Le video net 2 month market value evaporation 14 billion Jia Yue Pavilion sister change Price "killer"

The millet did not hear the assembly number, but the shareholders of the Music network (market, interrogation) heard. January 29, le Video network issued a notice that Ms. Jia Yuefang from January 23, 2014 to 28th, reduce the 11 million shares. The reduction is now about 544 million yuan. Jia Yuefang is the chairman of the Jia Yue Pavilion, and is also a former senior executive of the video network. Jia Yue Fang's reduction precision step on the high point of the share price of Le net. January 27, the video network also set a new record of 55.50 Yuan. It is also from this moment, the share price of the Lok optic net will go downhill. As of April 2 closed, a short two-month video market value evaporation of about 14.22 billion yuan. Even on March 22, it failed to boost its share price as it posted a positive growth in revenue and profits for 2013. On the contrary, Jia-quality, GF and other institutions also choose to reduce their escape. Industry analysis, the actual operation of the video network may not be so beautiful, financial statements are only kidnapped by the capital market, the reference value is low. In the face of a precipitous stock price, some investors question, "the music of the Internet market has indeed been to many investors to bring joy, but now what to return shareholders?" "In this regard, China Economic network reporter call Le Video Network Capital Operation department, and according to its request to send to interview letter, but as of press, did not receive the relevant reply." Large shareholder reduction into a share price killer do not know Jia Yue Pavilion ever thought, Sister Jia Yue Fang's reduction will become the music of the net price killer. January 29, le Video network issued a notice that Ms. Jia Yuefang from January 23, 2014 to 28th, the reduction of 11 million shares, accounting for the company's total share capital of 1.38%. After the reduction, Jia Yue Fang's shareholding ratio fell from 6.27% to 4.89%, set now about 544 million yuan. Jia Yuefang is the chairman of the video network, the actual control of the Jia Yue Pavilion sister. Jia Yue Pavilion holds 371,857,000 shares of the Lok Optic net stock, accounting for 46.57% of the total equity ratio. Jia Yue Fang, the second largest shareholder, held 50,034,600 shares and accounted for 6.27% of the total share capital. After the reduction, Jia Yuefang is still the second largest shareholder, but no longer owns more than 5% shareholders. Interestingly, last December 11, the video network Bulletin said, the company received the holding shareholder and the actual control of the Jia Yue Pavilion Letter of Commitment, based on the completion of the transaction after the company's future operation and development of confidence, Jia Yue Pavilion Commitment to the sale of shares issued within 12 months from the date of the transfer of its holding shares of the company, This restriction will also be observed in the shares of listed companies which have increased their holdings as a result of the Hong Kong music video network sending red shares and increasing equity. Although strictly speaking, Jia Yue Pavilion did not stand, but its sister Jia Yue Fang's reduction is still doubtful. In its reduction before a period of time, the music network bursts good news, the stock price of three degrees trading, and Jia Yue Fang's reduction from January 23 onwards, but until 29th, le Video network before the announcement. Jia Yuefang respectively in January 23, 27th, 28th three days of reduction. 23rd, le Video network rushed to stop. 27th, the video network even set a two-year high of 55.50 yuan, the data show that the day of Jia Yuefang reduction of 400Million shares, set now about 200 million yuan. "If you can take the money to do things related to the listed companies, it certainly has a special impact." Indeed, this is a pleasure net of their own freedom, but if the majority of shareholders can not do, that the video network is worth our investment? "One investor said. "This is concerned obedient while look. On 23rd, the same day, the price of the video market, the final trading, Jia Yue Fang election at this time retreat, set the motive is obvious. In other words, this is the best time to arbitrage. An industry analyst, "A few days ago, the music network positive, the company 29th only issued a notice, the suspected is for Jia Yue Fang's reduction to cover, both push up the share price to maximize arbitrage, and let this message is not so easy to become the market focus." Insiders said that in the Internet Circle Jia Yue Pavilion is a master of capital operation, and to tell stories, good packaging is known. This time the story is also wonderful, a year ago as a senior executive Jia Yuefang resigned has been buried foreshadowing, and in a good news, Jia Yue Pavilion or in the sister to reduce the cover. Independent financial commentator Shang also believes that, although there is no conclusive evidence, but there is still Jia Yue Pavilion cover sister reduce the possibility. There may be two considerations behind the reduction of large shareholders, one is that the market value of the market has reached more than 38 billion, but clearly its current performance is difficult to match, major shareholders or out of pessimistic expectations, the second is to give a good story to the capital market, the network needs to continue to expand, bigger and stronger, which requires a large amount of financial support, The big shareholder may be set up to give blood to the company. It is noteworthy that, January 29, happy to see the network issued a large