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LETV board: more than 3 billion of funds involved in the fight 180 thousand investors is going to stay

via:新浪     time:2018/2/8 12:05:45     readed:442

Liu Zhao Peng Bo

A war God? 400 million bargain-hunting fund floating surplus yesterday!

In fact, Lotte has seen a large number of transactions yesterday. According to the situation that Lotte Media bought in early trading yesterday, it is not the case that Lotto Media has bought a large amount of institutional funds. Instead, The amount of turnover.

As of yesterday's close, LeTV 8.222 million hand turnover, a substantial volume of heavy volume to 396 million yuan. With the music of the red, all the funds yesterday, the bottom floating profit.

February 7, watching the early trading days of large volume of funds during the transaction found that after 9:52, the continuous emergence of several large funds between the hands of the trading, then the big money began to sell large consecutive large music network, only Sporadic big money to buy music Watch situation.

Le Watch day data list also proved this. The top five sold to sell a total of 196 million yuan, accounting for 49.44% of the total turnover of the day; and the top five buy the amount of music buy a total of 38,199,400 yuan, accounting for only 9.63% of the total turnover of the day. Sell, Everbright Securities Beijing Dongzheng Street Sales Department topped 62.41 million yuan sales, Guotai Junan Shenzhen Yi Tian Road Sales 58.25 million yuan sold, a unit sold 21.68 million yuan. The buy the first two seats, Orient Securities Longjing Road, Hangzhou Branch bought 14,470,000 yuan head sales, Wang Xing Securities Shenyang Xinghua South Street Sales Department bought 802 million.

It is noteworthy that, buying the first five seats, three belong to the sales department in Hangzhou.

Strange? Music today, 213 million shares lifted the ban!

In addition, LeTV today will also face a tremendous pressure on the ban on the sale of shares. Announcement shows that the lifting of the music restricted net number of shares for the 2.13 million shares, accounting for 5.35% of the total share capital.

The music restricted the sale of restricted shares was lifted in August 2016, the three organizations involved in the music network to increase the postal fund, Harvest Fund, the Fund and Niu Sanzhang Jianping shares held. Among them, China Post Fund and Harvest Fund holdings of 42,657,200 shares; Finance Fund holdings of 78,204,800 shares; Zhang Jianping 49,766,700 shares held.

Taking the closing price of RMB4.82 on February 7, the current market value of music videos held by these four parties is only 1.027 billion yuan. Compared with the cost of 4.8 billion yuan set to be added to LeTV in 2016, the floating deficits reached 3.773 billion yuan. However, with the rising music video today, Fukui already reduced.

Regardless of the fund or Niusu terms, a huge Fukui will bring no small pressure, this time the lifting of the restricted shares lifted, free to leave the opportunity to flee as soon as possible stop loss is probably a good choice at this time. Should this fund choose to enter the market to sell off in the near future, will further bring more financial pressure to the opening of music watch net.

Yesterday, there are funds lead skid plate, to attract follow-up funds, active market transactions, can not but think of today is the sale of restricted shares to create an atmosphere.

180,000 people run without running?

As of September 30, 2017, the total number of shareholders of LeTV was 185,900, of which 13,700 were held by holders of circulating A shares. Since the music video resumption of trading, LeTV dropped from 15.33 yuan to about 5 yuan today, the average loss per household has exceeded 100,000 yuan.

For the 180,000 shareholders who hold LeTV, no matter how many shares they hold at the threshold of the approaching New Year, how to choose may become the problem of "grand strategy."

Earlier, the reporter interviewed a small investor still holds music stock, the other said, "I voted tens of thousands of dollars before the music as the Internet, and now suffer a mess, if the music before the New Year can open the daily limit, I am sure Abandoned, the main heart uncomfortable, music behind the ups and downs and I have nothing to do.

