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mg电子游戏平台网址:Music astronomical transaction volume or open a huge amount of arbitrage can be opened through the fund?

时间:2018/2/7 12:40:40  作者:  来源:  浏览:0  评论:0
内容摘要: February 7,Music Watchlimit for 11 consecutive days, reported 4.82 yuan shares fell below 5 yuan, 4.7 million hand over the seal. It is not...

February 7, Music Watch limit for 11 consecutive days, reported 4.82 yuan shares fell below 5 yuan, 4.7 million hand over the seal. It is noteworthy that LeTV significantly heavy volume today, frequently tens of thousands of hands to pay, as of press time (9:46) turnover has surpassed 15 million yuan, has the highest recovery next card. January 24, the first day of the resumption of music video resumption of transactions throughout the day 33,514,700 yuan.

On the evening of February 6, LeTV released a notice that the restricted shares of were 213 million shares, accounting for 5.35% of the total share capital of the Company.

The restricted shares were banned in August 2016 and the three agencies participating in the music video network increase China Post Fund , Harvest Fund , Finance Fund and shares held by Niu Sanzhang Jianping.

In August 2016, LeTV non-public offering of 106 million shares of new shares, issue price of 45.01 yuan / share (re-rights after 22.5 yuan / share), the restricted period for the new shares listed on the date of 12 months, The total funds raised 4.8 billion.

Of which, 39.1 million shares were allocated to Capital Fund Management Co., Ltd. with an allocated amount of 1.759 billion yuan; Zhang Jianping was allocated 24.88 million shares with an allocated fund amount of 1.12 billion yuan; Harvest Fund Management Co., Ltd. was allocated an amount of 959 million yuan and won Allotment copies of 2132 shares; China Post Venture Fund Management Co., Ltd. was allocated 959 million yuan, the number of 21,320 shares to be allotted.

According to the LeTV announcement, after the lifting of the restriction of 5% restricted shares, the proportion of the total circulating shares traded by LotView will be reduced from 29.59% to 24.24%, of which 22.54% are executive lockups.

Despite the lifting of the ban, these institutions and individual investors are still firmly locked by Music Watch. However, if the music as early as the Fund estimated 13 daily limit before opening the board, or you can use the fund for arbitrage. If the music as the 13 daily limit before opening in advance, Shigekura Fund will be the market price adjustment Le valuation, investors will have the opportunity to purchase redemption Shigekura fund arbitrage, which, LeTV accounted for a higher proportion of fund arbitrage more likely high.

article read how to use arbitrage fund shares suspended - According to the example

music deemed to be suspended for the stock arbitrage fund is divided into two, one is expected to resume trading will be suspended stock continuous limit, as previously Jiangnan Jiajie . Good has been identified, but the suspension of the stock can not be bought, can only buy heavily stocked the fund, the stock trading resume trading after a continuous limit, by holding a share of the Fund; the other is the suspension of bad stock has emerged, heavy positions The stock fund has been its limit (the more the better), if there is no withdrawal limit after the resumption of trading, then the fund there is an arbitrage opportunity.

For the past few years suspended music Watch, during which a number of heavy positions, fund company repeatedly lowered its valuation, the minimum dropped to 3.91 yuan, with the music before the suspension of the share price, the equivalent In a row of 13 daily limit. If the music as the 13 daily limit before opening in advance, Shigekura Fund will be the market price adjustment Le valuation, investors will have the opportunity to purchase redemption Shigekura fund arbitrage, which, LeTV accounted for a higher proportion of fund arbitrage more likely high.


The idea stems from the fact that according to the relevant provisions of China Securities Regulatory Commission and the fund contract, part of the long-term suspension of the Fund Awkwardness, the stock resume trading after the transaction reflects the characteristics of an active market, the recovery of the use of the closing price of the day's valuation. Take this as an example, we are not discussing whether the stock price of music after the resumption of trading will fall to 3.91 yuan, but if not fell to 3.91 yuan, how to use the fund for arbitrage.


