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"Black Hole" sucks away the visual value of China's 2 billion market value. 248 funds "lying the gun"

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2019-04-15 07:15:36 source:International financial newspaper Author:Jiang Jinli

April 12, after the copyright stormVisual China(Quotes000681,Medical stock) The opening of the market was a one-stop limit, with nearly 500,000 contracts and a closing price of 25.2 yuan. Within a day, the market value evaporated by 2 billion yuan, and Visual China first tasted the "high price copyright".

When you stare at the black hole, the black hole is staring at you. The visual China, which has always been a "copyright guardian" image, has become a copyright hooligan that has been denounced by the people because of the black hole photo.

On April 12th, after the copyright storm, the visual China opened at the end of the day, with a limit of nearly 500,000 hands and a closing price of 25.2 yuan. Within a day, the market value evaporated by 2 billion yuan, and Visual China first tasted the "high price copyright".

  248 funds "lying the gun"

As a leading company in the sub-sector, Visual China has always been the object of public fund. according toOriental wealth(Quotes300059,Medical stockAccording to net statistics, as of the end of 2018, a total of 248 funds held a total of 132 million shares in Visual China, accounting for 42.46% of the outstanding shares. Among them, 50 funds are held in heavy positions.

The sudden black swan affects the geometry of the position fund? independentFinancial reviewmemberGuo ShiliangAcceptingInternational financeIn an interview with the reporter, the black swan event was staged, which will inevitably affect the position fund. Short-term heavyweight funds can be reduced, but after the black swan event is gradually weakened, it will gradually show investment opportunities. Investors still need to make rational judgments, pay attention to the impact of policy supervision actions and industry rectification efforts on the image restoration of visual Chinese enterprises.

In the face of the fund of “lying the gun”, how do investors choose? it is goodBuy fundResearcher Lei Jun of the Research Center analyzed the report of the International Finance News: "In fact, the nature of the public fund itself has determined the decentralization of investment. The legal limit of 'Double Ten' is to constrain the investment manager on the one hand, and on the other hand The protection of the holder, so in the relatively dispersed combination, the abnormal fluctuation of the single stock price has a relatively limited impact on the overall net value of the public fund."

Thunder suggested that first assessing the impact of a single stock on the volatility of the portfolio can not afford, followed by focusing onFund managerWhether the investment concept continues and whether the fluctuation of the net value is normal. Most importantly, in the process of volatility, the fund manager has a perfect response plan and investment paradigm. "Because of a stock price change in a position, panic redemption is not necessarily the only option."

According to Oriental, among the top 10 tradable shareholders disclosed by Visual China at the end of last year, there were 5 public funds and 1 public fund account. As the quarterly report has not been disclosed, the latest positions of the fund are not known. Therefore, it is still impossible to judge which funds are “lying the gun” black hole storm.

  Lifting the banEast is "injured"

Shareholders who ushered in the ban on April 12 were more "injured" than the holdings fund. On the same day, there were 388 million shares in Visual China.Restricted sharesListing and circulation accounted for 55.39% of the company's total share capital. According to the closing price of 28 yuan on April 11, the market value of the lifting of the ban was 10.865 billion yuan.

The lifting of the ban was due to a fixed increase five years ago. In August 2013, Visual China borrowed Far East shares to pay 17 people at Liao Daoxun, Wu Yurui and Wu Chunhong at a price of 5.28 yuan per share.Directional issuance471 million shares. There are ten shareholders involved in the lifting of the ban, namely Wu Chunhong, Liao Daoxun, Wu Yurui, Chai Jijun, Jiang Hailin, Chen Zhihua, Yuan Yu, Li Xueling, Gao Wei and Liang Shiping. They are acting in concert and are also visual Chinese real controllers.

In the past five years, Visual China has not implemented the share transfer. Based on the closing price of 25.2 yuan on April 12, the company's share price increased by 377.27% compared with the fixed price increase.

The lifting of the shares has always beenListed companyThe stock price is a big test. The large-scale lifting of the ban on restricted stocks has encountered a major public opinion storm, which is undoubtedly worse for Visual China.

However, there is a market view that this part of the equity may not be lifted. Because visual China 2018annual reportUnpublished and need to do the impairment test, the above shares need to be released after 10 concerted parties have fulfilled their performance commitments.

Visual China 2014Backdoor listingAfterwards, 10 concerted actors promised profits of 114 million yuan, 163 million yuan, 223 million yuan, 277 million yuan and 328 million yuan from 2014 to 2018. According to Visual ChinaFinancial reportOnly targets were completed in 2014 and 2017, and were not completed in 2015 and 2016.

  Accelerate the pace of industry rectification

For visual China, a down limit is not terrible. The terrible thing is that you don't know how many downsides you will face. Nowadays, the copyright storm has caused the public to question the company's business model. Will this have a medium- and long-term impact on its share price?

Guo Shiliang pointed out that visual China belongs to the black swan event. Before that, it belonged to the institutional concern. Although its business model has been questioned, before the black hole copyright storm, this business model has not yet been officially pointed out.

"After this copyright storm, it will speed up the pace of industry rectification." Guo Shiliang believes that short-term enterprises will inevitably be affected, but short-term pain is not necessarily a bad thing for the entire industry. After all, copyright maintenance and intellectual property rights will be more and more important. In the future, copyright protection and management needs will remain undiminished, and the value of copyright maintenance companies will not be denied because of visual Chinese events.

The reporter noted that in the past three months, no organization has issued a rating analysis for Visual China. Wind shows that there were 12 previousBrokerGive Visual China a “Buy” rating and 8 give a “Recommended” rating. among them,China Merchants Securities(Quotes600999,Medical stockAnd New Era Securities gave a "strongly recommended" rating in December last year.

In the rating report released on December 24, 2018, New Era Securities said that it continues to be optimistic about the development potential of the main business of the picture, and maintains the net profit of 409 million yuan, 582 million yuan and 836 million yuan from 2018 to 2020, respectively. The PE (P/E ratio) of 2018-2020 corresponding to the current market value is 40 times, 28 times, and 19.5 times respectively. Continue to be optimistic about the growth of the company's future performance, maintain a "strongly recommended" rating.

As of press time, there is no agency rating report for Visual China after the copyright storm.

Editor in charge: Li Limeng RF13188
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