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Music as Internet cafes
Posted at 2017-10-15 08:08:27 shares it online version
In the case ofReport
                        Research report was hit face: 160 billion market price plunged 63% there are four limit, such as music as
Source: China Fund newspaper editor: Oriental wealth network

K Figure 300104_2

  Lead: research report is hit face is common, it is too embarrassing run into music!

Say brokerage analyst is bound to be a face of the job, how can the stock so good to predict, run into land more trouble. China Fund News reporter today, through a "Ray" stock performance under the disk, the past optimistic buy buy buy research report, review the past, not really want to face analysts, but sum up lessons learned, we more Good investment in the future.

  (A) you push me push together to push: big brokerage have been pushing music before the network

News we all know, music as the first three quarters of this year, huge loss of 1.6 billion, if the fourth quarter music or huge loss, then it may be listed for seven years to earn money a year on the end. But this is not discussing this matter, we look at the controversial music Watch, from the market has been questioned, but all the way triumphant, ecological anti-also let the market as a suffocation of the dream, the market value of up to more than 1,600 billion yuan, Trapped liquidity and public opinion storm, more than 600 billion market value was also estimated by the fund 4 limit. So in the ups and downs of the process, known for professional research brokerage research, what kind of performance?

Music Watch market from August 2010, by 2015 when the peak of the bull market, 5-year stock price rose 46 times the highest. China Fund News reporter through a third-party research platform statistics, music Watch since the market, as of now, brokerage analysts published a total of 438 papers for music analysis, of which there is no lack of CITIC, gold, Haitong, Huatai, Industrial , The East, the Yangtze River and other mainstream line of these large brokerage firms.

According to time, the number of the last five years is as follows: 2013, 2014, 2015, 2016 and 2017 since the number of research reports were: 53, 47, 58, 41, 9. The number of research and music and music market trend also has a certain correlation, in the rally better 2013 and 2015, the number of research reports significantly more.

Interestingly, these research reports, almost did not see the singing empty, even in the music network at the end of the outbreak of the capital chain crisis, there are still many brokerage analysts through the research report to be "overweight" rating. In April this year, the 2016 annual report on the music, Hai Tong Securities analysts also said that the company will fully open the process of globalization, is expected 2017, 2018 net profit of 1.044 billion yuan, 1.722 billion yuan, to increase holdings Rating. Did not expect the first three quarters of the loss of 1.6 billion for the analyst sad. The The

"The company will be ecologically evolved from the chain to the ecology of the nodes, so as to achieve the synergies between size and strength, and fully open the process of globalization. We expect 2017/2018 company net profit of 1.044 billion yuan, 1.722 billion yuan, overweight rating "

But also no wonder some people joke, music network than recommended music as the research report to fly.

  (B) statistics show: see brokerage research report may really earn money

Recently there is a very fire article called "research report release and stock returns: I finally understand why they do not make money ...", which is very interesting research, the Fund Jun excerpt some:

From the absolute return of view, analysts recommend the stock has the following rules:

Up to

2. Push on the top of the peak;

3. fell about 40 trading days (about 2 months) bottomed out, but 120 trading days (about 6 months) was worthy of the return to this.

There is a word is also very good: push the more popular tickets, the possibility of Ray is also higher. This is on the music as the body seems to be very appropriate.

2015 A shares ushered in a bull market, that is, in this year, music as the 84 trading day to achieve the largest stock price rose more than 500% of the amazing jump, hit a record high of 89.47 yuan (the right). And that is from the beginning of this year, as the music as the research began to "brainwashing" trend in the brokerage analyst's pen. China Fund newspaper reporter inventory, in the "sedan chair" music as this matter, the brokerage analyst "contributed", given a point of view is also a "to force."

We come to appreciate the next:

  1, is expected to 2017 music as the corresponding market value of 347.1 billion

  Reality: Today, 61.2 billion market value is also estimated by the fund 4 limit

In 2015, when the "King" GEM, a number of brokers for this sudden outbreak of the company to give a high rating, not only higher ratings, the music market value is also high expectations.

Such as Huachuang Securities: June 8, 2015 release of "music video: subversion of mobile phones and video, the Internet ecological empire gradually forming", from the title to see is fanatical "music as fans", the content is also amazing:

We hope that 15 to 17 years of TV stock users to reach 550,1350,255 million, mobile phone users reached 300,1300,4500 million, according to the number of users in 17 years, according to the number of users of mobile phones and TV, With a single user market value of 4924 yuan (refer to millet single user market value) to calculate the corresponding market value of 347.1 billion.

