Gem "Starlight Boulevard": The Temptation of Huayi Brothers

In the Huayi Brothers growth temptation and light asset risk before, fund manager quite hesitate this reporter Wangsi Jing Shanghai report "I buy Huayi." "I also bought, can't let you monopolize the ice!"　　"On a stock forum, these two days have been a hilarious conversation.　　By virtue of its special "products", "assets" to attract investors ' attention, cohesion investor confidence, is Huayi Brothers Media Co., Ltd. (300027) October 16, after several years of the listing sprint, Huayi Brothers finally completed the "sale."　　Before, in the network under the purchase, Huayi Brothers subscription multiples of about 151 times times, the rate of 0.66%, and according to the data obtained by our correspondent, in the afternoon of October 16, the end of the two-day online subscription, the subscription multiples of about 164 times times, the rate of about 0.61%.　　As a gem listed company, it is only a common one in the new shares; as an entertainment company, it has long been known for its star-studded, blockbuster shock.　　The listing of Huayi Brothers, so that its directors and performing stars share their own box office appeal "assets" after the huge profits, but also to its founder Wang brothers, the new media players in the field of MA, Jason and other people, became the big winner of the market feast.　　The investor's hot-won is not so much about Huayi brothers as the growth of China's entertainment market, which is backed by policy and Huayi Brothers. Li Bing and Zhou Xun's market capitalisation PK Wang Zhongjun, Wang Zhonglei Two real is until the Huayi Brothers Prospectus published only for the public know.　　Before this, the two brothers tacitly used homophonic name "Zhongjun", "Wang Zhenglei".　　This has inadvertently become a portrayal of Huayi brothers--although its stars and films are well known to the public, but these people in the real status of Huayi, the real box office, but until this time the listing process of China bare.　　Wang Zhongjun 1.255 billion yuan.　　Wang Zhonglei 397 million yuan.　　Jack Ma (founder of Alibaba) 395 million yuan.　　Jason (founder of the media) 169 million yuan.　　Ru Weiding (the son of famous entrepreneur Lu) 169 million yuan.　　Sun Xiaolu (Tan, the executive director of the media) 54.12 million yuan.　　......　　The above is based on the issue price of 28.58 yuan per share, calculated the Huayi brothers listed to create Rich list.　　Although "star shareholding" was hyped, the top 11 of the "Rich List" is still a paradise for executives and strategic investors.　　Huayi Brothers deputy General Manager and board secretary Ming October 16 told our correspondent, Ma Yun, Jiangnan Spring, Ru Weiding and other investors, although the shares of time has successively, but there is communication and "mutual recommendation". Hua Yi's well-known film director Feng Xiaogang's shareholding is in the 12th place, book value of 82.31 million yuan; followed by Jizhong, the holding of the book value of 61.73 million yuan; "Huayi one elder brother" Xiaoming 51.44 million yuan, female entertainer Haiqiong 15.43 million yuan, and Zhou Xun competes for "Huayi one elder sister" the female artist LiIce ice 10.29 million yuan, Zhou Xun not holding.　　An industry analyst pointed out that Zhou Xun now in the form of an independent studio, with Huayi to cooperate, not a complete artist, and in the prospectus mentions the artist assets, Li Bing's name is ranked before Zhou Xun. "For entertainment companies like Huayi, the number of stars that can be held is positively correlated with their box-office appeal and their contribution to the company's operations."　　"This person said, compared to completely" market "Li Bingbing, Zhou Xun in recent years more emphasis on art value, take the advertising also take more public service routes, which also affected Zhou Xun's" market value. " "It doesn't matter.　　"Ming insists on the consistent denial of this statement, she told the newspaper reporter, because the star shares, the company listing process is not clear," this time, not every star dares to invest.　　Fund managers are the same as the Stars, fund managers in the investment Huayi Brothers mentality is also different. "Participate in the offer, but is not to purchase, we are still considering."　　"October 15 on the first day of online purchase, a fund manager told our correspondent, considering the issue price as high as 60 times the price-earnings ratio, but also need to analyze and forecast the Huayi brothers after the listing of prices, to see whether it can exceed the issue price, whether it is worth buying." According to the relevant provisions, the online purchase of the stock unlimited sales period, the network under the purchase of restricted period of 3 months.　　Therefore, for these fund managers who participate in "new Shares", the stock price after 3 months will be the main factor to determine their earnings.　　However, there are organizations that have a "long-term investment" mentality with Huayi Brothers. "Chinese film is a sunrise industry, I am concerned about the growth of Huayi Brothers."　　