What are the three drawbacks of star play PE?

Recently, the China Securities Regulatory Commission announced 45th pre-disclosure lists. Among the 12 companies, Tang de Film and Television received external attention due to Fan Bingbing, Zhao Wei and other stars among its shareholders. Among the shareholders of tangde film, Fan Bingbing, Zhao Wei, Zhang fengyi, Huo Jian, Sheng and Yu held shares directly. Fan Bingbing, with the highest shareholding ratio, is 2.15%, followed by Zhao Wei, Which is 1.95%, zhang fengyi, Huocheng, Sheng and Yi hold less than 1% of the shares.

Coincidentally, hairun film and television made an estimate of 2.522 billion yuan by taking the shell of the shares. Sun Li, the famous actress, as a shareholder of hairun film and television, holds 2.61% of the shares. After the restructuring, Sun Li's shares accounted for 1.67% of the shares of listed companies. In addition, Lian Yi, Jiang Xin and other actors also appeared in the list of hairun Film and Television shareholders.

Earlier, in last August, Great Wall Film and Television used shell hongbao hardware, and Sun yaoqi, a shareholder of the former, also appeared. As a shareholder, Great Wall Film increased its capital in September 2011. In order to strengthen cooperation with performers, Great Wall Film and Television has actively introduced many well-formed writers, directors, and actors as shareholders. Sun Yaqi is one of them, with a 0.5% stake after capital increase.

According to industry insiders, stars, as investment groups with certain financial strength, have moved to the secondary market, primary market, or even the pre-ipo pe Market, this indicates that the relationship between stars and the capital market will become closer and closer. Some experts also said that we cannot wear colored glasses to check the issue of listing star stock companies. Whether it's star stock trading or stock-holding listed companies, we should encourage them as long as they do not violate the rules. The author believes that film and television companies directly or indirectly held shares of stars before going public, for three reasons:

First, it is wise to introduce Tang de film to Zhao Wei and Fan Bingbing, or to allow Sun Li to share Shares in hairun film and television, and advertise for himself through the celebrity effect. This will undoubtedly tell investors that even XX stars are taking shares, and you are still hesitating, and will add more profit imagination to investors at the time of listing. When listed, stars can sell their shares in the secondary market, which leaves no capital pressure on film and television companies.

Second, stars have been working hard for many years and are already worth a lot of money. The film and television industry is a traditional high-risk industry that requires a lot of investment in the early stage, but it is not easy to predict the future return, so it has always discouraged investors, stars are familiar with this industry, and they are more willing to invest in film and television companies with well-known screenwriters and directors.

Third, before going public, film and television companies bind stars to hook up their interests and make better contributions to film and television companies. Tang de film and television once disclosed that the introduction of these stars as direct or indirect, can make them and the company's interests tend to be consistent, guiding the upstream and downstream resources of the industry chain in the company platform and the company's business. In fact, these stars have also signed a long-term strategic cooperation agreement or agency agreement with Tang de film for more than four years.

Currently, the best way to do this is to find Huayi Brothers listed on the Growth Enterprise Market in 2009. According to the prospectus at that time, the 75-member shareholder list included Feng Xiaogang, Zhang Jizhong, Huang Xiaoming, Li Bingbing, Luo haiqiong, Zhang Hanyu, Hu Ke, and other long string of Huayi brothers' stars. However, the investment made by star play capital has also suffered a lot of questions and is considered unfair to investors in the secondary market.

First, the celebrity shares are suspected of insider trading. At the end of last year, Li Bingbing and Ren Quan bought Xiangyun feilong shares through Beijing huabo Xinye. After Xiangyun feilong took the shell of shenglaida, after the proposed restructuring scheme of shenglaida, the stock price reached a limit of seven consecutive times, li Bingbing and Ren Quan Fu Ying nearly 20 million yuan. The investment was once highly concerned and questioned by the market. Star shares in film and television companies are understandable, but the China Securities Regulatory Commission should strictly prevent insider trading.

Furthermore, the high price-to-earnings ratio advances the room for rising stock prices, enriching the stars and suffering from small and medium investors. The earliest film and TV companies listed on the Growth Enterprise Market were Huayi Brothers. According to the data, the cost of Li Bingbing's shareholding was only 0.58 yuan/share, while Huang Xiaoming's shareholding of Huayi Brothers was only 3 yuan/share, huayi Brothers reached 91.80 yuan at the highest, with a price-earnings ratio of 142 times, but now fell to the vicinity of 26 yuan. Even so, stars also make a fortune. Apparently, the price-earnings ratio is too high to maximize the space for the second-level market share to rise. The rich are stars and investors (the Growth Enterprise Market has become a sad board for investors). This is really unfair.

Finally, the lock period is too short and the tax is too light. In order to stabilize the stock price, the regulatory authority previously gave some stock locks to the stars and investment institutions who made sudden stock purchases. However, in addition to some sense-of-responsibility stars, after the locks, the second-level market will not sell the shares held, and most of them are eager to cash in their hands, which will lead to instability in the second-level market. Therefore, the author believes that even if the stars share Shares in the soon-to-be-listed film and TV companies, their lock-up period should be extended and a relatively high tax payment should be paid when stocks are sold in the secondary market, in this way, it is necessary to properly curb the wealth of stars.

Film and Television companies want to tie their interests to their own stars. But in fact, once a film and television company is listed successfully, the value of stars is soaring. Due to the high valuation in the secondary market, the result of celebrity wealth is at the cost of investors' huge losses. Therefore, as regulators, on the one hand, it is necessary to check whether there are insider trading behaviors and strictly control the high price-to-earnings ratio of new shares. On the other hand, we should continue to extend the shareholding locks of stars, and impose heavier taxes on them. Only in this way can the interests of investors in the secondary market be protected.