The controversial "Demon stock"

Absrtact: Recently, le video Network (300104.SZ) issued a notice that the company will apply to the Beijing branch of the National Development Bank for short-term liquidity loans of 90 million yuan, by its wholly-owned subsidiary of the Lok Vision Network (Tianjin) Information Technology Co., Ltd. to provide joint and several liability guarantee. The announcement also said that as of

Recently, Le video Network (300104.SZ) issued a notice, the company will be the National Development Bank Beijing branch to apply for short-term liquidity loans of 90 million yuan, by its wholly-owned subsidiary of the Lok Vision Network (Tianjin) Information Technology Co., Ltd. to provide joint and several liability guarantees.

The announcement also said that up to now, the Music network CEO Jia Yue Pavilion has pledged the hands of nearly the stock, in order to obtain more liquidity.

From the music network August 12, 2010 officially landed on the Shenzhen Stock Exchange gem, in just a few years, in its good "storytelling" famous for A shares, and its 2012 earnings showed that from April 2011 to this June 5, its share capital from the then 100 million shares soared to 794.2 million shares.

An investment analyst told reporters that according to the net profit growth rate of less than 50%, the shares of the Lok-optic network have expanded too fiercely.

According to our correspondent's previous financial statements, the financial tension in the book on the network has been. In only 2011 years, for example, its third-quarter earnings disclosures, the video network has been using the IPO at the time of the collection of funds raised 595 million, for the total amount of funds raised 87.3%. One of the 380 million Yuan "crazy burning" in the copyright purchase, server storage equipment, film and television production.

To the first quarter of this year, Lok-net accounts receivable climbed sharply, a net gain of 182 million yuan, long-term loans in the period of increase of 180 million yuan, and the accounts receivable increment is basically similar, and its balance sheet in March this year to reach 60%, compared to 2007 7%, today's business expansion relies heavily on funding.

Up to now, Le Vision Network general manager Jia Yue Pavilion held 196 million shares have pledged 152 million shares, accounting for the company's total equity as high as 36.34%, and previously, such a pledge has occurred 9 times.

Paradoxically, in its endless variety of "stories", its share price in a A-share, the performance of repeated innovation is not consistent with the earnings.

The controversial "Demon stock"

2012, the video network to achieve operating income of 1.17 billion yuan, attributable to its shareholders net profit of 190 million yuan. And its rivals Youku Potato (hereinafter "excellent soil") reported the first quarter of this year, the combined net loss of 232.5 million yuan (about 37.4 million U.S. dollars)

In fact, as early as 2007, when the rest of the video site is still losing money, le Video network will announce profits. From 2007 to 2009, its income grew from 36.91 million to 146 million yuan, and net profit grew from 14.69 million to 44.47 million yuan, to 203%.

2008 Music as the first win Beijing Huijin Cubic, Shenzhen Innovation Investment (hereinafter referred to as "deep investment"), Shenzhen South China Sea growth Select venture capital joint injection of 52.8 million yuan, this is the only time to enjoy the private equity fund.

2010, Lok Vision Network listing, a total of 680 million yuan, super raise 420 million yuan.

The registered capital of only 50 million yuan Huijin cubic first appeared in the capital market is on July 28, 2008, the same day Huijin cubic parent company Huijin Cubic Investment Management Center to music as an increase of 20 million yuan, holding 6.06% (4.544 million shares). Some media said, according to two years after the stock price, 20 million value-added 11 times times, up to 227 million yuan.

This reporter repeatedly came to huijin cubic office in Haidian, a commercial building, see the Company no one, there are only a few administrative staff office, responded that "leadership has been not in."

And with the soaring share price, combined with the previous 3 of the expansion of shares, whether the ban on equity after the lifting of the "continuous expansion-pull-high-top managers," The situation has also been questioned by investors.

