More Fallout From 2015 A-Share Bubble

Caixin: Fugitive Tycoon Jia Yueting and Leshi Under Probe
Leshi faces the risk of delisting after it posted negative net assets of 3 billion yuan at the end of 2018. The company’s shares have been suspended since Friday awaiting the regulator’s further decisions.

Jia, who has remained outside China since the summer of 2017, holds a 24.43% stake in Leshi, most of which have been frozen or pledged as collateral, Leshi’s annual report showed. He left behind massive debts, which reached 11.9 billion yuan at the end of 2018.
2018: Leshi Fails to Repay Debt on Time

2015: The Crash Isn't Only About Leverage, Insider Selling and Hot Money Also Exit
Insiders are also selling. At the end of 2014, insiders at 552 companies had 220 billion yuan in holdings, but this number was only 118 billion yuan as of June 26. The most famous example is LeTV.

Reuters: China company insiders skim the cream off frothy stock market
In May company insiders - senior executives or their relatives - sold a combined 1.68 billion shares, a tripling from April, and much more than in each of the previous months of this year, according to data compiled by Reuters.

Share sales by senior managers are sometimes taken as a worrying sign by investors, as they can indicate people who know a company best think its stock price is too high.

...Between June 1 and June 3, Jia Yueting, Chairman and president of Leshi (300104.SZ), sold 35 million shares in the internet firm he founded, making 2.5 billion yuan ($402.85 million).

Leshi said on May 25 that Jia plans in total to sell up to 148 million shares over the next six months or 8 percent of the company, though he will remain the biggest shareholder after that with a 36.85 percent holding.
Leshi went from around 8 yuan per share to near 40 yuan, a gain of 500 percent during the 2015 bubble. It's last trade was at 1.69 yuan.

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