text | Zhang Jiaru
Asking for salary is no longer a patent for workers. Recently, " Deng Ziqi salary request" has become a hot search. What's the situation?
According to the first instance document of the performance contract dispute between Hummingbird Music and Canxing Culture, the incident happened in 2016. Canxing Culture invited G.S. to record the variety show " Hero ". The program was recorded and broadcasted, but the contract has not been signed yet and the reward of 16.3 million yuan has not been paid.
You may not have heard of the name of Canxing Culture, but you must be familiar with the programs it produces - " China's Voice " "This! It’s Street Dance” “ masked singer Guess ”. There are constant hit shows, but Canxing Culture's road to listing is very bumpy.
In 2014, Canxing Culture, which became popular because of "The Voice of China", was preparing to follow the parent company Star Media to go public in Hong Kong, and later it was shelved due to equity structure issues. In 2018, Canxing Culture submitted a A-share IPO prospectus, and was rejected in February 2021.
repeatedly defeated and fought repeatedly. In August 2021, Canxing Culture and Hong Kong Starry Sky Chinese Media Film completed the reorganization and renamed Starry Sky Chinese, and the submission in November failed. In May 2022, Starry Sky Chinese once again submitted a listing application to the Hong Kong Stock Exchange.
htmlIn 2008, Starry Sky Chinese, the father of "The Voice of China", has not been launched yet. What is the problem? What is the reason why Starry Sky Chinese is obsessed with going public?"The Voice of China" is no longer awesome, with a gross profit margin of only 2%
In 2010, "The Voice of Holland" was a great success locally, attracting 18.2% of the audience in the Netherlands. In 2011, the United States introduced "Voice of the Netherlands" and renamed it "Voice of the United States", which was very popular.
Seeing the popularity of this variety show, Canxing Culture and Zhejiang Satellite TV introduced the program model of "Voice of the Netherlands" in 2012 and jointly launched the music talent show "The Voice of China". The average viewership rate of the first season exceeded 4%, making contestants such as Liang Bo , Wu Mochou , and Jike Junyi .
After "The Voice of China" became popular, it became the money tree of Canxing Culture. According to media statistics, from 2015 to 2021, the "Voice of China" series has accumulated more than 4.4 billion yuan in money for it.
A-share IPO book shows that in 2017, 2018 and 2019, the production revenue of " China New Voice " and "China Good Voice" was 665 million yuan, 545 million yuan and 462 million yuan, accounting for 32.33%, 32.96% and 26.67% of Canxing Culture's operating income, respectively.
"The Voice of China" and "The Voice of China" are actually the same program, and two names appear due to copyright reasons.
Hong Kong stock prospectus shows that from 2019 to 2021, the revenue generated by "The Voice of China" was 491 million yuan, 325 million yuan and 252 million yuan. It is not difficult to see that "The Voice of China" contributes hundreds of millions of yuan in revenue every year, but the revenue is decreasing year by year.
However, "The Voice of China" is still the program with the most revenue from Canxing Culture or Starry Sky Chinese. In 2021, in 2021, the revenue from " China Voice 2021" reached 252 million yuan, accounting for 28.6% of the revenue generated by variety show IP operation and authorization, but the gross profit margin was only 2.2%.
From 2019 to 2020, the gross profit margins of "The Voice of China" were 46.6% and 16.8% respectively. Whether in terms of revenue or gross profit margin, "The Voice of China" is no longer in its glory, especially in 2021, it has a gross profit margin of only 2.2%, which can be said to be making hard money.
"The Voice of China" is no longer a reason for its popularity. There are different opinions from the outside world, one of which is the audience's aesthetic fatigue. Any program has a life cycle. It is not easy for "The Voice of China" to still contribute hundreds of millions of revenue, but it is not Moutai, and it becomes more and more popular as it gets older.
Starry Sky Chinese's main source of income is variety show IP operation and authorization, accounting for nearly 80% of the revenue in 2021.
From 2019 to 2021, Starry Sky Chinese's revenue was 1.807 billion yuan, 1.560 billion yuan and 1.127 billion yuan, respectively, with annual profits of 380 million yuan, -27.8 million yuan and -352 million yuan, respectively.
For the decline in revenue in 2021, Starry Sky Chinese said that the revenue generated by IP operation and licensing of variety shows decreased; and the revenue generated by "The Voice of China" decreased, mainly due to the decline in corporate customer advertising budgets.