The fact is that the current market value of music as 61.2 billion, and the study of the forecast is far from the forecast, not only that, the fund in July have also been in accordance with the 3-4 limit to the valuation, April 17 before the suspension Of the stock price of 30.68 yuan, in the postal business, Castrol, easy to square and other funds given about three limit of the valuation, according to 22.37 yuan or 22.05 yuan to its valuation, more Huaan Fund to 20.13 yuan to its valuation, the equivalent of 4 down limit.

Galaxy Securities analyst, in May 2015 for the first time to cover the music as the recommended level, and said that long-term optimistic about the Internet + music network of strategic layout, the company's ecological system has been basically laid, the future will enter the rapid development and improvement Period, to determine the end of 2015 the market value of about 250 billion, and in fact when the highest price of music when the market value of more than 1,600 billion.

(Do not say, face hurts).

  2, is expected in 2017 the company net profit of 1.044 billion

  Reality: the first three quarters of 2017 is expected to lose 1.6 billion

In addition to the market value of music as the forecast, brokerage analysts also like the profitability of music as expected. However, the plan can not keep up with the changes, music performance again beyond their imagination.

On October 26, 2016, Huatai Securities issued a research report entitled "Internationalization of steady progress, the terminal and membership income are doubled," the research report, that with the hardware and website traffic side expansion, the number of paid members is expected to achieve Doubled growth; the same time its "North Silom" international layout strategy to gradually implement the advance, is expected to establish a global linkage of the ecological network. And that the current music as the film into the matter is still in progress, regardless of its commitment to performance, the company is expected to 16-17 net profit of 750 million yuan, 980 million yuan.

In April this year, music Watch the annual report of 2016, Hai Tong Securities analysts are optimistic that the music to open the whole process of globalization, is expected this year and next year net profit of 1.044 billion yuan, 1.722 billion yuan. Ecological structure, ecological platform, ecological type terminal, ecological application, ecological organization and ecological marketing, from the ecological evolution of the chain to the node ecologicalization, so as to achieve the synergies between size and strength, and fully open the process of globalization The

In fact, yesterday evening, music net announcement that is expected to 7-9 month loss of 1.02 billion yuan, the first three quarters is expected to loss of 1.658 billion yuan -16.63 billion yuan. The main piece of business, advertising revenue, the company's terminal revenue and membership income are a sharp decline.

The Company said that due to the tension of the related parties, the impact of liquidity turmoil, the continuous promulgation of social public opinion and the expansion of the company's reputation and credit impact; the same time, due to the debt risk of related parties, cash flow tension spread to the company supplier cooperation system, Supply to the account period, etc. are generated negative pressure.

  3, buy buy buy, buy!

  Reality: 63% after the crash that there are still waiting for

Buy buy to buy, is the majority of brokers in the recommended music as a strong swaying cry. For example, Gao Hua Securities analyst, June 22, 2016, Gao Hua Securities released music video research report "is not only China's NETFLIX-ecosystem with advantages; join the strong buy list", is expected to pay the next three years music Subscribers will increase from 6 million to 24 million, mainly due to the 2015 super mobile phone and super TV sales were 3 million.

unstoppable. Since then, the analyst's breath of nine research reports, have reaffirmed the music Watch "strong buy" rating, even in the music as negative when the negative, but also firmly believe that, and in 2016 9 On May 5 issued a report entitled "the market worried over, about to achieve monetization; reaffirm the strong buy (summary)" research report, the article directly music network the most difficult period has passed, in fact, then, music Watch The most difficult time yet to come.

The same is Huatai Securities, starting from 2015, Huatai Securities issued a total of 16 articles on the music as the newspaper. However, both in 2015, Huatai Securities to music as the ratings are "buy".

In addition, in June 2016 music track suspended six months after the "resumption of trading in the century," the occasion, many brokers said the return of the king of music or the GEM and A-share market to regain the driving force of a booster. Huatai Securities, Gao Hua Securities, CICC, CITIC Securities and other brokerage on its future trend or placed higher expectations. CITIC Securities believes that music as an important step in refinancing, capital support for ecological jump, to maintain the "buy" rating. CICC is the target price to see 70 yuan.

The fact that has proved that music has since become a suspension of "nail households". Fund Jun generally combed the music network in recent years, many suspension: December 7, 2015 from the suspension, June 30, 2016 resumption of trading; July 16, 2016 suspension, July 14, 2016 resumption of trading; 2016 December 7 from the suspension, January 16, 2017 resumption of trading; April 17, 2017 since the suspension date so far.

  (C) big V who also as music as suffocated

In fact, at that time not only the major analysts of the collective climax, the industry's music as the public opinion is already one-sided support. So that 2 years ago, that is, June 24, 2015, has been punctuated "Lantian" myth of Liu Shuwei released "music Watch analysis report: burning mode is difficult to continue," questioned by the money burner users music, the final Will be burned himself, but also by a large number of large industry Tucao tigger, ridiculed Liu Shuwei old men do not understand the Internet business, and said it was an eye-catching report, while feeling in China want to do a great company Easy, to be suspected of being profiteers, to always bear the risk of various policy control, to always accept the so-called experts questioned.

