Jia Yue, Chairman and CEO of Le Video Network, wrote in a tiny Borrie

"Le Vision is my life!" "December 23, Jia Yue, Chairman and CEO of Le Video Network, wrote in a tiny borrie.

According to the official music, Jia Yue Pavilion is suffering from thymoma, at this time should be located in a hospital ward in Beijing. Le Vision Network headquarters is located in Beijing East four ring Chaoyang Park near the Hongcheng Xintai mansion, where the distance from Concord, Tongren and other large hospitals are not far, but even so close, the single-handedly created and led the network of music to the storm of the heroic character can not easily go back.

From the beginning of June to flee overseas, to return to Beijing at the end of November hospitalization, and now, Jia Yue Pavilion seclusion behind the scenes for six months. In the past six months, music has experienced a regulatory turmoil, political rumors, capital crisis and other multiple challenges. In the media, a part of the puzzle is gradually revealed, but more secrets are still under water.

Jia Yue Pavilion is not in the days, the management of music as hard as you could, trying to create a "all normal" appearance. Unfortunately, things are not moving in the direction of optimism.

December 22, Lok optic network stocks fell. December 23, fell nearly 3%, closed to 29.23 yuan, only the IPO price of 2010 higher than 0.03 yuan. As news of the plan's investigation comes out, discussions about the future of music are rife. What is the root of the crisis and what is the outcome? Reporters through a large number of interviews and finishing work, trying to present its true context.

Triple crisis

Regulation, politics and capital are the three mountains that stand in the sight of music.

The crisis began with regulatory turmoil. This June, the Internet television Industry Regulatory unit state news and publication Sarft issued a ban, and constantly standardize the industry behavior. The most high-profile music in the past has been the first to be seen as the first, so it has not been resumed.

box as an effective means of capturing the TV stock market, low-cost, flexible use, and music depending on the concept of content charges. The prospect of being under the shelf means that the business model of the lottery has lost a large number of potential user groups. Outside the box, the music television business is not yet treated the same, but does not mean that SARFT will adopt two sets of regulatory standards on both the box and the TV terminals. In the future it is entirely possible to extend the scope of regulation to television, when it will have to do a lot of rectification work, and its hardware free content profitable business model to how much the landing, remains to be seen.

The price-earnings ratio of the video network was once as high as 100 times times. The P/E ratio represents investors ' optimism about their future. Copyright, content is the past of the video network, internet TV business is the future of the video network, its advance smoothly or not, the success or failure. And now the situation is, le Vision has not been able to afford the slightest toss of the policy, once the bad hit, it is likely to short.

Previously, "Finance", financial new, surging and other media reports combed the Jia Yue Pavilion and the completion of the staggered relationship between Huijin cubic. According to the public report, in addition to the development of the video network in the process of the suspicion of grey operation, Jia Yue Pavilion may be the early partner of Huijin Cubic.

Huijin Cubic early investors in Beijing Javison Technology Co., Ltd. stake in the Jia Yue Pavilion High School classmate Jia Yunlong name. However, in the recent media interview, Jia Yunlong claimed that he did not know about this, and said that the identity card has been loaned to Jia Yue Pavilion, if the identity of the establishment of the Jia Yue Pavilion on the completion of the countless implicated.

It is reported that the completion of the order is currently under investigation. In the past few years, the Huijin cubic, which is the chairman, has intervened in seven companies, including the video network, and helped them to list successfully. The media statistics Huijin cubic profit a billion of. If the Jia Yue Pavilion is indeed one of the early partners of the Huijin cubic, it will be more complicated than the network. As the soul of the music, Jia Yue Pavilion has been "invisible" for a long time, the future once the "bad news" out, the management and investors will be afraid of panic.

If the crisis at the regulatory level and the political level is not in sight and is not under the control of music and is resigned to fate, then the crisis at the capital level is imminent and trickier. Jia Yue Pavilion currently holds 44.21% of the shares of the music network, in order to meet the strong financial needs of the group's business, Jia Yue Pavilion will hold 73.36% of its shares are pledged out.

A securities industry personage told reporter, this year gem stock pledge rate is about 40%. According to the music notice, Jia Yue Pavilion pledge stock timing is usually at the time of high price. If according to 40 yuan to calculate, the Jia Yue Pavilion pledge each share stock actually to melt to the amount is about 16 yuan. And in accordance with the SFC 135% for the cordon, 120% for the flat line, when the share price fell to 21.6 yuan, must add collateral, fell to 19.2 yuan, brokerages and banks will be forced to liquidate positions. At that time, a large number of stocks into the two-tier market, Lok collapsed will be more than the share price, Jia Yue Pavilion will lose control of the company.

Aware of the crisis, the announcement said in August this year that the proposed private equity financing of 4.5 billion yuan, but there is no clear progress in the financing. Before the arrival of the "Save Money", the network must stabilize the share price. In order to strengthen investor confidence, le See in the past few months, said the ecological agriculture, new energy vehicles, smart toys, internationalization and other stories, but also through Jia Yuefang to the company to provide interest-free loans, management group overweight and other means to investors, even at the "cut meat", would have wanted to separate listing of the music film into the listed companies.

Problems with three aspects of business, founder, and corporate operations raise questions: Where are the root causes of these crises? How did le vision come to this day?

A source

As we all know, before wading in the Internet television industry, le Video Network is an obscure site, although the hands of a large number of copyrights, and the first to achieve profitability, but the gem listed enterprises in Youku, potatoes, Sohu video and other peers in the eyes of inconspicuous. In the licence, industry resources and other aspects of the advantages did not make the success of the video network to achieve much, until later, the introduction of boxes, television, so that the company has a great attention to the star sense.

The bulletin shows that from 2013 onwards, Jia Yue Pavilion began to pledge their shares frequently, reflecting the impact of television business, music to see the extreme thirst for funds. There is no denying that the Internet television business of the music as a seer and played a good card, its content and hardware quality has been highly recognized by the market, business model is much sought after. But the so-called calf is difficult to pull the cart, music to see the foundation of the past is too small, the future to do too big things.

And bat, millet, 360 and other companies to expand the path is different, le Vision is not a can help them into the core business can be kept. However, the lack of financing channels of GEM and the preference of domestic stock market for "listening to stories" have decided that music is different from the expansion of enterprises in China and the stock enterprise--with stories to raise funds and to tell more stories with funds. And as lines of business grow wider and more money is needed, old businesses may not be able to move forward without new money.

Music is the result of runaway, can't stop. and hit the regulatory, political and other external crisis, many investors pickpocket, the financial weakness is increasingly highlighted.

In a word, the past accumulation of music, the original can not carry the lofty ideals of Jia Yue Pavilion, and forced on the road, go faster, the risk of cheating.

Two endings.

Despite the growing capital crunch, industry experts generally believe that the banks and securities companies that share the same boat will not let them sink easily. As soon as the stock price falls to the closed line, it means that these institutional investors have wasted and suffered heavy losses.

In other words, the real crisis of the music vision is at the business and founder level. An expert told reporters that as the situation progressed further, if worse conditions led to institutional investor hardship, Jia Yue Pavilion and its core management would likely face a "retreat behind the scenes".

Of course, Jia Yue Pavilion personal crisis if can be resolved in time, to the music view is a better result.

In any case, after the storm, the music needs a comprehensive innovation, forget the resource advantages that depend on the past, return to a public company should be the posture, sound and transparent development, forget "subversion", to regain their awareness.