In terms of gross profit margin, Starry Sky Chinese's gross profit margins from 2019 to 2021 were 39.0%, 37.7% and 24.3%, respectively, showing a downward trend year by year.
In terms of performance and profitability in recent years, Starry Sky Chinese's business is becoming more and more difficult to do. "The Voice of China" is no longer in its glory and its profitability is poor. Other programs cannot replace the status of "The Voice of China". In the prospectus for the IPO of A-shares, Canxing Culture reminded the risk of a relatively high number of programs in a single series of programs in "The Voice of China", saying that if there is a change in the future market environment and the company has not produced new programs that can replace its revenue level, it may lead to a decline in the company's operating performance.
sprinted to Hong Kong stocks with a report card that declined or even lost. Even if Starry Sky Chinese successfully listed, it is a suspense. After
A shares were rejected, they turned to Hong Kong stocks and rushed to put them on the shelves?
Starry Sky Chinese dream began as early as 2011. Media reports that at the first meeting of Canxing Culture, the company's chairman and general manager Tian Ming announced: "We want to list this company!"
In 2012, "The Voice of China" became popular, which gave Tian Ming's dream of listing hope. In 2014, Tian Ming publicly proposed that Canxing Culture and its parent company Starry Sky Chinese Media, as well as Meng Xiang Qiangyin, which focuses on performing arts brokerage business, will enter the capital market in the future. However, when Star Media's equity structure was adjusted, its dream of going public was stranded.
After this, Canxing Culture has been preparing for its listing. In 2016, the shareholding reform was completed and 300 million yuan of capital increase was obtained, with a valuation of 5 billion yuan; at the end of 2017, the Pre-IPO financing was completed, with a valuation of 21 billion yuan; in 2018, 360 million yuan of investments in Alibaba and Tencent were introduced.
's valuation has risen, and the giants have invested in it to support it. Canxing Culture has ushered in a good opportunity to go public. In 2018, Canxing Culture submitted an application to the China Securities Regulatory Commission and planned to list on the GEM. In February 2021, Canxing Culture’s listing application was rejected.
As for the reasons for being rejected, the Listing Committee focused on two matters: "The identification of the issuer's actual controller" and "Accounting treatment of Mengxiang Qiangyin's goodwill impairment".
Specifically, after Canxing Culture removed red chip structure , the equity structure design was complicated, and the reasons for identifying the actual controller were insufficient and the disclosure was incomplete.
In addition, Canxing Culture traced the goodwill generated by the acquisition of Mengxiang Qiangyin in April 2020, and set aside 347 million yuan in in 2016. The accounting treatment failed to accurately reflect the company's actual situation at that time. After
A shares were rejected, Canxing Culture switched to Hong Kong stocks. In August 2021, Canxing Culture and Starry Chinese Media Film completed the reorganization and renamed Starry Chinese. In November 2021, the listing application was submitted to the Hong Kong Stock Exchange, and the submission form was invalid after that.
In May 2022, Starry Sky Chinese once again submitted a listing application to the Hong Kong Stock Exchange, with CICC and CICC International being the joint sponsors. If we count from 2014, Starry Sky Chinese has been dreaming of listing for 8 years.
Why should I switch to Hong Kong stocks? Some investors told the media that the cultural industry has a lot of operating pressure, and the demand for working capital such as music variety shows is increasing. When A-shares cannot be listed for financing, Starry Sky Chinese can only choose Hong Kong stocks.
In this way, Starry Sky Chinese switches to Hong Kong stocks is also a helpless choice. Some analysts also pointed out that Starry Sky Chinese has multiple considerations for its eagerness to go public, and it is not ruled out that investment institutions are eager to withdraw and are rushing to put them on the shelves.
For this Hong Kong stock IPO, Starry Sky Chinese restructuring, and equity during the A-share IPO, it may be solved, but the problems of future growth are still difficult. Judging from the performance in recent years, Starry Sky Chinese is on a downward trend, which may be a problem facing Hong Kong stock IPOs.
500. After submitting the application for listing in Hong Kong stocks in May, it has been another 5 months and there is no latest progress. The recent topic of "G.E.M.'s salary request" has brought up the Canxing culture and has also made the outside world pay attention to the bumps in Starry Chinese's IPO journey. We will continue to pay attention to the progress of Starry Sky Chinese listing.
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