The second financing of New Capital Publishing Group adopts the preemptive subscription model of old shareholders, and shareholders holding 10 shares are eligible to subscribe for 1 new share preferentially.

Theoretically, investors who hold shares can subscribe for up to 15 million new shares.

However, Lin Qi, the largest shareholder, holds 60 million old shares and has the right to subscribe for 6 million new shares, but only symbolically subscribed for 600,000 shares, not in full.

Zhang Dahai held 20 million old shares, but he paid 800 million Hong Kong dollars in full and subscribed for 2 million shares. At the shareholders' meeting, Lin Qi also authorized Zhang Dahai to serve as chairman and general manager, holding dual positions. This is also the reason why Zhang Dahai raised funds to subscribe in full, in addition, Zhang Dahai also knows that he takes the lead in demonstrating, has confidence in the company, and subscribes for a large number of shares in order to attract other capital subscriptions.

Subsequently, the old shareholders finally paid more than HK$4 billion, covering most of the new shares issued. The remaining financial institutions and other investors also enthusiastically subscribed for more than 5 billion Hong Kong dollars.

Basically, since the Hong Kong stock market has been bullish for nearly a decade, the index has risen more than tenfold in ten years. In this atmosphere, liquidity is flooded. Even if some investors have a risk-averse mentality, they can't stop more money from pouring into the market.

In this market atmosphere, the issuance of new shares at a discount is obviously a huge temptation. Many investors even see the issuance of new shares at a discount of 30% as a safe haven. At least compared with other stocks in the market, there is a 30% safety cushion, even if it falls by 30%, it can ensure that the funds participating in the additional issuance can not lose money.

However, in Lin Qi's eyes, he could only smile, and the 30% discount was actually too little. If the market really falls sharply, a 50% discount issuance may not be able to guarantee a complete escape.

What can guarantee the whole body is more long-term funds. Really not bad money, use the perspective of business to analyze the stocks in the market, in the case of not being able to control, it is also necessary to diversify investment, rather than concentrating on one or two companies, superstitious and optimistic companies. The premise of concentrated investment is that more people like Lin Qi hold listed companies, so that the management method can be corrected if it is not for itself, the strategic direction can be adjusted if it is wrong, and the management can be cleaned up. It's absolute control, and that's the secret of concentrated investing.

If you can't control a listed company, you naturally can't bet too much on it, betting that it can be worthy of your investment in the future. And we can only choose to disperse, and invest a little bit in the optimistic industry and optimistic enterprises. Diversify most of the top performers to avoid one or two bad performances.

"Lao Zhang, the future of the new venture publishing group will be handed over to you, if you want to do it, you must make a name in history, otherwise, it is better to sit on a value of 10 billion yuan and retire at home to be comfortable. Lin Qi said to Zhang Dahai with a smile.

"Don't worry, Mr. Lin, I'm not here to enjoy my happiness, I just want to make a career. Zhang Dahai said, "I am very confident in the publishing business. Even Mr. Lin, the Internet-based strategy you launched actually made up a lot of homework. As far as picking up the Chinese network, I have read all the books that are popular in the top 100. I watch the new book list, the popularity list, the monthly pass list, and different genres every day. The business model seems mysterious, but in fact, it is almost the same as my rental bookstore. It's just that it's the Internet, in the final analysis, readers want to read books for entertainment, and the innovation of different themes is just that the old themes can't satisfy readers, and as soon as the new themes come out, they are easy to become hits. In this regard, there are many Chinese, there are many stories, and as long as the business masters the distribution and publicity channels, it is not bad for the author and. In the domestic copyright, the best of the best, the most popular ones, go out to find first-class translators, export to the world, and expand the market several times. The same is true for other comic works. As long as we grasp the entertainment and pastime, we will be invincible in the cultural industry in the future. Even in China, they support me and recognize our strategy of exporting Chinese cultural influence to the world. ”

Lin Qi nodded and said, "In addition, copyright adaptation is also very important. For example, Japan's manga and light have a global export influence due to the success of animation adaptations. Therefore, Hitotsubashi Publishing and Kadokawa Shoten, publishing institutions such as Japan's economic downturn, may not be very miserable. This is because its cultural products are globally competitive for export. Although American comics are a bit niche because of the style of painting, the United States has a Hollywood film industry. Hollywood movies are now increasingly reliant on adaptations of popular works, and original scripts no longer dominate. , comics and games, popular works of various themes are favored by Hollywood. If New Venture Publishing Group wants to continue to expand its influence, it should need to further tap the value of copyright. ”

……

On Monday, August 9, New Venture Publishing Group announced that its new share offering plan was successfully completed, and it was successfully raised in the amount of US$1.25 billion converted into funds.

