In April 2013, the Shenzhen Stock Exchange informed the small partner company that the listing application of the small partner cinema company under the small partner group has been approved, and it can be listed on the small and medium-sized board market as soon as May. Pen, fun, pavilion www. biquge。 info

The original shares of the company before the listing were 200 million shares, and it is expected to issue 50 million shares after the listing, increasing the total share capital to 250 million shares.

Of course, what is more important is the market capitalization, before the listing, the subsidiaries of the small partner company did not get a better valuation method.

For example, many venture capital projects are unprofitable, so in order to make investors more acceptable, a valuation is written casually. Most of the valuations of these loss-making venture capital projects are not accurate, and no one can really give a good valuation.

The current valuation of an asset-heavy company such as Xiaodi Cinema is mainly the value of its cinema real estate. The valuation of other assets is not well reflected.

After listing, the price given by the market, although it may not be accurate at all times. However, there is a market price, which is better than no market price.

At the same time, in the past, it was the senior management of the parent company who supervised the operation of the company's subsidiaries, and due to the network of contacts that the company has formed over the years, there will definitely be blind spots and loopholes in the supervision.

After listing, increasing the strength of all sectors of society to supervise can actually improve the governance of the company.

After the application for listing was approved, Wang Qinian couldn't help but be very excited, and said within the group: "Little Partner Cinema Company is our first subsidiary to apply for IPO by ourselves, and listing is not our goal, but a new beginning." In the future, we will gradually have more subsidiaries listed to return to our employees and shareholders, and also to enable all sectors of society to supervise, understand and help our business to develop better. Listing, we are not going to sell our equity at a better price in the A-share market, but more to improve our governance. Let the subsidiary gain more independent and independent management rights. At the same time, listed companies will have all sectors of society to supervise you. It makes up for the deficiencies of our internal oversight. After the listing, I hope that our employees will be upright and down-to-earth. If we can give all shareholders good returns and provide the best service to all partners and audiences, we will inevitably get a good reward. ”

Although, before the A-share IPO, the number of shareholders is required to be no more than 200. This requirement. In order to go public, many companies will be forced to withdraw many employee shares in order to reduce the number of shareholders and meet the requirements for listing.

There are more than 5,000 employees under the shares of the small partner cinema company, and it is obviously a bit impersonal if the employees are withdrawn from the shares on a large scale.

Therefore, when the employee company of the small partner company applied for listing, it registered a holding company, the small partner cinema group company, which represents the small partner to control the cinema company that is about to be listed. In addition, the employee shares were also transferred to the Cinema Group Holding Company. Although it does not directly hold the equity of a listed company, it is also equivalent to indirect holding.

As for the employees of the subsidiary who want to sell the equity of the group company in the future, it is also based on the price of the listed company. The group company can use its own cash to buy back this part of the equity.

Of course, the employee shares are held in the name of the group company temporarily, and in the future, after the completion of the online listing of the small partner cinema, the employee and management will be granted options to implement equity incentives.

The exercise of options often requires the company's stock price, market capitalization and performance indicators to meet the standards before the option can be exercised. In this way, a win-win situation for shareholders and employees can be achieved.

Meanwhile. When the stock price is sluggish in a bear market, the employees and management who know their company better can use their real money to buy the company's shares in the secondary market.

Industrial capital and listed companies. It's often easier to do value investing. When the company's stock is very expensive, the company's employees can feel it intuitively, so the employee executives may sell their shares in groups when it is very expensive, and when the company is very cheap, there are often groups of employee executives to buy their own company's shares.

Relative to the layman. Insiders can better evaluate the value by investing within their own circle of competence.

Of course, many investors would rather buy the shares of the listed companies next door to them than the stocks of their own companies, which is undoubtedly to give up the advantages within their own circle of competence and invest outside the circle of competence.

……

As the largest cinema chain in China, the expansion of the small partner cinema line mainly relies on bank loans. At present, the small partner cinema company has assets of 28 billion yuan, but the net assets are only 5 billion yuan. The debt ratio is 82%!

This debt ratio is the highest among the small partner groups.

In the past, the expansion of the small partner cinema group was mainly to use its real estate as a pledge to obtain loans from banks. Further invest in the theater, and then pledge the property rights of the theater.

