The "Two Landlord" Mode Of "Gem" And "Leasing" Operation Risks Still Exist.

In February 7th, Shanghai de Bi cultural and creative industries development (Group) Limited by Share Ltd (hereinafter referred to as "de Bi culture") disclosed the prospectus on the official website of the SFC. It intends to issue shares of not more than 13 million 474 thousand shares and raise 570 million yuan to apply for gem listing.

It is worth mentioning that the German culture is also under the influence of the epidemic, the latest disclosure of prospectus, one of the 3 enterprises.

The main location of cultural and Creative Industries Park location, design, transformation, investment and operation management of the German culture, the current "lease operation" 40 parks, "entrusted to operate" 3 parks, customers include the U.S. Group reviews, drips, tiger sports, several bookstores, rebate nets, WeWork and so on.

In December 28, 2018, de Bi culture prepared A shares to be listed. In May 2019, the listing plan was adjusted, and the guidance organization was replaced by the Oriental Citigroup to the Minsheng securities, and the marketing guidance work was completed in January 2020.

It should be pointed out that the brocade and business in Shanghai Cultural Creative Industrial Park "operation and management" business has declared IPO from June 2014 to December 2019. After three rounds of trial meetings and time-consuming five and a half years, then the "two landlords" mode of De De culture will be able to break through smoothly.

"Two landlords" rush through

The German capital culture was founded in April 2011. The original registered capital was 1 million yuan. The real controller and chairman Jia Bo worked in CCTV, Guangxi Beihai TV station and Yuncheng TV station in Shanxi. Currently, she is the vice president of the Creative Industries Association of Shanghai, a visiting professor of the cultural industry management College of Communication University of China, and a special expert of Renmin University of China Cultural Industry Research Institute.

From the perspective of business mode, de Bi culture mainly adopts the mode of operation and management in the mode of "leased operation", generally signing a long-term lease contract with the property owner or the lessor, and stipulate the terms of renewal lease and priority renewal right in the contract to maximize the stability of the company's operation.

This business model is also known as the "two landlord" mode in the industry.

In addition, de Bi culture also adopts the mode of "trustee operation". Under this mode, Wen Ke creates enterprises to pay rent and property fees to property owners or management rights, while de Bi culture provides the clients with services such as park design, engineering management, investment promotion and operation management, and obtains relevant business income.

As of the end of September 2019, there were 40 renting operation parks in Shanghai, Beijing, Hangzhou, Chengdu, Suzhou, Nanjing, Italy and the United States, and 3 entrusted operation parks, with a total of 3 participating in the operation park. A series of brands, such as "de Bi Yi Yuan", "de Bi WE" and "de Bi movement LOFT", are built. The management area is about 1000000 square meters, which serves more than 10000 literary and creative enterprises. Famous customers include American Group reviews, dripping trips, tiger sports, several bookstores, rebate nets and WeWork.

From the performance point of view, in 2016 -2018 and the first three quarters of 2019, the revenue of de Bi culture was 505 million, 606 million, 771 million and 670 million yuan respectively, and the net profit was 53 million 735 thousand, 21 million 858 thousand and 400, 55 million 164 thousand and 600 and 74 million 391 thousand and 800 yuan respectively.

Among them, the main business income of Germany's culture in the first three quarters of -2019 in 2016 was more than 80% from leasing services and 17%-18% from member services.

In addition to the volatility in 2017, the overall income and net profit of de Bi culture increased year by year.

Through the net profit table, the sharp decline in net profit in 2017 is related to the huge increase in management fees. In 2017, the management cost of the German culture reached 98 million 900 thousand yuan, an increase of 50.31% over the same period last year. Among them, staff salaries, share payment, office entertainment, service fees, consulting fees and travel expenses have also increased to varying degrees.

In addition, the impairment loss caused by long term prepaid expenses is also one of the reasons for its decline in net profit in 2017.

Prospectus shows that in 2017, Dexin culture wholly-owned subsidiary of the German culture from Shanghai Yihua Clothing Co., Ltd. after the lease of the property, Shanghai Yihua Clothing Co., Ltd. was in debt crisis by creditors litigation, has been mortgaged Seven Star Park Property subsequent rental risk of the lifting of the risk, so the German culture of the retrofit expenditures incurred impairment loss of 10 million 900 thousand and 100 yuan.

