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Vision China's valuation has been lowered overnight. Bank of China is expected to have two down limits.
Daily Economic News Nie Hong
Vision China (000681)
Because of a black hole photo copyright issue,Visual China(000681, SZ) was pushed to the cusp of the wind, on April 12, the company's share price did not expect to open the limit. The Dragon and Tiger List shows that the fund and other major players are reducing their holdings. A total of 4 institutional seats sold a total of 35.045 million yuan, accounting for 83.56% of the total turnover. On the evening of the 12th, there was a notice announcement from the fund company to issue a valuation change, announcing another two down limit to 20.41 yuan.
BOC Fund takes the lead in lowering valuation
On the evening of the 12th, the Bank of China Fund announced that since April 12, 2019, the valuation of the stock China China held by some of its funds (excluding ETF funds) has been adjusted, and the valuation price has been adjusted to 20.41 yuan. This means giving two more downsides based on the closing price on the 12th.
Wind shows that as of the end of 2018, a total of 12 products of the Bank of China Fund held shares in Visual China. Among them, BOC Income A and BOC China selected two funds with a visual Chinese number of more than 1 million shares, accounting for 2.97% and 2.14% of the fund's net value. Therefore, if you want to say the impact, the impact on these two products may be greater.
According to the data of the “Daily Economic News” reporter, BOC China Select and Bank of China’s earnings fell by 1.26% and 1.2% respectively on A12. Although the two down limit plates have been adjusted, the net value fluctuations do not seem to be large. Some fund industry insiders said that even if they are heavy positions, if their own targets are more dispersed or larger, the impact on the fund's net value will not be obvious, but some of the higher funds may not be so lucky. .
As a leading company in the segmentation field, many funds held shares at the end of last year and even squandered visual China. If the fund company adjusts its estimates on a large scale, the impact should not be underestimated. By the end of 2018, 247 funds of 68 fund companies had held visual China, and the total shareholding ratio was 42.46%, and 48 of them held heavy positions. The shareholding ratio of the shares was up to 8.74. %.
Some fund industry insiders told reporters that although there were some changes in the position in the first quarter of this year, the public could not observe it because of the letter, but fortunately, this year's quarterly report will be disclosed in the middle and late of this month. However, from the perspective of the rise and fall of the net value on the 12th, it seems that some clues can be seen.
On April 12, the net worth of many funds of Bank of Communications Schroder fell by 1.4%. The data shows that Bank of Communications Schroeder is the company with the largest number of shares in Visual China at the end of 2018. Its 9 funds collectively hold 46.69 million shares of Visual China, accounting for 15% of the proportion of China's circulation, of which 8 are held in heavy positions. Bank of Communications Schroeder, Bank of Communications Schroder new growth and Bank of Communications Schroder Alpha core mix and even appeared in the top ten tradable shareholders of China's third quarterly report, and all are new.
If we count from the third quarter of last year, from October 2018 to April 11, 2019, the visual China range will increase by 3.78%, and according to the valuation given by the Bank of China Fund, these new visual China funds will face more huge pressure.
56 fund companies participated in research last year
Wind data shows that Visual China has received a total of 263 institutions surveyed 12 times last year, including 56 fund companies. Compared to private placements and brokerage firms, the number of publicly funded households participating in the survey is not large. In the past year, private equity institutions and securities institutions surveyed 108 times and 63 times respectively.
The announcement shows that Visual China’s most recent institutional survey was on November 20 last year. According to the activity registration form, the survey was conducted for specific subjects. The research involved UBS Securities, Bosera Fund, GF Fund, E Fund, Forward Fund and Bank of Communications Schroder.
There are also a lot of points that people are paying attention to in this research, such as the source of content, pricing, sales and infringement issues. In terms of visual content, the company stated that its main source of visual content is its own copyrighted content, partner supplier content, and content provided by contracted contributors, with content from third parties such as suppliers and contributors. The company has established content cooperation with more than 300,000 contracted contributors and more than 240 brand institutions around the world; in terms of pricing, the company's image licensing price is used by (editing, advertising, commercial), usage scenarios, quantity, and image sources (scarcity) Sexuality and other factors determine that there is a special price system, which will provide different products, authorizations, prices and delivery modes according to different content needs, application scenarios and budgets of the customer groups, so as to cover the market efficiently and comprehensively.
In the past six months of visual China's many company research reports, a number of brokers gave buy, strong recommendation, overweight rating. Participated in the visual China October 30 surveyChina Merchants Securities(Hong Kong stocks 06090) On December 13, 2018, a "strongly recommended report was given. At that time, it indicated that the new font business had enriched the visual material business category, and predicted that the net profit of the company in the year of 2018/2019 was 3.85/ 501 million yuan, corresponding to 48.0/36.9 times price-earnings ratio. Optimistic about the company's long-term development trend, maintain the "strongly recommended -A" rating.
Editor in charge: Fu Jianqing RF13564
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