Related reports >>>

  Music as the film industry to respond to the complaint to conceal the books: May has provided financial information

  Music Watch network continued to suspend nearly half of the suspension of "nail households" cited regulatory concerns

  Music as follows: Gu Yingqiong issued by the United States court injustice can not be rumors slander Jia Yue Ting

[PAGE default page 1]

Extended reading

  Music Watch huge loss of 1.6 billion: 7 years profit almost loss of Jia Yue Ting wealth shrunk 40 billion

Lead: hold up music network 600 billion market value, is the dream of it?

The house is in the middle of the night.

Suspended for six months of music Watch, first said that on October 17 or can not resume trading. And then these days and "accident": 1, the suspension of the reorganization of the underlying music as the film industry, the shareholders that can not access the accounts to prosecute; 2, the day before the Hurun Rich List baked music as the boss, founder Jia Yue Ting wealth from 42 billion yuan 95% to 2 billion yuan; 3, last night and the first three quarters of the huge loss of 1.658 billion yuan -16.63 billion yuan.

  1, the third quarter loss of 1 billion yuan

Blue thin mushrooms! April 17 from the suspension so far, do not know when to resume trading. Tonight, music watch investors, and was a big blow.

Music Watch evening announcement, is expected to 7-9 month loss of 1.02 billion yuan, the first three quarters is expected to loss of 1.658 billion yuan -16.63 billion, while the first three quarters of last year earnings of 490 million yuan. The main piece of business, advertising revenue, the company's terminal revenue and membership income are a sharp decline. July re-exposed capital chain crisis, now seems to have a real impact on the music Watch's operating results.

The Company said that due to the tension of the related parties, the impact of liquidity turmoil, the continuous promulgation of social public opinion and the expansion of the company's reputation and credit impact; the same time, due to the debt risk of related parties, cash flow tension spread to the company supplier cooperation system, Supply to the account period, etc. are generated negative pressure.

Figure 1: the first three quarters of huge losses announcement

Interestingly, the first three quarters of this year, the loss of 16 billion, and now the market value of 61.1 billion yuan of music Watch, and August 12, 2010 listed music Watch, after the listing of 2010 - 2016 7 years Net profit and only 2.142 billion yuan. If the fourth quarter of music to reproduce the huge loss, then it is really good is listed 7 years to earn money, a year on the loss over.

New music, re-coming again.

Table 1: Music Watch market performance since

  2, Jia Yue Ting wealth shrinking 95%

And the capital chain crisis, music Watch huge loss echoed is released yesterday in 2017 Hurun list, Jia Yue Ting wealth shrunk by 95%, and as a feature event, the largest decline in wealth to do so. The following is the Hurun list of Jia Yue Ting's wealth decline Comments:

The largest decline in wealth Jia Yue Ting wealth shrunk 95% to 2 billion yuan. From November last year, music as the frequency of the funds have been out of the problem, until July this year, Jia Yue Ting couple and music system of the three companies of the 1.27 billion assets were frozen. At this point, Jia Yue Ting has been held by almost all music as holding shares of music shares pledged to Sun Hongbin's financial creation, and "Shanghai Securities News" confirmed Jia Yue Ting 99% of the music shares held by Lynn 15.9 billion market value was frozen by law. After the return on how to return, how to fulfill the debt responsibility to become the focus of public discussion. Over the past year Jia Yue Ting Sina microblogging fans rose to more than 1,600 million.

Figure 2: Jia Yue Ting rich list screenshots

The fund Jun look 2016 list, then Jia Yue Ting's wealth is 42 billion. A year down, Han did not say, blessing Jia teacher.

  3, music as the film was sued: shareholders that can not access the accounts

Recently, as music music assets reorganization of the subject, music as the film was the prosecution of their shareholders, shareholders that can not access the company accounts.

This as the plaintiff's music as the film shareholders Beijing Siwei equity investment management center (limited partnership) (referred to as Siwei partnership), their own 200 million yuan stake in the music film industry to prosecute. With the acquisition of 2.8674% stake in music video, Siwei partnership said that since June 11, 2015 shares to the date of the prosecution of this case, music as the film does not provide shareholders meeting minutes, board meeting resolutions, financial and accounting reports for plaintiffs , Siwei partnership in the June 27, 2017 filing.

Figure 3: Shareholder Prosecution

It is worth noting that the Siwei partnership has a central enterprise background, CITIC Guoan Fund for Beijing Siwei's executive partner. CITIC Guoan Fund was established in 2014, by the central enterprises CITIC Group CITIC Guoan Group initiated the establishment of a professional fund management company, CITIC Guoan Group holding 40%, is the largest shareholder.

