What does it mean for LeTV employees to queue up to leave?
Today, Weibo user @Baicheng North exposed a photo of a LeTV employee queuing up at the company's HR service center for departure procedures, causing a lot of attention.
NetEase Finance confirmed to LeTV Holdings insiders that the photo shooting scene was indeed the office where the company handled the departure. The optimization and adjustment of the entire group's personnel structure involved 10% of the employees, and about 1,400 employees were facing the departure, resulting in a long queue in the short term.
On December 6, according to a report by Lazy Bear Sports, LeTV Sports has decided to make overall layoffs, with a range of 20%, including 50% in the intelligent hardware department; LeTV Sports editor-in-chief Ao Ming has submitted his resignation and is about to leave; and the business section has also been adjusted, and it has been determined that the next three main lines are media, offline and equipment, with media business as the core.
Although LeTV Sports has clarified this, saying that the overall structure adjustment and optimization ratio is only around 10%, this news was once believed to have triggered a collapse in LeTV's share price.
Shocking one second: Jia Yueting 64.81% pledged shares fell below the position squaring line?
On December 6, LeTV reported 35.8 yuan per share, down 7.85%. The lowest price during the session was 35.01 yuan per share, almost touching the daily limit.
It is reported that Jia Yueting has a LeTV network equity pledge closing line of 35.21 yuan. That is to say, LeTV network once fell below the equity pledge closing line, and the pledge stock totaled 507.3323 million shares, accounting for Jia Yueting shareholding ratio as high as 64.81%.
But after LeTV fell below the position squaring line, the stock price was quickly pulled up, and the closing price was slightly higher than the exit price, which seemed to have funds to enter the fire.
In addition, the data shows that as of October 26, 2015, Jia Yueting had pledged 77.74% of his shares in Leshi Internet, accounting for 32.79% of the company's total share capital.
The 77.74% pledge rate still has some room for relaxation, but it also faces some embarrassing problems: the closing price of 35.21 yuan per share is already one step away from the first position squaring line; but whether it is to continue to pledge or sell cash, it will convey to the market the signal of further tension in the capital chain, which is not conducive to the stock price.
Brokers also said that for stocks pledged at different prices, if the top (the highest pledged price) stock is liquidated, in the case of market selling pressure and the shortage of funds of the pledging party, there is a high possibility of a chain reaction, forming a "stampede" event.
There are also private equity people who believe that if there is a financing explosion on LeTV, the serious consequence is that it may lead to a panic retreat. The risk of LeTV's 5 billion yuan financing plate should not be underestimated. If it triggers a stampede on the financing plate, or triggers a "domino" effect, LeTV's stock will fall more sharply, and Jia Yueting and the entire LeTV will face a greater stock pledge crisis.
LeTV responded to Jia Yueting position squaring crisis: data does not match pure speculation
For the above "position squaring crisis", LeTV responded at noon on the 7th that the rumored exit price data does not match the actual situation and is purely speculative.
Not long after LeTV responded, Jia Yueting mocked "black hands" on Weibo and shouted: The more hacked, the tougher, see you on the battlefield.
This morning (December 7), LeTV announced that it plans to disclose major matters and will suspend trading from the opening of the market on December 7. Trading will resume after the company discloses relevant announcements through designated media.
How far is the position squaring line?
First, let's go back to October 26, 2015, and take a look at the content of the stake that Jia Yueting pledged at that time:
The equity pledged by Jia Yueting is divided into two parts, one is restricted, that is, the executive lock-up shares held by Jia Yueting, with a total of 467332,000 shares; the other is unlimited sales of tradable shares, with a total of 40000300 shares. The two total 507332300 shares.
According to the equity pledge rate provided by the Shenzhen Stock Exchange in 2015, the pledge rate for executives to lock up shares was 23.5%, and the pledge rate for unlimited sales of outstanding shares was 32.66%. Regarding the pledge rate, we can understand it as discounting stocks. For stocks with a market value of 100, the pledge rate is 50%, which means that only 50 yuan can be pledged to obtain funds.
So what is the share price of Jia Yueting's pledged shares? The announcement of the share pledge was announced on October 26, 2015 (Wednesday), so the corresponding share price of the share pledge should choose the average share price for a period of time before the 26th, assuming that we are calculated at 50 yuan.