Next, the new venture film and television group is to promote the same plan for the issuance of new shares.

Due to the new shares of the new venture publishing group, not only did not fall, but the stock price further rose to HK$560 per share. Therefore, the additional issuance of the new entrepreneurial film and television group is also highly favored by the market.

Because, due to the bullish market situation, the additional issue price of the new venture film and television group was discounted by 40% from the stock price in the secondary market. The second additional offering price is HK$4 per share, although it is four times higher than the issue price of HK$1 per share in the initial IPO last year.

But who calls it the current big bull market, the share price of Xinye Film and Television Group Company has soared to more than 5.6 Hong Kong dollars, with a market value of more than 64 billion Hong Kong dollars.

The market price is 5.6 Hong Kong dollars per share, although it is largely due to the bull market, but the net profit of Xinchuang Film and Television Group last year exceeded 2 billion yuan, and the price-earnings ratio was more than 30 times, although it was overestimated by a lot compared with the market average price-earnings ratio of 20 times. However, at present, the new venture film and television group can be called the monopoly oligopoly of the Chinese entertainment market, and any other film and television group can be regarded as a small fight compared with the new venture film and television group. Purely based on box office market statistics, new venture film and television companies monopolize more than 75% of the global box office market of Chinese films, and all other companies combined are only a fraction of the new venture film and television group.

It is precisely for this reason that Huang Xizhao said with great confidence: "We set the goal of listing last year to surpass Disney, and the gap between us and Disney was one-fifteenth. At the moment, we are less than one-fifth of Disney's market capitalization. With this additional issuance, the gap between our market value and Disney will be further narrowed. At the same time, our valuation is not necessarily more expensive than Disney's, because Disney's annual profit does not exceed $1.2 billion. Last year's profit was $300 million. The profit scale is a quarter of Disney's, which means that we are more cost-effective than Disney. In addition, we are still a fast-growing company, not limited to the Chinese entertainment market, but looking at the world, and laying out the entertainment industry in various countries around the world. In the future, with the growth of the Chinese entertainment market and our influence radiating to the world, it is not a fool's dream to surpass Disney in terms of market capitalization......"

Compared with the hard accumulation of profits, the direct issuance of additional shares worth 1.25 billion US dollars, using the funds of the capital market, can directly reduce the accumulation of profits in three years and accelerate the development speed by three years. This is obviously the right way to use the capital market to accelerate development.

With the right pace, this model can ensure that the pace of development can be maintained for at least five years. If you get it wrong, for example, if you use the wrong force, or even use some debt leverage, you can quickly go bankrupt after the bubble bursts.

It is precisely for this reason that the use of direct financing and the issuance of additional shares, rather than borrowing to develop, is a more stable financing model with fewer hidden dangers.

As for the financing after the financing, the introduction of more capital and new shareholders, the equity is more dispersed, which may leave a hidden danger for the future control of the shares. Then you need to prepare funds, wait until the bear market in the future, increase holdings, use the profits from the dividends of listed companies to buy stocks at a cheaper price, and raise the equity ratio again to cure the hidden danger.

As for such an expensive price now, who will fight for a controlling stake and who is a fool!

The reason why some capital wants to be barbarians and compete for the controlling stake of listed companies is mainly because the stock prices of some listed companies are undervalued. Therefore, it is better to buy more and more to buy more and gain a controlling stake in it. Holding is not the goal, the purpose is mainly to make a profit, and the premise of profit is that it is too cheap, and the price is low, so it attracts countless capital to covet.

In the bull market, there are only cash-out selling, or investors who participate in the issuance of new shares, both sell after buying, and take advantage of the time difference and price difference. The stock price of 5.6 Hong Kong dollars does not fall below 4 Hong Kong dollars, and 4 Hong Kong dollars participate in the additional issuance, change hands and sell, and carry out "arbitrage" in this way.

However, there is also a huge risk in arbitrage, everyone is rushing to sell, the pick-up is not enough, and the slow one may be thrown, and the arbitrage will not be reversed. If it falls below the HK$4 additional issue price, retail investors and institutions participating in subscription arbitrage will lose all their capital.

Basically, the real zero risk is still the listed companies that count the money with a smile.