Pioneering version of the third batch of new shares in China's first video entertainment unit eye-catching

According to the Chinese voice of "News in the aspect" 7:8 reported, "Pillar of the funeral tinker again listed, our every move directly affect the Nasdaq stock gains."　　"This is the joke of a madman in the movie" Big Shot ", now this joke has become a reality.　　The movie "The Big Shot" the investment Fanghua Brothers company Oneself wants to land is known as "China Nasdaq" the Gem, and the director "Big Shot" The Feng Xiaogang also will be the shareholder, the turn, the net worth billion. Today, the third batch of 9 companies listed on the Gem collective purchase.　　In these 9 companies, Huayi Brothers is the most dazzling, both because of its huge star effect, but also because it is the mainland film and television companies listed the first to eat crabs. Companies to go public, shareholders to see profit. The Huayi brothers ' prospectus points out that film, television and entertainer brokers are the main weapons of profit and are called the Huayi Brothers ' troika. The fiery release of the Huayi Brothers National Day blockbuster "Wind", the box office is almost 200 million yuan. Last night, McCallister, the original author of the Wind, received an exclusive interview with reporters.　　To "Wind" as an example, from the wheat home and huayi Cooperation process, we can clearly see Huayi brothers profit chain, know its "suction bokhary law."　　"Wind" hot on the winner Huayi Brothers unique industrial business model is undoubtedly it attracts people's powerful weapons, to this, the novel "Wind" author McCallister in the interview told us his cooperation with huayi experience. McCallister: At that time, "Wind" novel published, at least 40 to talk about copyright, including the Shadow, Shadow, Jiang all appear, but for a variety of reasons did not deal. Later Zhongjun gave me a call, he said: "We want to buy, specifically let the Lei to talk to you." Reporter: We are curious, what did you talk about when we met Mr. Wang Zhenglei?　　How long does the whole conversation last? McCallister: Simple, about a minute. He said, "Juntong gave you a call, we want to buy your copyright." I said, "Yes." "We want to buy movies and TV dramas, including games, we buy three of them," he said. "I was surprised and I said," How do you buy so much? He said: "One is that we are optimistic about your novel, in addition to these rights to buy their own hands, but also to facilitate the operation of the company." "For example, movies and TV dramas are the separation of the more trouble, in their own company good arrangements?" For example, film first shot, the impact of film production for the next show is equal to do the advertising; then if the TV show is not in his hands, the TV play first, it is a great blow to the film. No one went to the cinema. He said I bought it all. I said I welcome ah, you want to buy more, my economic benefits also increased. He asked me for an offer, and I said I didn't know much about the market.　　Although I did not offer, but I also have expectations in mind, (note: The result was a more surprising price) at least than I think the taller hundreds of thousands of.　　Journalist: At the same time, Mr. McCallister has an understanding of the operation of a cultural industry company such as Huayi Brothers. McCallister: "Huayi's way of earning a solid, in addition to film, TV and advertising, as far as I knowThere is also a brokerage firm. Its brokerage firm operates exceptionally well, with many of the country's big-name stars under his wing. As a cultural industry, it is to rely on people to spend money at the same time in the process of money to earn back. "China's first listed film and television company Huayi value Unique today, Huayi Brothers Price is 28.58 yuan per share, 69.71 times times P/E." Huayi Brothers originally expected to raise funds 620 million yuan, but from the current issue price, has greatly exceeded this number, is expected to reach 1.2 billion. As the first listed film and television production company in the mainland, Huayi Brothers has its unique investment value advantage: Advantage One: Policy backer "national" Eleven-Five "period of cultural development planning outline" clearly will entertainment as a key development of the cultural industry, the request in 2010 years ago launched a group of prominent business, core competitiveness of the listed culture companies.　　The Huayi brothers beat the beat. Advantage Two: The star Halo Huayi Brothers owns Feng Xiaogang such a name guide, Jizhong such a famous producer, Xiaoming, Zhou Xun, Li Bingbing and other 76 signing artists, Zhongjun has easily said: "Sell the film is like selling a house, there are good director artists like in Changan Street, there is a piece of land, still worry no one to buy it?"　　"And Huayi Brothers, the company's brand itself, and even its soul characters Zhongjun, Wang Zhenglei Brothers, has become the box office, ratings, professional talent gathering appeal banner." Advantage Three: Market potential domestic movie box office at 25% growth rate, film as consumer goods, into the rapid popularization stage. Compared to America's nearly 10 billion dollars a year in the film market space, China's film box office space is still a huge increase.　　