On September 5th, LeTV's share price hit a daily limit at the opening, and finally reported 4.15 yuan / share, with a market value of 16.6 billion yuan.
This is the fourth daily limit of LeTV's five consecutive trading days since August 30. The stock price has doubled from the lowest price of 2 yuan/share on August 20.
The fundamentals of LeTV have been improved. Do investors see the company’s hopes for a comeback? This may not be the case.
According to LeTV's 2018 semi-annual report, the company's operating income in the first half of this year dropped 82% year-on-year to only 1 billion yuan; net profit attributable to shareholders of the parent company decreased by 73.36% year-on-year, and the loss again was 1.104 billion yuan. It is considered to be the core business responsible for Internet TV, and the revenue has shrunk to 412 million yuan, only 10% of the same period last year.
Compared with the 2017 annual report, LeTV.com has been in a state of insolvency because of its net assets of only -4.77 billion at the end of June. If this situation continues in the 2018 annual report, the company will be suspended. .
Is there a solution for the associated debt between LeTV and LeTV Holdings? Or is there a new development in Jia Yueting's car, which is good for LeTV? The answer is no.
Despite previous media reports, LeTV Holdings and other non-listed systems have reached an agreement with LeTV on the repayment of related accounts, but then the listed company issued an announcement to clarify, and stressed that the current listed company and the non-listed debt processing team have formed The debt problem management plan has not been repaid in cash, and basically offsets the existing debt of the non-listed system to the listed company by way of debt transfer and asset disposal.
This means that even in the short term, LeTV and the non-listed system have reached a solution for the related arrears and immediately implemented it. There is still a long way to go before the listed company gets cash flow. Moreover, at present, LeTV Holdings and other non-listing companies System companies, the prevalence of equity, capital accounts and other facts that have been frozen by the judiciary, the possibility of reaching a settlement agreement and implementation in the short term is almost small.
As for Jia Yueting and Faraday Future (FF), which is currently subject to the investment of 'Hengda Department', LeTV.com stated that it did not have a legal relationship with the LeEco Holdings system when it first reported that FF related companies were in Nansha, Guangzhou. At the same time, LeTV.com said that the funds for the auction of Ruichi Auto Land are all derived from the investment of FF strategic investors, and there is no relationship between the funds connected with the LeTV holding system.
It is not the improvement of fundamentals, nor the solution to the debt problem. What is the reason behind LeTV's continuous rise? According to the recent transaction data of LeTV, the core answer to this question may be 'hot money'.
According to the Longhu list on the 5th of September, during the day's trading, the two sales departments from Shenzhen bought LeTV as a total of more than 11 million yuan, and the top 5 purchases totaled more than 34 million yuan. Two other Beijing sales offices Sold more than 16 million yuan.
Zhongtai Securities Shenzhen Happy Coast Sales Department, known as the 'Fly Capital' gathering place, has participated in the purchase and sale of LeTV shares for several days. The data shows that on the 5th, it bought LeTV as RMB 7,209,800, 4 days. Then bought 8.52 million yuan and sold 3.075 million yuan. In addition, on the 3rd, it bought 2.7 million yuan and sold 739.36 million yuan.
Interestingly, the mad involvement of 'hot money' is far more than LeTV. It broke the Jiaduobao Group's participation in the company's debt restructuring 'Luoshengmen' Zhonghong shares (000979.SZ), in the last 7 trading days There were also four daily limit, and the stock finally returned to 1 yuan/share on the 5th, ending the previous 'fairy' trip for 15 consecutive trading days, thus temporarily avoiding the risk of being delisted.
With the continuous surge in share prices of LeTV.com, some small and medium-sized investors seem to be unable to participate in the desire. A friend of the author, after watching the stock price of LeTV for several days, finally chooses to buy on the 5th, although he is buying Before he entered, he admitted that he knew the risks, but speculation finally defeated rationality.
In fact, the number of investors like the above may not be a minority. In fact, after the resumption of LeTV in mid-January this year, the stock price once appeared more than 10 down, but in the stock price continued to fall, the number of shareholders has surged from 180,000 before the suspension to 30. Ten thousand people, the situation is very difficult to understand.
In fact, for the author's friends who like 'speculation' and even 'knife and blood', investors will not have to sympathize in the future, but the difference is that they actively participate in it and use the capital advantage to madly 'hype'. The 'hot money', as well as the knowledge of LeTV, even the investors who are slightly confused about it, the loss of buying, how to supervise and manage?
The author believes that in dealing with ordinary small and medium-sized investors, in addition to repeatedly reminding the risk of participating in the LeTV transaction, the regulatory authorities should increase investment in investor education in the long run.
At the same time, the more important thing is that the 'hot money' that participates in LeTV's speculation not only needs to supervise related accounts, but also immediately intervenes when it finds that there are market manipulation signs, strict and comprehensive supervision, and eliminates the occurrence of illegal and illegal activities.