50 yuan per share. Due to the different share pledge rates for executives' locked-in shares and unlimited sale conditions, we will settle the share price after the pledge separately.
The price after the executive's lock-up share pledge is: 50X0.235 = 11.75.
The post-pledge price of the shares with unlimited sale conditions is: 50X0.3166 = 15.83.
The reason why Brother Taoluo calculates the price of the pledged stock is because we will use the position squaring line in the subsequent calculation of this part of the equity of LeTV.
At present, the standard for small and medium-sized boards and growth enterprises market is 160% of the warning line, 140% of the position squaring line, 150% of the main board warning line, and 130% of the position squaring line.
The above stock price warning line, position squaring line, etc. are the stock price after the pledge, so we can draw from here the warning line and position squaring line corresponding to the stock price of this share pledge on October 26, 2015.
Let's talk about the warning line first, or two parts. The executive lock-in part is: 11.75X160% = 18.8 yuan; the unlimited share part is: 15.83X160% = 25.33 yuan;
Let's talk about the position squaring line, the executive lock-in part is: 11.75X140% = 16.45 yuan; the unlimited share part is: 15.83X140% = 22.16 yuan.
According to the results obtained above, the current stock price of LeTV is still some distance away from the warning line, not to mention the position squaring line, so Brother Taoluo believes that the online rumors of LeTV's equity pledge reaching the position squaring line may not be true.
One month, the market value has evaporated 16.90 billion yuan
Since November 2, LeTV has fallen by 19.24% in more than a month, and its market value has evaporated by 16.90 billion yuan.
LeEco's turmoil began with "debt Rashomon".
Looking back to November 2. On the same day, the WeChat official account "Independent Ao Investment" released a message about LeEco, titled "It is said that LeEco owes more than 10 billion to suppliers and has been refused to supply, and LeEco's share price has plummeted". The news said that the US media believed that LeEco's car manufacturing was exaggerated, and the US local government had issued a warning that LeEco's arrears in construction project payment could delay the progress of the factory.
On November 6, Jia Yueting issued a letter to all employees, reflecting on the company's excessive pace, saying that the sudden increase in supply chain pressure in recent months, coupled with the funding problems that have always accompanied the development of LeEco, has led to tight supply and has had a significant impact on the sustainable development of the mobile phone business.
In the future, LeTV's debt door further fermented. Although LeTV has always denied the existence of huge debts, LeTV's share price has been falling endlessly.
Since November 2, LeTV has fallen by 19.24% in more than a month, and its market value has evaporated by 16.90 billion yuan.
As early as November, since the resumption of trading on June 3 this year, LeTV's share price has been in a slump. After reaching a high of 60.98 yuan/share on the day of resumption, it has fallen all the way, falling by more than 40%.
Time bomb looming
Well-known financial analyst Qiuyuan Junji, for the internal transfer of funds in LeTV, previously listed the following chart in its official account (WeChat ID is QYJEQYJE).
Note: A fruit store cannot withdraw Working Funds to Ding (similar to LeTV (300104) cannot be withdrawn funds, which is illegal)
He believes that by comparing the A, B, C, and D in the above scenario to LeTV ecological related companies, we will find that LeTV's current business model is based on LeTV (although unstable, not a cash cow), diversified expansion (each project is basically in the loss stage, but there are certain business prospects).
Well-known investor "stock community" has also previously analyzed:
Jia Yueting's plan is that LeTV's mobile phones are almost done and installed in LeTV; LeTV Sports is almost done and installed in LeTV; LeTV Finance and LeTV Cloud are almost done and installed in LeTV. Until N years later, LeTV cars are almost done and installed in LeTV. The premise of all this is that LeTV's stock price must be strong, otherwise none of them can be installed.
Therefore, although the entire LeTV Group is desperately losing money, they are all transferring benefits to LeTV, which makes LeTV's performance look good and its share price very strong. Because this is Jia Yueting's true lifeblood, no one cares more about LeTV's share price than him.
Jia Yueting once emphasized that "we must do everything to stabilize the stock price". Stabilizing the stock price means stabilizing the cash flow. This is the foundation of the entire LeTV ecosystem, and everything is based on the interests of listed companies. "This is a very urgent and helpless matter at present.
But now that LeTV's share price has reached the edge of the cliff, can Jia Yueting still rely on his own PPT to turn the tide?
