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Lehua Entertainment: Han Geng, Wang Yibo

2022-08-26 11:46:38snowball

Source: Snowball App, Author: Cang Zong Gyatso, (https://xueqiu.com/1057622343/229086978)

I. Introduction

II. Financial Overview

Three, Comprehensive Evaluation

1. Market value: 6.001-7.502 billion, with an upper and lower limit of 25%.

2. Valuation: 15.53-19.41.

3. Industry & Company: Film and Television Media, the following is the historical performance record of new stocks in related industries.

4. Sponsor & Price Stabilizer: Sponsor CITIC Construction Investment, China Merchants International, and Price Stabilizer CITIC Construction Investment.The following is the historical performance of CFFEX-sponsored projects since 2022.

5. Over-allotment option: It is expected that the over-allotment option will be granted, and the international allotment is expected to be over-allotment, and the price stabilization mechanism will take effect.

6. Cornerstone investors: There are 3 cornerstone investors who subscribe for a total of US$275.9 million. If the fixed price is pressed, the subscribed shares will account for 30.61% of the shares in this offering, and the three cornerstones are Harvest.Fund's Asset Management, Blue Cursor and Maoyan Entertainment.

7. Pre-IPO investment: All pre-IPO existing shareholders have a 6-month lock-up period.

Fourth, first-hand lottery rate

Hong Kong public offering 13.256 million shares, each lot of 400 shares, a total of 33,140 lots, in the case of no call back, 16,570 lots in Group A and 16,570 lots in Group B.If a callback is activated, the offerings are shown in the table below.Callbacks are not expected to be initiated, and the first-hand lottery rate is estimated at 100%.

Note: The above [1,15) file is not a mandatory call back, but the sponsor can call back up to 20% at the discretion of the sponsor, and in the following two cases:

1. The public offering is fully subscribed, while the international offering is under-subscribed;

2. The public offering is fully subscribed and the subscription multiple is less than 15, and the international offering is fully subscribed.

If a callback is activated in either of these cases, the limit price must be pressed.

V. Operational Plan

It is said that it has a similar temperament to the straw bear, and there is indeed one point, that is, there are celebrities as shareholders, but Han Geng does not hold a lot of shares, and the market atmosphere is already very different.

This type of company is similar in nature to film and game companies. If film and television want to make popular dramas, and games want to make popular games, the brokerage company must continue to have popular artists. From this point of view, it seems a bit difficult.Especially after the artist becomes popular, there is still the possibility of breaking the contract and flying solo.I looked at the introductions of artists with more than 2 million followers on the company's Weibo. The first few were barely acquainted, and the latter were the first time I heard about them. I wonder if Mr. Cang is old.

The entertainment industry has been a key target for control in the past two years. One day the artist can't afford it and suddenly commits a crime, abandoned purchase.

Risk warning: The above is my preliminary plan of action and my analysis of the new shares. It is for your reference only, and does not constitute my investment advice. Before closing the subscription, it does not rule out my changeideas, take other action plans.Follow your own operation plan and operate at your own risk!

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