shareholder reduction announcement on the same day, announced that the Music Network Information Technology (Beijing) Co., Ltd. on January 27, 2014 with the Lok see Holding (Beijing) Limited signed the "Investment Agreement", the two sides intend to fund separately, jointly established " le-View sports culture Industry Development (Beijing) Co., Ltd. "(tentative name)," Video Cloud Computing Co., Ltd. "(tentative name) message. The capital market is no doubt sensitive, in Jia Yue Fang 11 million shares, the Lok optic net price began to plummet, from January 27 to a 55.50 yuan high, to April 2 to 37.69 yuan Close, the market value of the net evaporation 14.22 billion yuan. "Le video network large shareholder's reduction, for the video network shareholders blew up the assembly number, many shareholders may be due to the large shareholder reduction and see the stock, fled, leading to a fall in share prices," said one investor. Le network valuation myth behind the March 22, the 2013 annual report published by Le Video network showed that last year's revenue of 2.361 billion yuan, an increase of 102.28% per cent, net profit of 255 million yuan, an increase of 31.32%. But in the background of good performance, institutions for its prospects are divided, Invesco the Great Wall, Huaxia fund continue to be on the market, KA real quality, GF Poly Rui is the choice to reduce. Shen Zheyan, a researcher in the culture industry of CIC, said that the difference between institutional investors ' expectations of the lottery and the actual operation of the network might not be as beautiful as its earnings. The "Platform + content + Terminal + Application" eco-model has sparked investorsThe Infinite reverie, by the capital market hot holds, the P/E ratio more than 100 times times. However, this is after all, the story of speculation, the ecological model has not yet brought considerable benefits to the company, but also hidden huge risks, its financial statements are only kidnapped by the capital market, the reference value is low. On the one hand, le Vision network of its research and development investment in the capitalization process, although this is in line with current accounting standards, but this cost accounted for the company's net profit of 87.17%, if the research and development into conservative processing into the cost, net profit will plummet; Total revenue of 2.361 billion yuan, of which accounts receivable 950 million yuan, the last operating cash flow amounted to 176 million yuan, which is somewhat surprising. In addition, music is regarded as intangible assets of 2.64 billion yuan, of which the copyright fee accounted for 23.4, system software and non-patented technology can be ignored. The copyright amortization mode of the video network is also worrying. Shen Zheyan said the royalties came mainly from films and TV dramas, which involved amortization issues. Its amortization principle is to be amortized according to the authorized term of purchase copyright. Copyright Purchase period is generally 3-7 years, amortization is a straight-line amortization, but the actual income is mainly the first year, the remaining time income will be significantly reduced. The purchase of film and television plays as a cost, rather than intangible assets to reflect the true financial situation of the video network. After a few years the copyright is not sold, but the amortization will continue, the company can only rely on the capital market to keep financing. Generally speaking, the profit quality of the video network is not high. Guofan, director of CIC's consultancy research, also believes that the huge difference between the growth and net profit growth of the video network is questionable in itself. In fact, Super TV burns money, super TV not only hardware does not make money, and the company also put in a lot of advertising resources. If the Super TV in the video online ads computing into (Treasury), the current loss of super TV is staggering. The company has added a new column is still in the incubation period, although bring more advertising, but the cost of higher investment. In addition, the revenue from the copyright distribution continues to decline. The current situation is very difficult, if the follow-up financing is not smooth, the financial chain is in jeopardy. In the entire video field, the value of the Le Vision network appears to be "a standout". According to the Tiger Sniffing network, a A-share media entertainment company, the market value of hundred-view (market, interrogation) 39.7 billion, p/e 60 times times; the market capitalisation of the market is 20 billion, the price-earnings ratio is 37 times times; Bo Rui media market value 12.3 billion, p/E is 36 times times. Le video network to 135 times times P/E to beat the warlords, the market value reached 34.6 billion yuan. Overseas market, video site boss Youku Potato in the second annual report since the merger on February 28, revenue 3 billion, net loss of 580 million, the market value of about 30 billion yuan. "This can not help but let people doubt that in the domestic and international capital markets, the video network than those who are more than it traffic (excellent soil), more money (hundred-vision), more entertainment (electricity, Bo) of the company valuation is high, why?" ", an industry analyst. "Evaluate a network company's minimum reference value to compare its traffic with that of a similar company." Le video network traffic is half of the gifted, if in the same capitalThe market value of music should be half of the best. Even considering the differences between China and the US capital markets, the value of the video network is still high.