Because of the copyright issue of a black hole photo, visual China was pushed to the top of the storm. Todays stock price unexpectedly began to fall and stop, closing at 25.2 yuan. Dragon and Tiger List shows that the fund and other major players are reducing their stakes and leaving the market. A total of 350.456 million seats have been sold in four institutions, accounting for 83.56% of the total day turnover. Today (April 12) evening, the fund company has issued a notice of change in valuation, announcing two more stops, to 20.41 yuan.
Bank of China Fund took the lead in lowering two downward limits
Later today, the Bank of China Fund announced that since April 12, 2019, it has adjusted the valuation of the shares held by some of its funds (except ETF funds) in Visual China (000681), with the valuation price adjusted to 20.41 yuan. This means two more drop limits on the basis of todays closing price.
Wind shows that as of the end of 2018, there were 12 products owned by the Bank of China Foundation that held shares in Visual China. Among them, there are two funds with more than 1 million shares in Visual China, Bank of China Income A and Bank of China China Selected Fund, accounting for 2.97% and 2.14% of the net value of the fund, which are the only two products of Visual China in the top 10 heavy warehouses. Therefore, if the impact is to be said, the impact on these two products may be greater.
According to Daily Economic News, BoC China Selection and Bank of China Revenue A fell 1.26% and 1.2% respectively today. Although two more drop stops have been adjusted, the fluctuation of net value does not seem to be very large. Some fund industry insiders said that even if the heavy position is relatively dispersed or the larger scale of the target is not significant, in fact, the impact on the net value of the fund will not be obvious. But some of the higher funds may not be so lucky.
Relevant Heavy Warehouse FundsNet Value dropped 2.2% today.
Up to the date of publication, except Bank of China Fund, no other fund companies have issued announcements on valuation adjustment. As a leading company in the field of subdivision, at the end of last year, many funds held shares or even repositioned their positions in China. If fund companies adjust their 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, accounting for 42.46% of the total tradable shares. Among them, 48 funds held heavy positions, with the highest proportion of holding the shares in net value reaching 8.74%.
It has been three and a half months since the end of last year. Some fund insiders told reporters that although there were some changes in positions in the first quarter of this year, the public could not observe them for the reasons of belief. Fortunately, this years quarterly report will be disclosed in the middle and late of this month. But from todays net worth rise and fall, it seems that there are some clues.
The net value of Schroeders funds at Bank of Cash today fell by more than 1.4%. According to the data, Jiaobin Schroeder was the company with the largest number of visual Chinese shares at the end of 2018. Its nine funds hold 46.569 million shares of Visual China, accounting for 15% of the circulation of Visual China, of which 8 are held only in heavy positions. The top ten circulating shareholders in Chinas three quarterly reports are selected by Jiaobin Schroeder, its new growth, and the core mix of Jiaobin Schroeder Alpha.
If from the third quarter, from October 2018 to April 11, 2019, Visual China rose by 3.78%. If there is no small pressure to eat a stop plate today, and if the fund also adjusts according to the valuation given by the Bank of China Fund, these new stocks will face greater pressure.
Fifty-six fund companies participated in the survey last year
According to Wind data, Visual China received a total of 263 surveys last year, including 56 fund companies. Compared with private equity and securities firms, the number of public offerers participating in the survey is not large. Private equity firms and securities firms conducted 108 and 63 surveys in the past year.
According to the announcement, the latest survey by Visual China was conducted on November 20 last year. According to the activity registration form, the survey was conducted for a specific target. Six institutions, UBS Securities, Bosch Fund, Guangzhou Development Fund, Effort Capital, Forward Fund and Bank of China Schroeder, participated in the survey.
In this research, there are also a lot of topics that people are now very concerned about, such as the source of content, pricing, sales and tort issues. In terms of visual content, the company said that its visual content mainly comes from copyright content, cooperative supplier content and content provided by contracted contributors, in which the content provided by third parties such as suppliers and contributors is the main source. The company has established content cooperation with over 300,000 subscribers and more than 240 brand organizations around the world. In terms of pricing, the companys image authorization price is determined by many factors, such as use (editing category, advertising business category), use scenario, quantity, image source (scarcity), etc. There is a special price system, which will be based on different content needs, application scenarios and pre-orders of customer groups. To provide different products, authorizations, prices and delivery modes so as to cover the market in an all-round way and efficiently.
It is worth mentioning that in recent six months, many brokerages have given buying, strongly recommending and holding ratings in many company research papers in Visual China. Merchants Securities, which participated in Visual Chinas Oct. 30 survey, gave a strong recommendation report on Dec. 13, 2018, when it said that the new font business enriched the visual material business category, and predicted that the net profit of the company in 2018/2019 would be 385/501 million yuan, corresponding to a price-earnings ratio of 480/369 times. Look at the companys long-term development trend, maintain the strong recommendation - A rating.
Tianjin Network Information Office set up a supervisory group to supervise and rectify the Visual China website
Tianjin Network Information Office has set up a work supervision team to go to the Visual China website to supervise and inspect the stock information, log retention, information audit, information security management, on-duty inspection, emergency disposal, technical support, etc. It also puts forward specific rectification suggestions for related problems and instructs and urges the company to rectify the hidden dangers, puts forward treatment suggestions for the missing staff, and ensures that the rectification work falls to the ground. Effectiveness, do not go through the motions.