"Participate in the purchase of the Sao Qiutao fund manager of the reporter said that the recent government policy frequently, strongly encourage the development of the media industry, and according to the experience of developed countries, China's economic development is a major direction will be the service industry, which cultural entertainment is the most important." "In the media industry, I am optimistic about the film, animation, online games these emerging areas."　　Sao Qiutao said: "Their growth will be much larger than the traditional areas."　　Citic Securities analyst Pi Sun to the reporter pointed out a group of data: since 2002 China Film industry started restructuring, 2003-2008, the Chinese Film market total box office revenue for 6 consecutive years to maintain more than 25% of the rapid growth. "In addition, since 2003, the total box-office revenue of domestic films has been more than imported films."　　Pi Sun said the market outlook for these homegrown film makers, such as Huayi Brothers, was bullish. On the other hand, "the traditional media industry, such as the publication of newspapers and periodicals, unless such listed companies such as Anhui Publishing, to carry out some mergers and acquisitions, the expansion of their own endogenous growth is poor."　　"Sao Qiutao points out. "And in the field of film production, Huayi Brothers and The Shadow respectively occupy 17% of the market share, basically has formed the duopoly pattern." "Now the shadow is not listed, I choose Huayi Logic is very simple, is" high growth industry + industry leader. "Sao QiutaoSaid。　　"Feng Xiaogang risk" and the light asset model the risk of Huayi Brothers is as prominent as its advantages.　　According to this reporter learned that the data, Huayi Brothers online subscription, subscription multiples of about 151 times times, the rate of 0.66%; online purchase, over the subscription multiples of about 164 times times, the rate of about 0.61%.　　According to the net issue 20%, online issue 80% of the provisions, the above data means that the Huayi Brothers IPO has been more than 160 times times oversubscribed, only 0.63% of the purchase volume.　　However, these data are not the same as the Huayi Brothers on the listing of the public opinion, like the previous completion of the purchase of several gem listed companies more dazzling. "The vast majority of participating institutions are subscribed to in accordance with the allocation cap." "Huayi Brothers IPO sponsor agency, Citic Investment, the head of the marketing department Chen Youxin 16th to this reporter said," But the other several gem companies just to purchase, some institutions funds are frozen, which has caused a certain impact on our subscription.　　"But what is not to be overlooked is that the risk of Huayi Brothers is one of the concerns of the institutional community."　　As we all know, there is a person's status in the Huayi Brothers no one can shake, he will be listed companies well-deserved "main business", his departure, the accident may even become a serious reminder of the risk of the prospectus.　　This person is well-known film director Feng Xiaogang.　　During the reporting period of the prospectus, Feng Xiaogang's studio produced the "Assembly number" and "Non-interference" 2 films, the 2 films accumulated at the box office revenue nearly 190 million, in the same period Huayi Brothers film business income of 40%, the total operating income of 18%. "Huayi's artist brokerage business is also inextricably linked to its film business," said one agency official. The effect of Feng Xiaogang on the income of Huayi business is actually higher than that of the prospectus. "The risk is too great!"　　He sighs. As a "buyer" on behalf of Sao Qiutao also the above risks have been considered: "Feng Xiaogang and Huayi have 7 film contracts, according to the speed of one year, he also need 6, 7 years to complete the contract." As an investment, it's good to see 6 or 7 years.　　"In addition, the Huayi brothers have another risk is that the single film production of the box office volatility."　　Every movie has the possibility of a "box office split" below "The amount of investment" the film production companies such as Huayi Brothers, will bring about the risk of fluctuations in income and profits, and the hospital line of investors, because each film will be released here, the box office is closely related to its market share, relatively stable. One of the PE industry people who invests in Poly Bo said: "Poly and Huayi, one is the industrial chain integrity, both the production and the hospital line, and the other only a single production link, the latter's income fluctuation risk is obviously greater." However, the Huayi brothers earlier said that if the current issue of the actual collection of funds exceeded the expected, will use the excess part of the movie theater line, the project investment amount of about 129 million yuan. ButAccording to Ming 15th, Huayi Brothers is currently in Shanghai to build the first theater, mainly through the leasing site construction. "Hospital line construction is the fixed assets investment, the capital occupies the big, makes the asset solidify." Sao Qiutao The view of the hospital line. "I still appreciate Huayi's current model of light assets, the risk is certain, but the growth of the imagined space will be even greater." "he said.