most of the stocks are pledged in order to meet the capital needs of the company's development, but they are in danger of being closed in a long-term bear market. once they are forced to close their positions, the consequences will be unimaginable.
A long-term bear market in the stock market is not terrible. What is terrible is that it has turned sharply from a bull market to a long-term bear market. It is not only retail investors who have been trapped up and down, but also the largest shareholder of a listed company and its concerted actors, often referred to as controlling shareholders and their concerted actors.
most of them are actual operators of listed companies, and they pledge most of their stocks for the sake of the capital needs of the company's development, but they are in danger of being closed in a long-term bear market. Once they are forced to close their positions, the consequences will be unimaginable. this situation exists in a large number of film and television listed companies. According to incomplete statistics, although Beijing Culture and Great Wall Film and Television are not at risk of being closed for the time being, their controlling shareholders are close to 100% equity pledge, just like a sword of Damocles, which may fall as the stock price continues to fall. In addition, the shares pledged by Wang Zhongjun, the real controller of Huayi Brothers, and Wang Zhonglei, who acted in unison, are also at high risk. in order to truly understand the current situation of equity pledge of film and television listed companies, we read the materials and exclusively sort out "controlling shareholder pledge TOP10 of film and television listed companies" to restore the thrilling behind equity pledge. 
Note: the average pledge rate of the above data as of June 10, 2017
< strong > is 86%. The film and television enterprises in the hardest-hit areas < / strong >
this time show the following characteristics:
one: all the companies on the list are companies that entered the capital market before 2016. The latest is that Tangde Film and Television successfully completed the IPO in early 2015.
II: all the enterprises on the list are private enterprises, and the equity pledge rate of enterprises with state-owned background is almost zero. The most typical Shanghai movies and Chinese movies, the two state-owned enterprises in the south and the north, have zero equity pledge rates. 3. Among the enterprises in TOP10, the average equity pledge rate is as high as 86%, and many enterprises have reached an astonishing 99%. Among them, the contemporary group, the concerted actor of the largest shareholder of contemporary Oriental, has pledged all its 8540 shares, while what is more dangerous than contemporary oriental is Beijing culture. Huali Holdings, the largest shareholder, has pledged all its shares. Other non-largest shareholders and their concerted actors, there are also a number of shareholders pledge their shares out. this phenomenon is actually easy to explain. The capital market is originally designed to solve the problem of enterprise capital operation. Equity pledge is the most common financing way for private enterprises in the case of increased supervision and few and rare financing channels of private capital. State-owned enterprises generally have the support of the state and the government, and basically do not encounter major problems in the capital chain, so there is no need to obtain funds by pledge. at the same time, new entrants to the capital market can support for a period of time without major investment mergers and acquisitions because IPO obtains part of the funds, so they do not need to obtain development funds through equity pledge in a short period of time. In the long-term business development process, all kinds of businesses consume a lot of funds, so they need to obtain a certain external capital "blood transfusion" through pledge. < strong > part of the pledge reaches the early warning line < / strong > among the enterprises on the list, two are very conspicuous, namely Huayi Brothers and Light Media, which are two flagship enterprises in Chinese film and television companies. among them, Wang Zhongjun, the controlling shareholder of Huayi Brothers, and his concerted actor Wang Zhonglei pledged a total of 542 million shares, accounting for 86.42% of their shares and 24.32% of the company's total shares. A large number of pledges in these 542 million shares have reached the early warning line and the closing line. here first explain the difference between the early warning line and the closing line. The early warning line is generally 160% of the pledge price, and the closing line is 140% of the pledge price. For example, when the pledge price is 10 yuan per share, it will be in an early warning state when the stock price is less than 16 yuan. When it is further lower than 14 yuan, the position will be closed. according to data from Oriental Fortune chioce, the early warning line and closing line pledged by Wang Zhongjun and Wang Zhonglei are concentrated in the range of 7-10 yuan, and the pledge date is concentrated in the second half of 2016, when the price of Huayi stock remained above 10 yuan. but with the overall decline of media stocks, their shares fell all the way, falling below the 8 yuan mark at one point, not only below the early warning line, but also below the closing line. by contrast, the light is better. Perhaps Wang Changtian, who has always been cautious, is unwilling to bear huge risks, or maybe the overall cash flow of light is good, and there is no need for a large amount of pledge. In short, the stock pledge rate of the largest shareholder, Light Holdings, is only 58.97%, which has not yet reached 60%. In a relatively safe state for the time being. < strong > rise to save themselves, Great Wall Animation calls on all staff to increase their holdings of stocks < / strong > once the stock price falls, it is tantamount to placing itself next to a ticking time bomb and will detonate at any time. therefore, some enterprises with serious pledge will choose various ways to save themselves so as not to reach the closing line. The easiest thing to do is to call on your employees to buy shares and increase trading activity so as to keep the stock price stable or even drive up. Great Wall Animation is a typical example of this routine. The listed company named after animation has not achieved much in the animation business, but is extremely active in capital operation. on June 6, 2017, Great Wall Animation issued a notice saying that Zhao Ruiyong, chairman of Great Wall Animation, called on all employees to increase their holdings in the company through the secondary market between June 7 and June 13, and promised that for all active employees who had held for 12 months, the losses would be borne by Zhao Ruiyong, and the income would go to individual employees. this is a release of good news to the market, which is reflected in the repeated anxious increase in the price in the following three days. So far, the stock price has indeed increased a bit compared with that before the announcement, changing from hovering in the previous range of 9 yuan to wandering in the range of 10 yuan; but the power is not enough, there is still the possibility of further dip. in order to further stabilize employees and market sentiment, Great Wall Animation issued another announcement on the evening of June 11, with controlling shareholder Zhao Ruiyong further refining the definition of stock loss compensation, the time point and amount of compensation according to the way and other information. the logic behind Zhao Ruiyong's doing this is as mentioned earlier, the stock price decline has almost reached the warning line of stock pledge, and the stock price must be stabilized. It is reported that the Great Wall Group controlled by Zhao Ruiyong is the largest shareholder and actual controller of Great Wall Animation, which currently holds 16% of the shares of the company, but 15.3% of the shares are already in a state of pledge, which means that 95.62% of the shares of Great Wall Group have been pledged. The highest warning line of pledge is 8.5 yuan. If it falls below 9 yuan of the share price, it is very likely to trigger the warning line. Edit: jessica
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