplemented in March 2017 to July 2017, and in November 2017, Founder Securities require Yang Lijie to repurchase ahead of time, but neither Yang Lijie nor his spouse has fulfilled Founder Securities also enforced to the court to repay all debts.
Music Watch this pledge of equity pledges involving many financial institutions, billions of exposure is difficult to place the placement.Customs According to the music net notice to sort out, since 2013, Jia Yueting handled a total of 34 equity pledges, which explicitly detention Only 15 pens. There are 19 pledges of shares pending the release of the bond, involving 10 brokers, a trust company, two banks and the above unidentified pledgee.
For Jiayue Ting's equity pledge has burst positions, but also whether it will affect the music Watch, LeTV stakeholders told First Financial said that if Jiayue Ting really burst positions, LeTV will make a public announcement, but Jiayue Ting 500 million shares in the end pledged Who, there is no answer, the first financial will continue to focus on coverage.