However, the face of the music network has been approaching 3.91 yuan before the Fund given the valuation, some investors have been eager to try to buy a wave of music. A private fund reporter around said, "Letv 3 to 4 yuan, I am sure to buy the bar, no matter how the fall is not the case, the music Watch and ST Paul Trinidad is not the same, behind the music Watch Sun Hongbin not say , The market and the public awareness is much higher, much stronger liquidity. "

However, for the bargain-hunting, Shen Meng is recommended that investors do not try, "retail investors do not want, and only institutions may only have such a risk from LeTV stock arbitrage, and bargain-hunting at the end of the first to now determine the music is fast approaching the bottom is blind."

The aforementioned Dongguan Securities analyst also said that Music Watch currently does not bargain-hunting value, the current is not the time to buy the bargain.

Judging from historical experience, it is not likely to get into the profit after bargaining to open the board after the music opens its doors. In 2017, there were 12 listed companies with more than 5 consecutive trading days of lower limit on the number of shares listed on the A shares. The shares of these companies fell -4.14% in the first week and the first two weeks respectively on the first day after the board's opening. - 5.43 % And -6.43%.

Many funds how to do?

Public Fund's 2017 Third Quarterly Bulletin revealed that at that time a total of 34 fund positions LeTV.

Reporter previously combed found that before the music resumption of the resumption of trading, the Fund's position in the music scene there are five funds hold LeTV market capitalization of more than 100 million yuan, namely, China Post Strategic Emerging Industries, China Post Information Industry, Wells Fargo A , China Post's core competitiveness and E Fund GEM ETF, and the market capitalization of LeTV before resumption of trading was 343 million, 333 million, 158 million, 123 million and 122 million respectively.

The announcement of several fund companies showed that the fund of its position LeTV will be Music Watch valuation down to 3.91 yuan. Currently LeTV has opened the board, these Shigekura LeTV as the Fund lowered the valuation of music in advance as the net value of the Fund has little effect.

However, these foundations buy music network it?

An interviewed public fund said to reporters: "Although now approached the valuation of music Watch, but we as a public fund can not be free to buy such a large risk of stock assets, public fund risk prevention and control system is not Allow us to do this time. "

Sun Hongbin and Jiayue Ting's actual controller dispute

With the music video resume trading after the stock limit continuous limit, Jiayue Ting ownership ownership of music video net ownership eventually became the focus of attention.

Jiayue Ting currently holds 1.042 billion shares of LeTV, accounting for 25.67% of the total share capital of LeTV.com. However, 1.02 billion shares held by Jia Yueting in the music video market have been pledged to financial institutions and 1,024 million shares have been frozen by the judiciary such as the Third Intermediate People's Court in Beijing.

Under such circumstances, LeTV released several bulletins to remind the controlling person to change the risk, saying that there is a risk that Jiayuenting's equity pledge will be disposed of by the relevant institutions due to the failure of timely additional guarantee, which may result in the change of the actual controller of the Company.

At the same time, Sun Hongbin has been in the board of directors and management to achieve the actual control of music Watch. Not only do they sit firmly in the position of the chairman of LETV, but almost all of the entire board has been re-elected as a leader of financial innovation department. The management of the company is also under the control of Sun Hongbin.

At present, Sun Hongbin alone lacked from the equity level to achieve full control over the music network. Sun Hongbin actually controls Sunac China, which only owns 8.56% stake in LeTV, through Tianjin Jiarui in January 2017, with a stake in LeTV.

Sun Hongbin whether through the pledge of Jiayue Ting equity pledges and passively become the real TV music control, become the focus of outside attention.

The Detailed Rules for the Implementation of the Rules Governing the High Shareholding of Listed Companies by the Stock Exchange of Shenzhen Stock Exchange stipulate that these Rules shall apply in the light of judicial enforcement, enforcement of equity pledge agreements, gift, exchange of debt and equity swap, and other reduction of shares.

Therefore, the equity interests held by Jia Youting's LeTV network, even if almost all of them are pledged and subjected to judicial freeze, will not be disposed of quickly. Instead, they should be gradually disposed of according to the reduction rules. That is to say as long as Sun Hongbin does not take the initiative to significantly increase LeTV, is temporarily unable to exceed the number of holdings of Jiayue Ting.

