Film And Television Industry'S Performance Declines In The Winter

After waiting for 1140 days, Bona pictures, an old film and television company, is finally facing the final test of IPO.

According to the CSRC website, on November 5, Bona film, which plans to land on the small and medium-sized board of Shenzhen Stock Exchange, will be subject to the examination and approval of the NDRC.

This is not a good time for bona. The epidemic has made the film and television industry in the cold winter worse, and the financial data of Bona pictures are not "good-looking"; in addition, the company's negative news continued, and Huang Wei, vice president of Bona film group, fell from a building in June this year, putting the industry's difficulties in front of the stage and adding variables to bona's IPO.

Compared with other film and television companies in the same industry, Bona film's listing experience can be described as "getting up early and catching up with a late set". Bona was listed on NASDAQ 10 years ago, the first Chinese film company to be listed in the United States. However, due to its poor performance, it was privatized and delisted in 2016. In 2017, when Boehner plans to return to A-shares, Huayi Brothers and light media are already "old classmates" in the capital market.

However, Bona's road back to a had a bad start and encountered various negative news from the industry. On August 19, 2020, Boehner re submitted the prospectus, which marks that the IPO road is finally back on track.

What's Boehner's prediction for this event? How to look at the impact of listing on the company? Can we make use of the capital market to get out of the film and television winter? In response to the above problems, 21st century economic report called Bona pictures, but there was no response.

"Bona's capital market has a difficult road. In the current situation, the epidemic situation will make the company's financial data more difficult to see, such as performance decline, executives' suicide, potential litigation risk, etc., coupled with the tightening of IPO policy on the film and television media industry, there is still uncertainty in bona's meeting." On November 2, a senior film and television industry personage told the 21st century economic reporter.

How hard is the way back to a

Back 10 years ago, in September 2010, Bona pictures landed on the Nasdaq Stock Exchange and became the first Chinese film and television company to be listed in the United States. The famous movie stars Gong Li and Yuan Li, together with the leader of Bona Yu Dong, rang the bell at the scene.

Before and after this, the domestic capital market has also ushered in the film and television industry leader. In October 2009, Huayi Brothers listed in a shares, becoming the first private film and television stock in China. In 2011, light media also listed in a shares.

At that time, Yu Dong chose to be listed abroad with great purpose. In an interview with the media, he said that the listing is not simply for financing and making more films, but to make Bona film industry in line with the international standards as soon as possible, and promote the development of China's local film industry.

But after landing on Nasdaq, the reality is very skinny.

In an interview with the media in November 2016, Yu Dong revealed that the 500 million yuan that has been raised is not enough to spend except for various high costs.

However, I have been determined to get a good performance in the domestic market, but I have been determined to get a good performance in the domestic market Yu Dong said publicly.

According to public information, in 2014, Bona film released the new year's war film "smart Weihushan 3D", which made 880 million yuan at the box office, and won the box office champion of that year's new year's box office.

In June 2015, Yu Dong finally made the decision of privatization; in April 2016, Bona film officially announced the completion of the privatization transaction and delisted from NASDAQ.

On September 22, 2017, Bona pictures launched a nonstop attack on a shares and submitted the listing prospectus to the CSRC for the first time.

Or bad luck, after a few years, the film and television industry in the domestic capital market has undergone earth shaking changes.

Since 2016, China Securities Regulatory Commission (CSRC) has stopped many film and television mergers and acquisitions, and the IPO review of film and television enterprises is very strict, so that bona film has been delayed indefinitely, and the film and television media sector has shown a continuous downward trend.

At the same time, boner's audit firm Ruihua accounting firm was investigated by China Securities Regulatory Commission (CSRC) due to the financial fraud of kangdexin, which led to the suspension of IPO audit for a time.

After waiting for more than two years, in August 2020, Bona film submitted its listing application again, and the dawn seemed to be in sight.

But this year, the market is still unfriendly to the film and television industry. Due to the impact of the epidemic, the film and television industry suffered heavy losses, and bona film was not alone. According to the prospectus, Bona film is expected to realize an operating income of 2127.4801 million yuan in 2020, a year-on-year decrease of 31.73%; and the net profit of 176.259 million yuan, a year-on-year decrease of 44.03%.

In June, the death of Huang Wei, vice president of Bona film group, made the outside world have doubts about Bona's internal business conditions and covered the IPO with a layer of fog.

Although from the industry's point of view, as an old film and television company, Bona film should have landed in a shares, but the above-mentioned deep-rooted insiders frankly said, "as an old film and television company, the capital story that bona pictures can tell at present is not sexy. This situation is a bit like a middle-aged actress, want to come back, will be more difficult. Bona did have great strength in the past, but there was no exciting point. The business model was similar to Huayi. Even after listing, it was difficult to have a big splash. "

Star shareholders' capital "remaining banquet"

In view of the current situation of the film and television industry, the listing of Boehner did not make the capital market feel too excited. But for the star shareholders behind, this is a long-standing, some cool "leftover banquet".

A series of well-known film and television stars are listed in bona film's prospectus: Huang Xiaoming, Zhang Ziyi, Zhang Hanyu, Han Han and Chen Baoguo all hold shares in bona film. Huang Xiaoming and Zhang Hanyu hold 3.436 million shares respectively, with a shareholding ratio of 0.31%, Zhang Ziyi holding 0.19%, Chen Baoguo holding 0.13%, Huang Jianxin and Han Han Han holding 0.06% and Mao Junjie holding 0.06% 0.03%。

In terms of institutions, Bona film also gathered famous investment institutions such as Alibaba and Tencent. According to the prospectus, Zhejiang Dongyang Alibaba Film Co., Ltd. holds 7.72% of the shares, Linzhi Tencent Technology Co., Ltd., a wholly-owned subsidiary of Shenzhen Tencent industry investment fund Co., Ltd., holds 4.84% of the shares, and CITIC Securities Investment Co., Ltd. holds 4.69%.

What's more, it is worth noting that the above shareholders, including Wanda film, Huang Jianxin, Han Han, Zhang Hanyu, Huang Xiaoming, Mao Junjie, Datong Xinyu, Zhang Ziyi, Daolang manor, Chen Baoguo, Shouye junyang, and so on, were suddenly invested in bona film within six months before its first declaration.

At a less favorable time point, does Bona film's listing have no bright spot? Not really.

"If Bona can be listed successfully, it can give the industry a small shot of stimulant. The industry is now in a state of no confidence and can increase a little liquidity to the industry." The above-mentioned deep-seated insiders said.

Xiang Kai, a playwright and director, believes that compared with other film and television companies, Bona has been seriously engaged in content these years, unlike other film and television companies in other industries such as culture, tourism and real estate. "Boehner's reputation is still good, and he has produced some good works over the years. If Bona can be listed successfully, it can bring some confidence to the film and television industry. However, what needs to be reminded is that if Bona can be listed successfully, it is still necessary to focus on the content and not blindly expand the industrial chain. "

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