February 1 This year, the director of Liu Xi (deep venture to send representatives), Supervisors Tang Fuwen (Huijin Cubic sent representatives), Jia Yuefang (Jia Yue Pavilion sister) left, the 2012 annual report shows that the Jia Yuefang holding a limited sale of 26.334 million shares, the lifting time of August 12, 2013.

A Beijing media quoted the SFC as a director of listed companies, supervisors and senior managers holding the shares of the company and its changes in the management rules, said: "The annual reduction of listed company executives should not exceed 25% of the shareholding, but if the executive resigned from his post, will not be subject to less than 25% per annum constraint." ”

"After leaving 6 months to 12 months, it can reduce the total number of shares held 50%, 12 months, the remaining shares can be reduced at a one-time." Jia Yuefang to leave the 6 months before the arrival of the ban, is it a cushion for selling stocks? Said the media questioned.

The interpretation of COO Liu is "The term of office". "First of all, they are not senior executives, and secondly, if executives want to cash out, the first two years can reduce the non-restricted shares, in fact, so far no one executive reduction." "Liu said.

Liu Xi to this reporter said, 2008 time other burn Money video website "The investment price is very high", at that time Le sees has not found other private placement agency, therefore talked down.

After that, it became one of the most profitable shares in recent years, "up to sixty or seventy times times". Liu Xi said, has now nearly reduced, for normal reduction. But still has the music millions of circulation shares, "the explanation is very optimistic".

The 2012 earnings show that Tesco's equity expansion has been particularly rapid. Since April 2011, 100 million shares have been expanded to 790 million through a round of rounds. At this time last year, Le view total equity has reached 418 million shares. Last year, the net profit of the shareholders of the listed companies was 194 million Yuan, which was 131 million yuan.

Since the end of last year, the share price of Lok Optic network has soared from 13.91 yuan to 29.86 yuan on June 17 this year, with a total market value of over 22 billion yuan. By contrast, in the U.S. listing of the excellent market value of only 3.361 billion U.S. dollars (RMB 20.603 billion yuan), so, the market value of the music network than the first domestic video site excellent soil.

May 22 this year, after a number of consecutive trading days, the music network in the SFC's request issued a notice to investors warning investment risk.

And the daily report of June 24 will support the music network price strong trend attributed to the late last year since the frequent burst of "good" news-November 2012, le see announced that Kai-Fu Lee's innovative workshop completed on the music as a new investment, and then announced and CNTV on video content and other in-depth cooperation; March 2013, Tesco said it had reached a strategic partnership with Foxconn, which is the OEM of its hardware products.

"Can you do that so much alone?"

In fact, le Vision has never been out of financial tension on the books. Only a year after the listing, the third quarter of 2011 reported that the total use of the IPO at the time of the fund raised 595 million yuan, in order to raise the overall fund of 87.3%. One of the 380 million Yuan "crazy burning" in the copyright purchase, server storage equipment, film and television production.

In the capital of the highway, Le Vision carried out the thrilling game. Many people in the industry are not optimistic about the "play": The return on the investment of copyright is a chain-like continuous process, at that time, once a node funding barriers, copyright investment will be a mine at any time.

In the first quarter of this year, Lok as accounts receivable climbed sharply, a net increase of 182 million yuan, long-term loans in the period of 180 million yuan, and accounts receivable increment basically similar. In addition, Tesco's asset-liability ratio reached 60% in March this year, compared with 7% in 2007, and today's business expansion relies heavily on cash advances.

"The current venture Board refinancing policy has not been announced, but the competitors are many rounds of financing, excellent soil after the listing of the second round of the issue." If you don't need to spend money, you don't need to go public. "Liu said.

The ambition is not to get the most out of many video sites, but to be an ecosystem based on a cloud-video platform. "This platform is not only for the pleasure of the service, but also to have video needs of enterprises and individuals, can be video through this platform to transmit, to reach the client side." "Liu said.

To this end, Le View bought 2T total bandwidth, and built over 200 CDN nodes nationwide, and Youku also has only 30. When the overall layout of the "Platform + content + Terminal + Application" vertical industry chain, on the one hand, to explore a diversified income-generating model, on the one hand, also pay huge costs.