In this regard, music as the film industry is also music Watch tonight also made a notice to clarify the announcement that music as the film since its inception, the company has always followed the relevant laws and regulations, the shareholders of the company's access to the relevant financial and operational information requirements, Has been actively cooperate with.

"Due to the management of the insider information disclosure during the period of major asset restructuring, we have requested the Company to provide financial statements, accounting books and corporate governance documents in May, respectively, by Beijing Siwei (Siwei Partner) Necessary information. "

  4, suspended for six months or can not resume: no major precedent

Music Watch on October 10 announcement, music as the planning of music as the film major asset restructuring matters as a major precedent, it is expected to be in the October 16 disclosure plan and apply for resumption of trading. In other words, the original suspension of 3 months, delayed suspension of 6 months, and now 6 months to, or can not resume trading, because: no major precedent.

So what is the major precedent of this matter, that is, music as the network of music as the release of shares and pay cash to buy assets and raise funds related to the company involved in major asset restructuring. Although we see a lot of listed companies have to do asset restructuring, but we can not say who is, or not a major precedent. From May 2016 began to consider the reorganization of music as the film, from the time point of view, precedent should be small.

Music Watch said that in order to safeguard the interests of the majority of investors, apply for company stock since October 17, 2017 opened from the market to continue to suspend.

Figure 4: music watch suspension announcement

  5, Jia Yue Ting when the return or doubt

Although the real practitioners of China Sun Hongbin play white knight, music crisis in the moment as a strategic injection, now has become a music watch chairman, music management business has a real impact. However, from the current situation, the crisis of the whole music system has not yet completely lifted.

As the founder and realist of the music system, Jia Yue Ting in July this year, went to the United States, has not yet returned, the need to ring the bell, Jia Yue Ting when the return is also of concern. Jia Yue Ting just abroad, there is news that "next week to return home", and now after a week and a week, leaving only "next week to return home Jia Yue Ting," the scripts, and also considered the top business guys.

"I do not know the wife of the United States Liu Qiang East, regret Chong Ali Jieke Ma, nothing all Wang Jianlin, family history of ordinary Ma, next week to return to Jia Yue Ting."

  6, the broker has not made a report for half a year

And as has been holding the day of music Watch, the fund in July have been in accordance with the 3-4 limit to the valuation, April 17 before the suspension of the stock price of 30.68 yuan, China Post Venture, Castrol, easy to square and other funds given About 3 percent of the valuation, according to 22.37 yuan or 22.05 yuan to its valuation, more Huaan Fund by 20.13 yuan to its valuation, the equivalent of four limit.

In addition to the buyer's fund to adjust the value of action, through the research report to play the influence of the seller broker analysts, now is silent. China Fund News reporter through a third-party platform query, in April this year, 2016 annual report and a quarterly release, there are two broker reviews, after no longer see the music to promote the Chinese language report.

Figure 4: music as research situation

In the domestic brokerage research has always been only to see more than this year since the comments and research reports, the brokerage analysts are still given overweight rating, and some people expect the music net profit of 1 billion yuan this year, now the first three quarters have Loss of 1.6 billion.

Figure 5: brokerage research report to promote music as

Figure 6: brokerage research report to promote music as

(Source: China Fund News)