According to the annual report data, as of the end of 2017, a total of over 50 public funds held by LeTV, with a total number of 99.9797 million shares held, of which the top ten heavy positions held 20, accounting for net fund the highest proportion Is HuaAn GEM 50A to 8.86%, followed by the western long-term profit return, accounting for 8.14% of the net, and China Post dual dynamic mix, accounting for 6.29% of the net.

heavily loaded with music as the public fund: Fund Code

7_89456_95_6547 3_9000571.OF7_89456 _137_65473_94.787_ 89456_180_65473_9
Fund referred holding tradable shares (shares) proportion of total net fund (%) Letv valuation
160420.OF Hua GEM 50 index rating 471.038.863. 91
673100.OF west profits Jiuan return mixed 15.888.144.33
Post Post 127.576.293.92
000545.OF dual-powered hybrid core competencies Flexible Allocation 1,
590008.OF Post Mixed 3,070.204.933.92
001227 strategic emerging industries. OF China Post Information Industry Flexible Configuration Mixing 2,980.853.92
164818.OF ICBC Securities Media Index classification 234.784.393.91
163117.OF Shen Wan Ling letter Securities SWS media industry investment grade index 33.512.643.91
001713.OF Resources yuan of large and medium-invasive 100ETF connection 1.652.213.91
002656.OF south GEM ETF joins A1.402.053.91
002224.OF Post absolute return strategies regularly open mixed 60.000.963.92
002901.OF information management through active fiscal revenue bonds A9.200.27--
217019. OF China Merchants Bank TMT50ETF connection A1.49 0.083.91
000942.OF GF IT connection A1.760.033.92
160706.SZ Harvest CSI 300ETF connection (LOF) 60.490.013.91

Source: Oriental Fortune Choice data , Galaxy Securities; deadline date: As of December 31, 2017

If music opens ahead of schedule, the specific rate of return will take the ratio of the top 50 index of Huaan GEM as an example. LeTV account for 8.86% of net fund, and will not consider the purchase and redemption fee Rate, to open the fifth limit after the opening plate, for example, the stock fell from 9.05 yuan to 8.15 yuan, the day opened the plate to restore the closing price of the valuation, the original valuation of 3.92 yuan to be redeployed to 8.15 yuan, and direct Reflected in the net fund value, then the overall holdings of music assets will soar 108.36%, reflected in the net fund value, Hua An GEM 50 Index holds a music rating of 8.86%, the net will rise 9.60%, of course, this is based on LeTV open the same day as a prerequisite.

Letv opened ahead of schedule board in the first three heavily loaded funds income arbitrage:

music, as the number of limit-down after limit price Hua GEM 50 Index classification positions 8.86% arbitrage earnings west profits Jiuan Return Mixed positions 8.14% income arbitrage Post dual-powered hybrid positions 6.29% arbitrage returns
015.33 25.88% 20.68% 18.31%
113.80 22.40% 17.80% 7_89456_304_65 473_915.85%
212.42 19.28% 15.20% 13.63%
311.18 16.46% 12.87% 11.64%
410.06 13.93% 10.77% 9.85%
59 .05 11.65% 8.88% 7_894 56_352_65473_98.24%
68.15 9.60% 7.18% 6.78%
77.33 7.75% 5.64% 5.48%
86.60 6.09% 4.27% 4.30%
95 .94 4.60% 3.03% 7_89456_4 00_65473_93.24%
105.35 3.25% 1.91% 2.29%
114.81 2.04% 0.90% 1.43%
124.33 0.95% 0.00% 0.66%
133 .90 -0.03% -0.81% 7_89456 _448_65473_9-0.04%

Source: Oriental Fortune Choice data, Galaxy Securities; Deadline: December 31, 2017

Risk Warning:

appropriate, risk arbitrage Watch music to be overlooked, the specific operation, but also The following aspects must be considered: The first is the cost of fund subscription and redemption are costs, which will reduce the cost of these benefits, LeTV net opening late, the corresponding benefits of the smaller, excluding the cost, The smaller the corresponding arbitrage space. Second, there is the size of the fund. The clever money in the market is very much concerned with all kinds of opportunities. If the fund is small in size, a large amount of capital influx into the fund when the opportunity arises will dilute the revenue. Finally, for the arbitrage funds, in addition to the day before opening a board more difficult to intervene in the prediction, but also consider the performance of other Awkwardly, the other Awkwardness ups and downs of the fund's net impact is also great, such as the Huaan GEM 50 Index We must keep watching the performance of the GEM during the opening ceremony of the TV show. In addition, the music net January 30 disclosure of 2017 annual results notice shows that the company expects net profit attributable to shareholders of listed companies in 2017 loss of about 11.6 billion yuan, if the stock price below fund valuation , will face losses, please investors Pay attention to the related risks.

underlying funds

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Fund Code fund referred NAV fee operation
000571 Post dual-powered hybrid 1.331.50 % 0.15% purchase account to buy
673100 west Benefit long-term returns mixed 7_89456_506_6 5473_91.140.80 % 0.08% purchase account purchase
160420 Hua GEM Index classification 0.761.20 50% 0.12% purchase account purchase
Source: Oriental Fortune Choice data , Galaxy Securities, as of the date: 2018-01-31





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