Performance stress triggers "blood spell"

With the electric business war slowly decline, the price war behind the capital figure also frequent flash, the electricity business from the date of birth and capital closely linked to the industry is increasingly showing the essence of its capital game. Beijing east to achieve next year's IPO urgently needed to flush sales, suning depression growth dilemma frequently financing, in such a background, to a capital-led price war seems impatient.

Performance stress triggers "blood spell"

"Just and members of the meeting, today's capital, Bull Capital, Kleiner, Sequoia, Tiger Fund, DST and other major shareholders participate in all!" Shareholders said: We have nothing but money! Don't worry, go to the dead! Dquo;8 month 14th Evening Liu This micro bo is a capital demonstration to Su Ning, but this can not disguise the hidden crisis behind Beijing east.

Insiders believe that the Beijing-East in the past few years in the field of electrical business, the scale of soaring, it is the product of capital pressure. Since August 2007, Jingdong Mall Non-stop "Circle Money", from 10 million U.S. dollars, 21 million U.S. dollars, 150 million U.S. dollars to 1.5 billion dollars. Large scale of financing to support the rapid expansion of Jingdong, but in the electricity business, "burning money" industry, no amount of money will not feel enough to spend.

The person familiar with Jingdong sums up a sum: Last year lost 180 million U.S. dollars, investment bank briefing this year expected to increase the loss to 316 million U.S. dollars; Meanwhile, the logistics layout still needs a lot of investment, Jingdong Mall CEO Liu previously said, 2012 years logistics investment will reach 3.6 billion yuan.

In 2010, when the third round of financing, the industry rumors, Liu and investors signed the agreement is roughly: 2011 sales must reach about 25 billion yuan, 2012 to achieve 100% growth of 50 billion yuan, the 2013 growth of 50% to 75 billion yuan. Otherwise, Liu and the entire start-up team must leave the company. Despite Liu's ambiguous, it is an indisputable fact that the capital is pressing for the initial IPO of Beijing-east.

Industry forecasts, in order to avoid the dilution of the shares and the threat of reduced board seats, the Beijing-east target of at least 40 billion yuan this year, under the pressure of a price war to reverse the amount of the inevitable choice. This year's performance growth is not only related to whether new financing opportunities will come, but also to the long-term preparation for the sprint IPO.

At the same time as the Liu, brewing "hit the field", the growth of the offline sales of the difficult to launch a price war provides a precise opportunity.

For Su Ning this creates the home appliance industry glorious chain giant, the offline store store profit decline, as well as the transformation line business caused the investment surge is the two-way to depress the company's financial endurance. Not long ago, Suning has just carried out 4.7 billion yuan directional additional. Just 14th suning Appliance (002024, shares bar) announced to issue 8 billion corporate bonds to ease the capital tension, Jingdong "Just to the time" to launch a price war. This makes the capital market of the lack of confidence more jittery.

Prior to the Jindong stake in the speculation in Beijing east at this time the "fight" more like a planned for a long time conspiracy. Two times pledged added, Jindong and run East investment total pledged Suning appliance stock has reached 23.9%. Anecdotal reports say that as long as the price war continues to depress Suning's share price below 4 yuan, it will trigger additional collateral requirements. If not, trust companies could sell and share prices plummet, leading to cheap, hostile acquisitions.

Although Su Ning did not officially respond to this, but the choice of the timing of the Beijing-East price war and the performance of the capital market still makes people doubt the hidden capital push.

Rumors raging fade shorting pushing hands

In many people's opinion, the Beijing-east borrowing price war to Su Ning is only a pretext for capital operation behind, as the agricultural residue over the door to suppress Zhang Yu A, overseas giant losses, senior executives rumors of serious injury to Citic Securities (600030, shares bar), as well as the previous incense rafters shorting Heng Big, the rumors, the short hand of capital is increasingly clear.

The recent spate of stock market share prices suddenly plunged, rumours of flying events are making the "short selling rumours rampant waiting for clarification and buy coupons redemption" Such a bear market profit path surfaced. Along with the "intermediation" business is expected to be launched before the end of August, a-shares for many years the unilateral long model is facing challenges, the emergence of short mechanism and the resulting hedge fund development or will gradually change a a-share ecology.

According to the relevant statistics, since August A-share market financing margin stock has been frequently "air raids." August 15, the first B-Share to H-shares scheme of the Central group (000039, shares bar) A shares fell, the day the sale of coupons sold for 352700 shares, the amount of 4.1583 million yuan. From August 13 to 15th, Zhang Yu A, Citic Securities, Suning appliances and so on have plunged, the amount of these shares to sell coupons compared to the end of July have significantly increased.

In this respect, many netizens also launched a hot discussion, after the introduction of the current market environment, short than long more easily, some individuals or institutions to first fuse coupons, and then through the market position and influence of the publication of a report or a stock, the stock price fell after the coupon leave. In the case of inadequate regulation, this could lead to more uncertainty among retail investors. At some point, it can also exacerbate the volatility of some companies ' stocks and even markets.