[PAGE default page 2]
Posted at 2017-10-15 08:13:26
Delisting it! The The
Posted at 2017-10-15 08:14:03
Ah is rubbish!
Posted at 2017-10-15 08:14:15
Posted at 2017-10-15 08:14:45
Paowa count what is to call the chan chan come
Posted at 2017-10-15 08:15:35
10 down limit delisting
Posted at 2017-10-15 08:16:53
Posted at 2017-10-15 08:17:07
People do not understand? Cheat the small scattered.
Posted at 2017-10-15 08:17:18
You say 4 to 4, this is not shameless rumors, no Wang law! The There are people control it ,,,
If you say 40 on the reasonable, in line with Wang Fa ,,,,
Posted at 2017-10-15 08:18:44
Unable to Tucao, to study the newspaper did not fly, the stock market is the beginning of this.
Posted at 2017-10-15 08:19:49
The opposite contrarian bullish or bearish, are to be sprayed. While the high bullish, are generally blind flicker! How to go up, often how will come down.
Posted at 2017-10-15 08:20:49
China stock market that the analyst is real? Are told us a small scattered access disk
Posted at 2017-10-15 08:21:03
Posted at 2017-10-15 08:22:38
Research report is unscrupulous analysts with the organization to write and write!
Posted at 2017-10-15 08:23:07
To implement the blacklist system
Posted at 2017-10-15 08:23:14
Music as the largest market value of 10 billion, no more
Posted at 2017-10-15 08:25:32
Liar plus black mouth invincible
Posted at 2017-10-15 08:25:37
Look at the newspaper reported only loss does not earn, please raise their hands
Posted at 2017-10-15 08:26:47
If the resumption of trading is not four down count is not a rumor?
Posted at 2017-10-15 08:27:21
So wonderful stocks can not rely on what analyst stock god, no charges to listen to do reference, no stock god, no one to send money, but also by their own experience and luck, no small scattered no other way.
Posted at 2017-10-15 08:29:37
Four down to think a bit beautiful
Published at 2017-10-15 08:30:59
The stock should be the end of the delisting
Posted at 2017-10-15 08:31:08
The government advocates value investing to be valuable. Hot money closure limit, the market to sell to whom? Is not sold to the poor retail brothers? Hot money to the fast, fast shipping, loss is not scattered brothers brothers? Know why, why chase hot money? Why do not bargain layout like 601678 Binhua shares such a valuable low price-earnings ratio, book value, high net assets, high profit, high provident fund, industry prospects, performance continued growth in the small cap stocks latent it?
Posted at 2017-10-15 08:33:55
It is estimated to delisting, do not know if there is no retail to buy, I really sorry for them
Posted at 2017-10-15 08:34:11
4 down I see how have 40 down it? Conscience!
Posted at 2017-10-15 08:35:08
Chat in the office, talk about love, take a 3000 salary of the people write the so-called research report, you also believe?
Posted at 2017-10-15 08:35:13
Announcement is late news, research is the study of cut leek report, I never see.
Posted at 2017-10-15 08:35:16
Never believed, those research reports are just guess, the probability of it
Posted at 2017-10-15 08:36:02
So the research report to the Commission for the record should affect the brokerage assessment and rating of the regular announcement score is too low to limit the relevant business
Posted at 2017-10-15 08:36:26
Stock market story: fleeing the old Lai fake divorce fake oversight to let his wife and children exit into the United States reunion.
Posted at 2017-10-15 08:37:23
Posted at 2017-10-15 08:23:14
Music as the largest market value of 10 billion, no more
Sell ​​you
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Source: China Fund newspaper editor: Oriental wealth network

K Figure 300104_2

  Lead: research report is hit face is common, it is too embarrassing run into music!

Say brokerage analyst is bound to be a face of the job, how can the stock so good to predict, run into land more trouble. China Fund News reporter today, through a "Ray" stock performance under the disk, the past optimistic buy buy buy research report, review the past, not really want to face analysts, but sum up lessons learned, we more Good investment in the future.

  (A) you push me push together to push: big brokerage have been pushing music before the network

News we all know, music as the first three quarters of this year, huge loss of 1.6 billion, if the fourth quarter music or huge loss, then it may be listed for seven years to earn money a year on the end. But this is not discussing this matter, we look at the controversial music Watch, from the market has been questioned, but all the way triumphant, ecological anti-also let the market as a suffocation of the dream, the market value of up to more than 1,600 billion yuan, Trapped liquidity and public opinion storm, more than 600 billion market value was also estimated by the fund 4 limit. So in the ups and downs of the process, known for professional research brokerage research, what kind of performance?

Music Watch market from August 2010, by 2015 when the peak of the bull market, 5-year stock price rose 46 times the highest. China Fund News reporter through a third-party research platform statistics, music Watch since the market, as of now, brokerage analysts published a total of 438 papers for music analysis, of which there is no lack of CITIC, gold, Haitong, Huatai, Industrial , The East, the Yangtze River and other mainstream line of these large brokerage firms.

According to time, the number of the last five years is as follows: 2013, 2014, 2015, 2016 and 2017 since the number of research reports were: 53, 47, 58, 41, 9. The number of research and music and music market trend also has a certain correlation, in the rally better 2013 and 2015, the number of research reports significantly more.

Interestingly, these research reports, almost did not see the singing empty, even in the music network at the end of the outbreak of the capital chain crisis, there are still many brokerage analysts through the research report to be "overweight" rating. In April this year, the 2016 annual report on the music, Hai Tong Securities analysts also said that the company will fully open the process of globalization, is expected 2017, 2018 net profit of 1.044 billion yuan, 1.722 billion yuan, to increase holdings Rating. Did not expect the first three quarters of the loss of 1.6 billion for the analyst sad. The The

"The company will be ecologically evolved from the chain to the ecology of the nodes, so as to achieve the synergies between size and strength, and fully open the process of globalization. We expect 2017/2018 company net profit of 1.044 billion yuan, 1.722 billion yuan, overweight rating "

But also no wonder some people joke, music network than recommended music as the research report to fly.

