Shares slump in a row recently, it reminded the market of the early reduction of operations, as the network (300104.SZ), Chairman and CEO Jia Yue Ting, even saying that if State-owned Warren, Jia Yue Ting is likely to be one of them.
On June 12 a-shares peaked at 5178.19, then continue to plunge. Jia Yue Ting for about ten days in advance, and on June 1 and June 3, the reduction of two 35.2403 million unit as the network, reducing price about 70.93/unit, reducing the amount of nearly 2.5 billion yuan.
Nearly three months later, on August 25, as the network's price had fallen to 34.14 Yuan/share, 48% only to underweight. This means that if reduction of the same shares today, Jia Yue Ting only 1.203 billion yuan, equivalent to getting nearly 1.3 billion yuan. In view of this, Jia Yue Ting reduction was made on two occasions.
Of course the reduction of Jia Yue Ting still owns 42.3% shares of music, as the network was the actual control of the company. Two total holdings of 1.91% stake in the music, as the network was kind. Jia Yue Ting on May 29, 2015 – November 28, 2015, within six months, reduction of not more than approximately 8% shares of the total shares of the company, such a large scale plan of reducing market staggering, and markets began to question Jia Yue Ting tactics of capital operation.
Liu Shuwei questions
Jia Yue Ting have been promised reduction funds will be lent as the network, reducing the current 2.5 billion yuan of funds have lent music video network, borrowing the term not less than ten years (120 months), and interest from to supplement the company's working capital.
Jia Yue Ting also promised after repayment for listed companies, funds derived from repayment of Jia Yue Ting, all within six months from the date of receipt of the payment for holdings, as the network shares will outperform the same number of shares, if the increased shareholding average below average price reduction, the reduction proceeds and increase the difference between the total amount of free gifts listed companies.
According to what the market said, depending on network needs a lot of money, but increased refinancing cycle length, require approval uncertain, depending on network needs rapid development, Jia Yue Ting, reducing its stake to companies in the form of a blood transfusion.
But this statement by the Central University of finance and Enterprise Research Center Director Liu Shuwei of China at the end of June to question, she said, if the listed companies ' financial situation is good, the actual controllers of the listed companies, Board Chairman and General Manager will not cut back on stocks, dividend each year enough for them to have the cash. If listed companies ' actual control, Board Chairman and General Manager of continuous substantial stock holdings, cash can only judge, the company's continuing operations had a problem.
Liu Shuwei, depending on who actually controlled the net, Chairman and Managing Director, Jia Yue Ting grasp of music, as the network's business decisions and complete company information. Stock returns is uncertain, riskier bond pays a fixed, low risk. Jia Yue Ting, a large number of high risk assets (net equity) into low-risk assets (net debt), not sure whether that means Jia Yue Ting themselves don't believe in music, as the network's prospects?
Liu Shuwei said as the network 2014-in clear violation of the relevant provisions of the report, did not disclose the composition of main business profit, no operating profits. Company actual control of Jia Yue Ting implicit of the huge holdings of cash in other listed companies will most likely have to imitate this behavior so that residents will not allow deposits a lot of flow to the stock market, may lead to end the bull market.
Thereon to the blue whale TMT market analysts said actual controllers of listed companies tend to take control over the most comprehensive company information, underweight or overweight decisions closest to the actual situation. They make extensive use of approaches such as pledge, reducing access to finance, and increase leverage of funding, subscription of private placement of listed companies in which shares or other assets, such as investments in listed companies quickly achieve excess returns.
In this regard, as the network respond to Liu Shuwei said Professor Liu as the network of innovation and efforts to turn a blind eye, backward traditional ancient methods to the Internet business analysis and valuation, is far behind the times, made his mark mistakes.
Jia Yue Ting said in a media interview, no company in the world, the founder of their stock to sell to tens of billions of Yuan, listed companies in long-term interest-free loan. Listen is very simple, but most people are unlikely to make such a decision, is the tangled process.
Jia Yue Ting financial engineering techniques
Is not known in the context of a depressed stock market, Jia Yue Ting will continue to reduce, as the network shares at low prices. However, the music video network on July 27 announcement, part of the company's directors, supervisors, senior management and other key personnel of the company, plans in the next 12 months (since July 28, 2015, to July 28, 2016) holdings shares and stake amount is not less than 500 million Yuan, raising their holdings of funds needed by its self made. Meanwhile, the company will be actively preparing for the launch phase III equity incentives or increased holdings of company stock through the employee stock ownership program in order to achieve the long-term stable development of the company.
In fact, if Jia Yue Ting thought of God should be seen within a year's time in the future, the stock market may be adjusted to a suitable low, funded core staff during this period no less than 500 million Yuan holdings shares, may be both the core personnel access to the benefits of future stock price increases, were companies tied together by their common development.
Jia Yue Ting probably thought the share reduction to lend the company's approach. Jia Yue Ting financing pledge themselves and their relatives before equity financing, financing for Jia Yue Ting foster mobile phones, cars, and other mounted yet a listed company's business.
According to Jia Yue Ting says, these short term big sales, but the short term is difficult to profit, not by company operations. Market expectations, assets other than these listed companies, may be in net profits for the right time is loaded into listed companies.
In fact, as the TV plus net price-earnings ratio at a high level, sold to a listed company can improve depending on the ecosystem, and second, the price is right, assets held outside the listed company's shareholders such as Jia Yue Ting will make huge gains in trading.
As the network lack money, long and uncertain road to refinancing time, Jia Yue Ting the share reduction until you have interest-free loan and approach of listed companies. Born in 1973 of momentum was enough for Jia Yue Ting, for enterprises is the Apple of his heart, not to mention Apple's market cap size, millet's valuations have reached $ 45 billion, and now nearly 63.3 billion yuan in market value as the network, only one-fourth of the millet, Jia Yue Ting not convinced about this. Domestic consumption as a share of GDP began to increase as a share of the Chinese market, confidence in Jia Yue Ting more.
Jia Yue Ting now to walk on two legs, and reduction on the one hand, as the network later borrowed the funds and companies. Second, in the listed companies outside the industry to various well-known equity fund investment. Money is the lifeblood of enterprises, with funds of Jia Yue Ting can take a step ahead.
Liu Shuwei product questions posed, and attracted the attention of Jia Yue Ting. Le depending on TV sold to 5 million Taiwan stock of when may need two years of time, but TV products replacement quickly, how guarantee Xia once consumers also will buy Le depending on of products, continues to occupation terminal market, and in Terminal in the get more big returns? Le depending on TV products can in future improve price, and not now of sold a Taiwan lost a Taiwan, is Jia Yue Pavilion should consider of problem.
In the face of questioning Liu Shuwei, as the network says welcome Professor Liu to come, I believe this is not a simple public relations terms, but Le as Liu Shuwei pertinent views and respond to the concerns. Credit card business of the bank crisis of spirit
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