The past three years Huayi Brothers movie box office accounted for 16% of the country, in the obvious leading position, and the number of TV series is also in the forefront of the market, TV drama prices are higher than the market one times. Business risk under the star economy but is Huayi brothers, who have a relatively solid way of earning money, the ideal choice for value investment? is the high price/earnings ratio a bright and prosperous future or a perilous game for the brave? What are the hidden risks lurking beneath the star halo of this stock?　　On these questions the Chinese voice reporter interviewed Mr. Gang, editor of the investor newspaper.　　Interviewer: What are some of the potential risks in your opinion that we didn't notice? Gang: Huayi Brothers is a light asset, relatively high risk and high growth company with less certainty in operating performance and income. In fact, its prospectus is more adequate for risk hints, but unfortunately in media reports this risk disclosure is rather inadequate. More attention is paid to its star effect and the uniqueness of the cultural industry. One of the biggest risks is that the film and television industry is an access industry, and policy has a huge impact on the industry. Maybe some of their movies and TV, because some links are not well grasped, the whole investment will be void. This problem in the film and television companies, especially private companies may exist at any time, especially in China, a year of television broadcasts accounted for less than half of the Toupai, similar to the risk will be in Huayiappear, I think it is possible. The second risk is that his reliance on individual businesses is very serious. For example, in the film, Feng Xiaogang's two films accounted for 40% of its annual income.　　And in the first half of this year because there is no such as "assembly number" such a good film, the first half of the film revenue fell sharply.　　Third, we do not have a particularly good IPR protection in China, perhaps it spent a lot of money to do things in VCD and other copyright selling market can not be as they expect Disney to get a lot of income in return. In addition, its IPO price may be about 28 yuan, in fact it was originally planned to raise about 600 million of the money, but now may raise more than 1.2 billion; the management and application of 1.2 billion funds in my personal view huayi is inexperienced. For example, it mentions that some of it will be used to toupai large commercial films, the uncertainty of which we have just analyzed.　　In addition, it is to put into the cinema, the domestic hospital line to do a better company investment long-term are relatively strong, huayi as a new entrants uncertain risk and investment long-term, the initial investment of huge capital uncertainty is very large.　　So in terms of the star effect, this is a good company, a media and public concern, and we are delighted by the good return on capital of these pioneering leaders in the cultural entrepreneurship sector, such as Zhongjun Wang Zhenglei and Feng Xiaogang, who are very demonstrative. But from the investment point of view, I think to keep calm, 80 times times the price-earnings ratio, from the past few years of growth in the coming year, 08 years after its growth in fact entered a very slow stage. This year should be barely the same as last year. Now many brokers analysis, next year and after the friendship business will grow at a high speed, the price-earnings ratio will be greatly reduced, I think this estimate is mostly unreliable, because his star effect stock is very easy to be scrambled, now 28-30 of the price, up to 50-60, That means he will have to grow more than a few years to the next year to fill the high P/E ratio. This situation is now not predictable, from the investor point of view, it is not a very safe and steady growth of a good company must be fast. It is not a good company that needs longer performance to prove.　　So for people with low risk appetite, don't buy Huayi's shares because you like such a good director, star or film. Reporter: "Film and television access policy risk, the individual business, simple team habitual dependence, the domestic copyright environment and the lack of funds management experience" These issues, whether for huayi or investors, are to be rational thinking of the problem.　　Entrepreneurial version of the company is characterized by growth, sustainability and rapid growth, the real investors to share the growth of the company's profits is the hard truth. Gem returns large, the risk is higher than the motherboard. Gem is the growth of the net, the shareholders want is your sustained rapid growth. So after the listing, some problems, Huayi brothers have to hand over a questionnaire: how to maintain the stability of the profit model? How does film get rid of the dependence on Feng Xiaogang? TV Series MarketMore than begging, Huayi's works how to ensure that someone buy? How to prevent stars from selling stocks before job-hopping? How to solve the size of the entertainment business is not big enough? How to find new profit growth point, is to establish Huayi brothers own courtyard line, or following also build a "Huayi theme park"? So, listing is Huayi's starting point, not the end point. Not so, Huayi can not realize the dream of Zhongjun, will not be China's Disney or the world, also can not become a Chinese cultural symbol.