  (B) statistics show: see brokerage research report may really earn money

Recently there is a very fire article called "research report release and stock returns: I finally understand why they do not make money ...", which is very interesting research, the Fund Jun excerpt some:

From the absolute return of view, analysts recommend the stock has the following rules:

Up to

2. Push on the top of the peak;

3. fell about 40 trading days (about 2 months) bottomed out, but 120 trading days (about 6 months) was worthy of the return to this.

There is a word is also very good: push the more popular tickets, the possibility of Ray is also higher. This is on the music as the body seems to be very appropriate.

2015 A shares ushered in a bull market, that is, in this year, music as the 84 trading day to achieve the largest stock price rose more than 500% of the amazing jump, hit a record high of 89.47 yuan (the right). And that is from the beginning of this year, as the music as the research began to "brainwashing" trend in the brokerage analyst's pen. China Fund newspaper reporter inventory, in the "sedan chair" music as this matter, the brokerage analyst "contributed", given a point of view is also a "to force."

We come to appreciate the next:

  1, is expected to 2017 music as the corresponding market value of 347.1 billion

  Reality: Today, 61.2 billion market value is also estimated by the fund 4 limit

In 2015, when the "King" GEM, a number of brokers for this sudden outbreak of the company to give a high rating, not only higher ratings, the music market value is also high expectations.

Such as Huachuang Securities: June 8, 2015 release of "music video: subversion of mobile phones and video, the Internet ecological empire gradually forming", from the title to see is fanatical "music as fans", the content is also amazing:

We hope that 15 to 17 years of TV stock users to reach 550,1350,255 million, mobile phone users reached 300,1300,4500 million, according to the number of users in 17 years, according to the number of users of mobile phones and TV, With a single user market value of 4924 yuan (refer to millet single user market value) to calculate the corresponding market value of 347.1 billion.

The fact is that the current market value of music as 61.2 billion, and the study of the forecast is far from the forecast, not only that, the fund in July have also been in accordance with the 3-4 limit to the valuation, April 17 before the suspension Of the stock price of 30.68 yuan, in the postal business, Castrol, easy to square and other funds given about three limit of the valuation, according to 22.37 yuan or 22.05 yuan to its valuation, more Huaan Fund to 20.13 yuan to its valuation, the equivalent of 4 down limit.

Galaxy Securities analyst, in May 2015 for the first time to cover the music as the recommended level, and said that long-term optimistic about the Internet + music network of strategic layout, the company's ecological system has been basically laid, the future will enter the rapid development and improvement Period, to determine the end of 2015 the market value of about 250 billion, and in fact when the highest price of music when the market value of more than 1,600 billion.

(Do not say, face hurts).

  2, is expected in 2017 the company net profit of 1.044 billion

  Reality: the first three quarters of 2017 is expected to lose 1.6 billion

In addition to the market value of music as the forecast, brokerage analysts also like the profitability of music as expected. However, the plan can not keep up with the changes, music performance again beyond their imagination.

On October 26, 2016, Huatai Securities issued a research report entitled "Internationalization of steady progress, the terminal and membership income are doubled," the research report, that with the hardware and website traffic side expansion, the number of paid members is expected to achieve Doubled growth; the same time its "North Silom" international layout strategy to gradually implement the advance, is expected to establish a global linkage of the ecological network. And that the current music as the film into the matter is still in progress, regardless of its commitment to performance, the company is expected to 16-17 net profit of 750 million yuan, 980 million yuan.

In April this year, music Watch the annual report of 2016, Hai Tong Securities analysts are optimistic that the music to open the whole process of globalization, is expected this year and next year net profit of 1.044 billion yuan, 1.722 billion yuan. Ecological structure, ecological platform, ecological type terminal, ecological application, ecological organization and ecological marketing, from the ecological evolution of the chain to the node ecologicalization, so as to achieve the synergies between size and strength, and fully open the process of globalization The

In fact, yesterday evening, music net announcement that is expected to 7-9 month loss of 1.02 billion yuan, the first three quarters is expected to loss of 1.658 billion yuan -16.63 billion yuan. The main piece of business, advertising revenue, the company's terminal revenue and membership income are a sharp decline.

The Company said that due to the tension of the related parties, the impact of liquidity turmoil, the continuous promulgation of social public opinion and the expansion of the company's reputation and credit impact; the same time, due to the debt risk of related parties, cash flow tension spread to the company supplier cooperation system, Supply to the account period, etc. are generated negative pressure.

  3, buy buy buy, buy!

  Reality: 63% after the crash that there are still waiting for

Buy buy to buy, is the majority of brokers in the recommended music as a strong swaying cry. For example, Gao Hua Securities analyst, June 22, 2016, Gao Hua Securities released music video research report "is not only China's NETFLIX-ecosystem with advantages; join the strong buy list", is expected to pay the next three years music Subscribers will increase from 6 million to 24 million, mainly due to the 2015 super mobile phone and super TV sales were 3 million.

unstoppable. Since then, the analyst's breath of nine research reports, have reaffirmed the music Watch "strong buy" rating, even in the music as negative when the negative, but also firmly believe that, and in 2016 9 On May 5 issued a report entitled "the market worried over, about to achieve monetization; reaffirm the strong buy (summary)" research report, the article directly music network the most difficult period has passed, in fact, then, music Watch The most difficult time yet to come.