In addition, the music video in 2017 three quarterly shows, Jiayue Ting 1.024 billion shares held by LeTV currently are all restricted shares. Since then, none of the shares held by Jia Yueting has been lifted. In this regard, a trustee said that in the case of Jiayue Ting holdings of shares is the case of restricted shares, only after the lifting of the shares to be disposed of. And this part of Jiayue Ting shares also at the same time by the judicial freeze, can only wait for the court ruling, in accordance with the order waiting for repayment.

Therefore, under many conditions and laws and regulations, the recent Sun Hongbin Jia Yunting by equity pledges have been liquidated to passive as the possibility of controlling the music network does not exist. As long as Sun Hongbin is not significantly overweight, Jiayue Ting will still exist for a long period of time as the music network control person.

Music Network future geometry

After the music open screen, music video stock prices will gradually return to rely on the company's own business up. So recent music Watch's business in the end how?

This reporter asked a number of LeTV insiders, the other are for the company's business development to avoid talking about. However, from the 2017 results notice previously released by LeTV and the current status of the Company, LeTV's business is not good and there is no sign of turning good.

Music Watch January 30 announcement, the company expects 2017 net loss of 11.605 billion yuan to 11.61 billion yuan. As for the specific loss items, firstly, due to the continuous capital shortage by related parties and the liquidity turmoil, the Company's business recorded a sharp decline with a business loss of about RMB3.7 billion. Secondly, considering the debt risk and recoverability of the related parties And other factors, the Company expects to provide a provision of approximately RMB 4.4 billion for bad debts of related parties receivables. Third, the Company expects to make a provision of about RMB 3.5 billion for impairment of certain long-term assets.

Although many outsiders will interpret this as Sun Hongbin Le Watch accumulated losses once a "clear", but it also shows Sun Hongbin for the next few years, LeTV performance picks up the self-confidence, after all, deficit in one fell swoop after the relative performance pressure in the next relative empty A lot less.

In addition, on January 19, LeTV announced the termination of the acquisition of LeTV and proposed termination of the Company's name and securities short changes.

Prior to Sun Hongbin on the music network planning point of view, the termination of the acquisition of music video or television business transformation caused no small impact.

On August 17, 2017, Sun Hongbin held a closed-door meeting of LeTV executives. At that time, the new operating strategy for LeTV was to focus on LeTVvideo, Television, cloud platform and video industry four. Among them, the film industry as the music has always been the missing content provider, is the music business transformation of the important weight.

On September 27, 2017, the announcement of LeTV's name change shows that LeTV's definition of "Le Melo" after the renaming is that LeTV has carried out a series of strategic adjustments in the first half of 2017 and inherits the user experience as its core. "The platform + Terminal + content + application ", focusing on resources in the field of ecological advantages of large-screen, combining content strategy of focusing on self-made content and content, supplemented by means of internet financial services to build a large-screen internet home with smart TV as the core Entertainment life.

It can be seen that the content segment represented by the music video industry occupies an important position in the transformation of LeTV's business under the leadership of Sun Hongbin. However, the final termination of the acquisition of music and television industry, music TV business transformation or continue to "lame" to maintain the original music hardware-based business-oriented.

However, there are serious problems in the production and sales of electronic hardware products of LeTV. According to the reporter previously learned from LeTV insiders, due to payment problems some of the electronic components suppliers no longer cooperate with the music, while some of the original music television and mobile phone processing or foundries are no longer producing music products. On the sales side, LeTV super TV sales in the e-commerce platform is very small, not only much lower than traditional TV manufacturers such as TCL, but also has fallen behind the millet and other Internet TV brands.

Currently, LeTV main business in addition to LeTV video almost all the rest in a state of suspension, coupled with the company changed its name, restructuring and restructuring blocked, the prospect of music Watch is worrying.

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