Leasing property still risks

In the development process from 2011 to 2018, the German capital increased its capital to introduce external investors. At present, the registered capital has increased from 1 million yuan to 40 million 421 thousand and 999 yuan.

Public information shows that in the A round of financing, the German culture gained 280 million yuan from Qianhai Zhuo yuan, DAC Chen venture, Jiang Tong neighbor and Changxin dry Yue joint venture, and B round de culture won 150 million yuan of sunshine insurance investment. The C round won 199 million yuan of investment from Zhiyuan capital (China Merchants Securities wholly-owned private fund management institution).

The current shareholding structure, the real controller Jia Bo and Li Yanling jointly control 56.04% of the shares of the German culture, in addition, Changxin dry Yue shareholding ratio of 9.97%, the proportion of China Merchants Holdings 7.42% (including shareholders including investment Zhiyuan capital, etc.), the proportion of sunshine insurance shares 6.53%, the proportion of former Haoyuan Holdings 3.56%, song Yue investment share 2.38%, Tatsu venture capital shareholding 1.98%, Jiangxi Copper There is a 0.4% stake in neighboring countries.

It is worth mentioning that Jia Bo, the controlling shareholder of Germany's cultural control shareholder, the real controlling person of Changxin, the real controlling enterprise, and the relevant gambling provisions of Changxin dry run and shareholders Zhuoyuan, song Yue investment, sunshine insurance, and Zhong An investment have not yet been terminated as of the prospectus day.

Among them, the neutrinos and Qianhai Zhuoyuan and song Yue investment are listed on the timing of the gambling clause, neutrino, Jia Bo, Changxin dry run and sunshine insurance, the performance of the gambling clause and the listing time gambling clause.

The above clause is terminated from the date of issuer's listing / qualification listing.

Judging from the risk of A shares, the Jinhe business, which is the leader of the cultural and Creative Industry Park, can be seen as a warning.

Kam ho business declared IPO from June 2014 to December 2019. After three years, it broke through for five years and half.

Among them, the issuance examination committee has focused on the land related issues of Jin and commerce, such as whether the projects allocated by the tenant for land operation are in line with the state and local regulations on allocated land management, whether they have fulfilled the necessary examination and approval procedures, and whether there are any risks or flaws.

Debi culture also mentioned in the prospectus that operational risks include the risk of restrictions on the property rights of some rental properties in the park, and the restrictions on the rights of some rental properties in the park. Rudong Feng de WE, "Park, Tian Shan De Yi Yuan Garden has not yet obtained the property certificate, and the rental property of the Deutsche Hongqiao Valley WE" has mortgage risks, and the German Park 1890. The rental property of the park has the risk of sealing up.

In addition, as of September 30, 2019, the land use right of the 17 leased buildings in the park project of the tendo culture lease project was acquired by the property owner. The actual use of the land in the 25 parks was not consistent with the planning purposes.

A real estate insider told the twenty-first Century economic news reporter that the German style culture mainly used the "leasing operation" mode, which belonged to light assets operation. It could pay attention to whether the leasing agreement was strictly implemented according to the agreement, and whether the relevant agreements agreed to ensure the long-term operation of its park project.

It is worth noting that under the spread of the new crown virus epidemic, whether it is delayed recovery and the financial difficulties that will soon be faced by small and medium-sized enterprises in the park due to "epidemic", it will produce greater performance uncertainty for the park operators.

A long-term market concern real estate analysts believe that the epidemic will definitely have a certain impact on the cultural and creative industries, such as de Bi culture, a creative industry park operator, how to achieve the rise of light assets, need to have a good compression capacity, maintain a stable cash flow, and continue to undertake a series of actions such as the resumption of enterprises.

In 2016 -2018 and the first three quarters of 2019, the assets and liabilities ratio of de Bi culture was 69.24%, 57.11%, 43.27% and 40.72% respectively, showing a decreasing trend year by year, but its current liabilities were relatively high, and current liabilities were 460 million yuan, 530 million yuan, 560 million yuan and 558 million yuan respectively.

In twenty-first Century, the economic report reporter made a public call to the telegram, but no one answered.

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