The same is Huatai Securities, starting from 2015, Huatai Securities issued a total of 16 articles on the music as the newspaper. However, both in 2015, Huatai Securities to music as the ratings are "buy".

In addition, in June 2016 music track suspended six months after the "resumption of trading in the century," the occasion, many brokers said the return of the king of music or the GEM and A-share market to regain the driving force of a booster. Huatai Securities, Gao Hua Securities, CICC, CITIC Securities and other brokerage on its future trend or placed higher expectations. CITIC Securities believes that music as an important step in refinancing, capital support for ecological jump, to maintain the "buy" rating. CICC is the target price to see 70 yuan.

The fact that has proved that music has since become a suspension of "nail households". Fund Jun generally combed the music network in recent years, many suspension: December 7, 2015 from the suspension, June 30, 2016 resumption of trading; July 16, 2016 suspension, July 14, 2016 resumption of trading; 2016 December 7 from the suspension, January 16, 2017 resumption of trading; April 17, 2017 since the suspension date so far.

  (C) big V who also as music as suffocated

In fact, at that time not only the major analysts of the collective climax, the industry's music as the public opinion is already one-sided support. So that 2 years ago, that is, June 24, 2015, has been punctuated "Lantian" myth of Liu Shuwei released "music Watch analysis report: burning mode is difficult to continue," questioned by the money burner users music, the final Will be burned himself, but also by a large number of large industry Tucao tigger, ridiculed Liu Shuwei old men do not understand the Internet business, and said it was an eye-catching report, while feeling in China want to do a great company Easy, to be suspected of being profiteers, to always bear the risk of various policy control, to always accept the so-called experts questioned.

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Extended reading

  Music Watch huge loss of 1.6 billion: 7 years profit almost loss of Jia Yue Ting wealth shrunk 40 billion

Lead: hold up music network 600 billion market value, is the dream of it?

The house is in the middle of the night.

Suspended for six months of music Watch, first said that on October 17 or can not resume trading. And then these days and "accident": 1, the suspension of the reorganization of the underlying music as the film industry, the shareholders that can not access the accounts to prosecute; 2, the day before the Hurun Rich List baked music as the boss, founder Jia Yue Ting wealth from 42 billion yuan 95% to 2 billion yuan; 3, last night and the first three quarters of the huge loss of 1.658 billion yuan -16.63 billion yuan.

  1, the third quarter loss of 1 billion yuan

Blue thin mushrooms! April 17 from the suspension so far, do not know when to resume trading. Tonight, music watch investors, and was a big blow.

Music Watch evening announcement, is expected to 7-9 month loss of 1.02 billion yuan, the first three quarters is expected to loss of 1.658 billion yuan -16.63 billion, while the first three quarters of last year earnings of 490 million yuan. The main piece of business, advertising revenue, the company's terminal revenue and membership income are a sharp decline. July re-exposed capital chain crisis, now seems to have a real impact on the music Watch's operating results.

The Company said that due to the tension of the related parties, the impact of liquidity turmoil, the continuous promulgation of social public opinion and the expansion of the company's reputation and credit impact; the same time, due to the debt risk of related parties, cash flow tension spread to the company supplier cooperation system, Supply to the account period, etc. are generated negative pressure.

Figure 1: the first three quarters of huge losses announcement

Interestingly, the first three quarters of this year, the loss of 16 billion, and now the market value of 61.1 billion yuan of music Watch, and August 12, 2010 listed music Watch, after the listing of 2010 - 2016 7 years Net profit and only 2.142 billion yuan. If the fourth quarter of music to reproduce the huge loss, then it is really good is listed 7 years to earn money, a year on the loss over.

New music, re-coming again.

Table 1: Music Watch market performance since

  2, Jia Yue Ting wealth shrinking 95%

And the capital chain crisis, music Watch huge loss echoed is released yesterday in 2017 Hurun list, Jia Yue Ting wealth shrunk by 95%, and as a feature event, the largest decline in wealth to do so. The following is the Hurun list of Jia Yue Ting's wealth decline Comments:

The largest decline in wealth Jia Yue Ting wealth shrunk 95% to 2 billion yuan. From November last year, music as the frequency of the funds have been out of the problem, until July this year, Jia Yue Ting couple and music system of the three companies of the 1.27 billion assets were frozen. At this point, Jia Yue Ting has been held by almost all music as holding shares of music shares pledged to Sun Hongbin's financial creation, and "Shanghai Securities News" confirmed Jia Yue Ting 99% of the music shares held by Lynn 15.9 billion market value was frozen by law. After the return on how to return, how to fulfill the debt responsibility to become the focus of public discussion. Over the past year Jia Yue Ting Sina microblogging fans rose to more than 1,600 million.

