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A Shigemura music and television private equity joys and sorrows three years: There is no regret medicine in the world

via:CnBeta     time:2018/2/9 7:01:56     readed:182

"If you come back again, I will not choose such a heavy position to buy music Watch, but the world did not regret medicine." February 8, Zhang Jun said.

Behind the data of LeTV Jumping is destined to have more stories and will serve as an allusion to the future investment in A-share market.

Optimistic from the pessimistic passive

Zhang Jun, a reporter of 21st Century Business Herald, met on the afternoon of July 17, 2017.

On that day, LeTV, which has not escaped from the debt crisis of "LeTV", convened a shareholders' general meeting called "the shortest history" to elect the board of directors of listed companies including Sun Hongbin.

As the shareholder of LeTV's organization, Zhang Jun specially rushed to Beijing from Shenzhen on the same day and hoped to make face-to-face communication with members of LeTV's new board of directors to make a latest and thorough understanding of the later development plan of the listed company.

However, what happened then did not like Zhang Jun, at that general meeting of shareholders, the face of the presence of investors and the media's intense questions, the music only in the vote after the proposal that hastily ended, before and after but took 15 minutes.

This shareholder meeting, led Zhang Jun, the mentality of ownership of music Watch for the first time changed.

As a private equity partner with a registered address in Qianhai, Shenzhen, although the company was established in 2013 and was able to finance private placement of private placement products until 2016, it was not until August 2015 that Zhang Jun, Began to buy and sell LeTV many times with your personal account.

"The first to buy a music account with a personal account is certainly profitable, but the key is that after the company got the license issued a product, and then continue to buy music Watch, currently holds a market value of 30 million yuan." Zhang Jun said .

Talking about the original intention of buying, Zhang Jun said that although his company is small in size and only a handful of employees, but has long insisted on value investment, "LeTV in early 2016, whether it is operating income, net profit or earnings, Growth, can be regarded as a worthy investment in Internet companies the subject. "

However, it is this investment that, with the outbreak of the debt crisis of "Music as a System", inevitably spread to LeTV and left Zhang's initial estimation empty. After the shareholders' meeting in July last year, Zhang Jun started to re-examine the future of LeTV, but was still optimistic when compared with the change in mentality since then.

He told 21st Century Business Herald at that time that despite the serious debt crisis of "LeTV", LeTV still had the assets and business of high quality. In addition, Sun Hongbin was admitted to the board of directors and became the chairman of the listed company. The impact, as long as the music network as soon as possible resignation will not have much impact.

However, developments in the future were beyond Zhang Jun's surprise. Since the resumption of trading announced in mid-April last year, LeTV has not resumed trading until 6 months after suspension of trading and has been suspended until January 23 this year.

More than 9 months of suspension of trading, Lotte many negative, which will include Jiayue Ting away overseas, music as the controlling shareholder and its related parties unable to repay more than 7.5 billion yuan of arrears, as well as the defeat of the acquisition of music video.

"In the past, we hoped that the suspension and reorganization of Lotte would bring about a bit of success. Even if there is no progress, it will be possible to resume trading sooner rather than later. As a result, the bad news will not accumulate till the resumption of trading, which is reflected in the stock price explosion." Zhang Jun said.

"There is no regret medicine in the world"

"Music Watch rise and fall, has nothing to do with me." February 8, Zhang Jun slightly depressed 21st Century Business Herald reporter said.

The same day, the music as the stock price in the trading resumes 11 consecutive limit, the daily limit was finally forced open, the stock also rose over 5%, to attract countless eyes on the market. Prior to February 7, LeTV network volume is rapidly enlarged, the daily limit for the day was opened to foreshadowed. However, at present, all this is the case of Zhang Jun. It is already a "strange" past.

In the past and Zhang Jun contacts, he has mentioned several times that his market value of LeTV close to the current management of the company scale, while previously bought music part of the capital from leverage.

"At the beginning of the music network has more than 30 million market capitalization, the principal of more than 1600000, the rest is the purchase of margin trading, to be honest the leverage is not high, less than doubled, because the company has always been planning very carefully," Zhang Jun said, "Letv network long-term resumption of trading, we face a lot of pressure on the cost of capital."

Zhang Jun revealed that in the delay of 9 months, the company has paid nearly 3 million yuan interest. Today, however, although LeTV net price soared in February 8, but in the previous 11 consecutive limit, Zhang Jun, LeTV shares held by the right has been a burst warehouse.

"The price of buying LeTV in 2016 was around 16 in the immediate vicinity of the ex-rights and the explosion was about 11 and my principal was lost to 8. I would not only find it difficult to explain to corporate clients that their wealth Will be devastating blow. "Zhang Jun said.

Wind information data show that February 8, LeTV turnover of 878 million shares, turnover of 4.1 billion yuan, setting a record of historical days. Before the music network has not resumed before, in order to ease the company's operating pressure, Zhang Jun once mobilized the company staff to embark on the road to open a car.

Turning to the experience and lessons learned from this investment in LeTV, Zhang Jun said the first point is that he realized the bitter consequences of over concentration of positions and allowed himself to reevaluate his view on "value investing."

"Out of value investing, we heavily invest in value investing, but sometimes value investing can easily get caught in the trap because of the expectation of the company's future growth, which is based on an assessment of the company's performance, etc. However, Can anyone know that after the suspension of music and music in 2017, there will be a huge loss in performance, and it happens to be suspended in late 2016 and the suspension in 2017. "Zhang Jun said.

At the same time, Zhang Jun also talked about the same regret because of the long suspension of the music Watch, the company eventually failed to seize the market in 2017 A-share to blue-chip, White Horse shares. But he also admits that at the moment it is the only way to pay for what he once chose.

It is noteworthy that, perhaps in the music investors, such as Zhang Jun, "the number of financing" is not a lot. According to the data disclosed by Shenzhen Stock Exchange on October 27 last year, the outstanding music financing balance is still as high as 3297000000 yuan, the data then ranked the top 30 A-shares, second only to Fortune in the GEM (300059.SZ).

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