Over the weekend, the announcement will be to the National Development Bank Beijing branch to apply for short-term liquidity loan 90 million, by the wholly-owned subsidiary of the Lok Vision Network (Tianjin) Information Technology Co., Ltd. to provide joint and several liability insurance. Up to now, Jia Yue Pavilion has pledged the hands near the stock.

In fact, since July 2011, Jia Yue Pavilion has 9 times pledged the hands of stocks, currently he holds 196 million shares have pledged 152 million shares, accounting for 36.34% of the company's total equity.

Cash flow is stretched, peer-view, the network has always been in the Internet development of many nodes to complete the original layout: the first to have homemade drama, the first in the gem listing, the first launch of Internet TV ...

And back to the video network is whether a "resource-oriented company" itself, one enterprise insider responded to this reporter: "First, in China who has no relationship; second, in China to do successful enterprises who have no relationship; third, those who are related to the real can only rely on the relationship to do the business so big?"

"Super TV" and licensing questions

June 19, more than 150 capital media were invited to a luxury hotel Chaoyang door to attend a luncheon to witness the music video video TV Super TV global appointment initiation ceremony. A once-rampant "national and even the world's first video site to launch a smart TV integrated Machine" news became a reality.

Le network insiders told the reporter, recently Jia Yue Pavilion Office in three sets of TV prototype, his daily work turned into watching TV, catch the problem, "even the stent angle Shu uncomfortable to tube." ”

The time goes back to last September 19, that is the first time that Jia Yue Pavilion to enter the smart TV market, Jia Yue Pavilion will be named "Subversion Day", and at the time of the presence of the international IT analyst Zhang Yi to the reporter recalled that it is not a successful conference, with a PPT speech throughout the whole, off the field, " Subvert what is not clear, in addition to the concept of nothing else.

And this May 7, in Beijing's M space (formerly five Pine Gymnasium Training hall), Jia Yue Pavilion again to the front desk, this time he brought the product. Innovation Workshop Kai-Fu Lee, Foxconn Vice President Dai Jongwu, Qualcomm Senior vice President Wang and the sharp era, vice president of the Shiro and other industrial chain of the big guy also to help "platform."

June 19 The same day, the video TV to the Super TV booking process, only one hours, large screen online booking number on the roll to 13991, to only prepare the first batch of 20,000 products of the music network, this figure is close to a satisfactory answer. According to the National Allwin Consultation (AVC) data, January 2013 ~ April, the total sales of 60-inch large-screen TV is 128,000 units.

In order to save the intermediate marketing cost, le view TV takes the user-oriented "CP2C" public marketing Mode (customer calculates to customer, consumer initiates ordering solicitation and puts forward some demand to the factory).

According to the actual capacity and market feedback of the second judgment, Le Video network to select the order-driven supply, the entire flow of TV to the user. In this case, the super TV price is lower than the market, X60 basic type only sell 6999 Yuan +490 (membership fee), which let the industry to guess the intention of the music. However, the network revealed that the Super TV does not rely on hardware profits, by selling content and value-added services.

If you play the concept, then Konka, TCL, Skyworth, sharp they have smart TV products, and then use this concept to fry no meaning, in the end can be mass production is an unknown. Internet commentator Jia Jinghua. He told the newspaper reporter, although the current Cross-border concept is very hot, but the video network in the home appliance industry does not have experience advantage.

The industry's bad outlook is due to the weakness of the smart television market itself, the survey report by China Electronic Chamber of Commerce's Consumer Electronics survey said that the 2012 nationwide smart television sales, although the breakthrough of 8 million, and the average activation rate is only 27.5%.

The test water before the video has Sony, Google, Shanda, and even Apple has launched Apple TV in the short term, but because of the policy threshold or the market cold and folding, the "high profile" on the one hand let the Internet peers, on the other hand, on the other side of the speculation behind the "policy of care."