Figure 2: Jia Yue Ting rich list screenshots

The fund Jun look 2016 list, then Jia Yue Ting's wealth is 42 billion. A year down, Han did not say, blessing Jia teacher.

  3, music as the film was sued: shareholders that can not access the accounts

Recently, as music music assets reorganization of the subject, music as the film was the prosecution of their shareholders, shareholders that can not access the company accounts.

This as the plaintiff's music as the film shareholders Beijing Siwei equity investment management center (limited partnership) (referred to as Siwei partnership), their own 200 million yuan stake in the music film industry to prosecute. With the acquisition of 2.8674% stake in music video, Siwei partnership said that since June 11, 2015 shares to the date of the prosecution of this case, music as the film does not provide shareholders meeting minutes, board meeting resolutions, financial and accounting reports for plaintiffs , Siwei partnership in the June 27, 2017 filing.

Figure 3: Shareholder Prosecution

It is worth noting that the Siwei partnership has a central enterprise background, CITIC Guoan Fund for Beijing Siwei's executive partner. CITIC Guoan Fund was established in 2014, by the central enterprises CITIC Group CITIC Guoan Group initiated the establishment of a professional fund management company, CITIC Guoan Group holding 40%, is the largest shareholder.

In this regard, music as the film industry is also music Watch tonight also made a notice to clarify the announcement that music as the film since its inception, the company has always followed the relevant laws and regulations, the shareholders of the company's access to the relevant financial and operational information requirements, Has been actively cooperate with.

"Due to the management of the insider information disclosure during the period of major asset restructuring, we have requested the Company to provide financial statements, accounting books and corporate governance documents in May, respectively, by Beijing Siwei (Siwei Partner) Necessary information. "

  4, suspended for six months or can not resume: no major precedent

Music Watch on October 10 announcement, music as the planning of music as the film major asset restructuring matters as a major precedent, it is expected to be in the October 16 disclosure plan and apply for resumption of trading. In other words, the original suspension of 3 months, delayed suspension of 6 months, and now 6 months to, or can not resume trading, because: no major precedent.

So what is the major precedent of this matter, that is, music as the network of music as the release of shares and pay cash to buy assets and raise funds related to the company involved in major asset restructuring. Although we see a lot of listed companies have to do asset restructuring, but we can not say who is, or not a major precedent. From May 2016 began to consider the reorganization of music as the film, from the time point of view, precedent should be small.

Music Watch said that in order to safeguard the interests of the majority of investors, apply for company stock since October 17, 2017 opened from the market to continue to suspend.

Figure 4: music watch suspension announcement

  5, Jia Yue Ting when the return or doubt

Although the real practitioners of China Sun Hongbin play white knight, music crisis in the moment as a strategic injection, now has become a music watch chairman, music management business has a real impact. However, from the current situation, the crisis of the whole music system has not yet completely lifted.

As the founder and realist of the music system, Jia Yue Ting in July this year, went to the United States, has not yet returned, the need to ring the bell, Jia Yue Ting when the return is also of concern. Jia Yue Ting just abroad, there is news that "next week to return home", and now after a week and a week, leaving only "next week to return home Jia Yue Ting," the scripts, and also considered the top business guys.

"I do not know the wife of the United States Liu Qiang East, regret Chong Ali Jieke Ma, nothing all Wang Jianlin, family history of ordinary Ma, next week to return to Jia Yue Ting."

  6, the broker has not made a report for half a year

And as has been holding the day of music Watch, the fund in July have been in accordance with the 3-4 limit to the valuation, April 17 before the suspension of the stock price of 30.68 yuan, China Post Venture, Castrol, easy to square and other funds given About 3 percent of the valuation, according to 22.37 yuan or 22.05 yuan to its valuation, more Huaan Fund by 20.13 yuan to its valuation, the equivalent of four limit.

In addition to the buyer's fund to adjust the value of action, through the research report to play the influence of the seller broker analysts, now is silent. China Fund News reporter through a third-party platform query, in April this year, 2016 annual report and a quarterly release, there are two broker reviews, after no longer see the music to promote the Chinese language report.

Figure 4: music as research situation

In the domestic brokerage research has always been only to see more than this year since the comments and research reports, the brokerage analysts are still given overweight rating, and some people expect the music net profit of 1 billion yuan this year, now the first three quarters have Loss of 1.6 billion.

Figure 5: brokerage research report to promote music as

Figure 6: brokerage research report to promote music as

(Source: China Fund News)

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