According to the State Administration of radio and television issued by the "Holding Internet TV license licensing agencies operating management requirements" (Industry said 181th), Internet TV Terminal products need to connect the SARFT approved the Internet TV content service agencies set up a legitimate content service platform.

and currently through the SARFT acceptance of the platform only 7, respectively: China Network Television (CNTV), hundred-Vision, southern Media, China, the Chinese international radio and television stations, Hunan radio and TV and the Central wide radio network platform.

Last November, the Millet cell phone production of the "box" to eat the policy of the loss of the SARFT stopped rectification. This last summer launched the TV set-top box, although with the license plate Hangzhou number docking, but Sohu video, Tencent video and other Internet video site copyright content can be directly provided to users.

After the reorganization of the Millet box in January this year and CNTV cooperation docking. According to the Millet insider to the reporter revealed that, because of strict control threshold, before the millet box is just an "empty box", now because of cooperation with the CNTV broadcast control platform, it can no longer be in the interface blatant display of other video content entrance, "unless the jailbreak."

181th, the article stipulates that the terminal products can only be connected to the Internet TV integrated platform, no other access to the Internet channel, and network operators should not be linked to the management system, database. The relationship between the terminal product and the platform is completely binding, and the integration platform is unique to the control and management of the terminal product.

"And the music can be in the operating interface of the video store content, and at any time to sync with the official website content, which makes people find it difficult to understand." said the person.

In 2011, the video network was accused of "vulgar" by the large-scale exposure lens of the "Glamour Learning Club", which has issued a statement saying that the copyrighted content and the homemade program purchased by the company must undergo a rigorous internal review procedure before it can be online.

Sarft to the audio-visual content in accordance with mobile phones, PCs and television terminals issued by the Information Network Broadcast audio-visual program license, the new regulations in 2008, only the state-controlled site has the qualification certificate, and before the main evidence of the mainstream video site one-time license. "But Le see 2005 has got the license plate, is one of the earliest 5, the handset terminal also conveniently took, now is also the only family." Liu told the newspaper reporter.

A "cloud of suspicion"

Founded in 2004, 2008 to raise the first venture, 2010 became the first public company through the IPO, and then to the recent Super TV release, the music network with its back to the same video site compared to the "style is not high" evaluation, ran through the policy of the road and in various periods "to strive for the first", Attracted many outside speculation and association.

June 2010, when the industry ranked far less prominent music network to "the first in the domestic market video site" identity landing gem, to exceed the issue price of 60%, nearly 47 yuan prices first, but the industry was relegated to the "gem and video industry disgrace."

The Jia Yue Pavilion, which was born in Yuncheng City, Shanxi Province, was misinformation as "Shanxi coal boss" and "Red Top merchant" until recently clarified from a teacher's family. In the eyes of the music staff, this is still a "cock silk start-up company", so ignore the outside world.

Le Vision Network is located in Beijing CBD Region Oriental MUI-Asia headquarters is not grand, "120 square meters 57 people office." At the beginning of this year, Le Vision moved into the East four ring Hongcheng Xin Tai Mansion, Jia Yue Pavilion all subsidiaries have just gathered, almost occupy the entire building. Many floors are still renovated, even missing the company logo, a Robin gas.

Unlike other well-known websites of the big guy often haunt in the newspapers, Jia Yue Pavilion and music view always give a person with the feeling of wearing a veil, this with its unusual alternative rich road is not irrelevant.

Jia Yue Pavilion originally just Shanxi Yuncheng Yuanqu County Local Tax bureau, a network management, just a year to go to the sea, by relatives introduced him as a telecommunications operator base station battery business, soon in Shanxi registered its own West Bell Communications Technology Co., Ltd., turn to do outdoor network coverage. 2003, dissatisfaction with the status of the Jia Yue Pavilion alone with the driver to Beijing Entrepreneurial, will Siber renamed to Xbell. The company was listed in Singapore in 2007.

At that time, Liu Hongchang, a journalist at China International Radio station, ran the telecommunications port, and was born in 1973 after the two people met to start "Eat and live Together", the joint venture, when the two people aimed at mobile phone streaming media business. At the end of 2003, Beijing Xbell set up the wireless star Division to become China's first mobile phone video overall solution enterprise.

"At that time Unicom's mobile TV system, content broadcast control platform is our help to build, in this piece is exclusive cooperation." Liu told reporters.

The 2003 coincided with the issuance of the 3G licence, but it was delayed. 2004 Jia Yue Pavilion immediately turned to the PC side, the division, the establishment of music as mobile media Technology (Beijing) Co., Ltd. (Music Vision Network predecessor).

Early for mobile phone operators to establish a video business, so that music visual sense to the content and the potential value of copyright, for its future development of the context set the keynote, but also doomed will not go cool, potatoes and other UGC (User upload content) burning Money road.

Le Vision Network was founded at the beginning through the Xbell PDA portal cooperation to obtain income, 2006 the income of 9 million yuan, 2007 reached 11.1 million yuan. This money is basically returned to Xbell technology in the name of repayment of the loan. "We are entirely dependent on our own funds." "Liu said.

To be the flow of cash, you need to do the membership fee system, and the length of the plan is to buy genuine, genuine plus pay, to become a unique ecological music network. From 2008 to 2011, the copyright price of a TV play rose from a hundred thousand of to millions of, and le see tasted the sweetness of "copyright dividend".

One insider explains the "unintentional insertion" of le Vision: "Copyright is not only worthless, it is 5 years, 7 years or even permanent." All these copyrights include three screens, PC screens, mobile phones and televisions, which are on the phone, but are distributed on the PC side. ”

The 2011 Music Vision has been secretive about hoarding 90,000 episodes, 5,000 films of genuine copyright. In 2007, the copyright assets of Lok-vision only 1.87 million, 2011 rose to 854 million, 4-year growth of 450 times times, when anti-piracy gradually become the industry consensus, Jia Yue Pavilion has already developed a "copyright distribution" of the new rules.

When the homepage is still flooded with less-than-a-homemade programs, visual style updates slowly, but on the other side with a line of thinking to get the copyright dividend, music as peer criticized as the circle of money "two-way". 2011, Baidu, PPLive, Youku, Sohu and Thunderbolt these five main customers contributed 62% of the copyright distribution business revenue, accounting for the total revenue of music 37%.

But in the copyright value cognizance, the music view net to the intangible assets linear amortization Way also has the dispute.

Industry insiders believe that, although linear amortization can make the report become beautiful, but this way can not reflect the real operation of the site. At present, the reason why many companies dare to buy a large amount of drama to push the copyright bubble, linear amortization also played a large role.

Also, some of the same companies have made changes. For example, in 2011, Youku, which was not merged with Tudou, announced in its first quarter earnings statement that the direct amortization of the cost of copyright would be accelerated.

"Le Vision is not a real video site in the peer, more like one of our upstream business-to-business enterprises, if it is like youku potatoes, such as competitors, we will not easily Shang." "One of the public relations people who love Qi Art told our correspondent.

2011, the Lottery revenue of the copyright distribution accounted for 356 million yuan, the total income of 59%, 2012 copyright distribution revenue of 555 million yuan, accounting for 47% of the total income.

In the same year, the soaring HD video paid income, 2007 is still in 31.58 million, and 2011 reached 121 million yuan, monthly active pay users have reached 700,000. In contrast, Youku's CFO said in a conference call for earnings analysts in the second quarter of 2011 that less than 1% of subscribers paid subscription revenue.

For this reason, le See has been questioned in the user charges for false. And Liu to this reporter explained, the earliest video site is to VOD (long video-on-demand) mode to start, rather than the UGC model of excellent soil. "We work with various carriers, each month and bandwidth bundled to launch a video subscription service, eventually split with the operator." ”