Relying on the high prosperity of the film market and the prosperity of the real estate market. In the past ten years, the small partner cinema group does not need to introduce venture capital or go public for financing, that is, it is reliable for the two-wheel drive of real estate and cinema chains, and it has expanded non-stop.

In this business model, it only needs the real estate market to keep increasing the price. Even if the theater part of the business is not profitable, just rely on the price increase of real estate, sell part of the real estate that has increased in price, and after repaying the loan, there can still be a large balance.

This is the reason why many enterprises that are actively expanding are not afraid of losing money in business. Many crazy expansion enterprises, not so much to do business, but rather in the name of doing business and investing in the industry, continue to get cheap real estate, and in the end, the main profit is still by real estate price increase!

Once the price of real estate does not rise, or even falls!

Then, many companies that use real estate as collateral to obtain loans to expand will not only be unable to continue their expansion, but may even go bankrupt.

Although the main business of the small partner cinema chain is its main business, the profit margin is higher than that of most industries. However, the development to this point is not so much the prosperity of the film box office market as the prosperity of the real estate industry.

This model, in the near future, may encounter an inflection point!

Therefore, Wang Qinian is ready to rely on the model of commercial real estate price increase to expand, and this is the end of it!

For this transformation, the small partner cinema naturally applies for listing, and after listing, it can obtain a large amount of direct financing and reduce the debt ratio of the enterprise.

At the same time, after listing, it can also give the partner company an additional financing platform.

There are many financing platforms under the small partners, for example, Golden Harvest Entertainment Group is a very powerful financing platform. However, Golden Harvest Entertainment, which has a market value of more than 60 billion yuan, has gradually become a big blue chip, even if the performance is getting better and better year by year, and the net assets per share are getting higher and higher quarter by quarter, but the market value and stock price have stagnated. It is already very good to be able to maintain a market value of more than 50 billion Hong Kong dollars.

Moreover, the listed companies under the small partner are more in the Hong Kong market and overseas markets. There is only one company that can really hold it.

The future financing ability of the Hong Kong stock market is far inferior to that of the A-share market, and the small partners cherish the feathers and do not play the trick of thousands of shares in the Hong Kong stock market. In this way, the current role of Golden Harvest Entertainment is more to show the governance and operation capabilities of small partner companies in the market, rather than to use it as a financing platform.

There is no doubt that the listing of small partner theaters on the A-share market can not only enhance the capital strength of small partner company groups, but also enhance the influence of small partner groups.

You must know that in the capital market, there are as few listed companies as financing platforms, and there are even dozens of listed companies financing platforms.

Originally, Wang Qinian thought that the first share of the theater in the A-share market might be popular in the capital market. Surprisingly, however, very few brokerages were surveyed.

It seems that brokerages are not very interested in a cinema giant that occupies a monopoly advantage all over the country, especially in terms of listed cinema assets, excluding Internet assets, so that institutions that like to chase hot spots are not very interested in this first share of cinemas.

In particular, the small partner cinema chain chose to list on the small and medium-sized board instead of the more fashionable gem listing.

"The small partner theater is about to be listed, and it is expected to raise no more than 3 billion yuan, and the raised assets are mainly used to repay bank loans and reduce the proportion of debt. and, investment in new cinemas and replenishment of working capital needs. It is expected that after the IPO, the market value of the partner theater will exceed 15 billion yuan. Considering that the current scale of the cinema market in 2012 is only 16 billion yuan, and the annual box office of small partner theaters is only 7 billion yuan, we believe that small partner theaters may be very profitable, but lack of growth space and imagination. ”

"In the Internet era, video websites are more promising, and movie theater chains have become chicken ribs. The downturn in the overseas cinema chain market revealed that the small partner cinemas may not be able to maintain their previous growth. The listing of small partner theaters is mainly due to the bottleneck in development and the slowdown in development momentum, and the controlling shareholders are more concerned about better realization income through listing! ”

Basically, the market is inexplicably bearish on the theater line, Wang Qinian can only sneer.

Nima's, the largest cinema chain in China, generates a box office of more than 7 billion yuan a year, and a net profit of nearly 1 billion yuan a year, and, on the one hand, the market is highly optimistic about the film market and speculates on the stocks of film and television companies.

At present, the market value of many film and television production companies is already two or three hundred billion yuan. The combined market value of several listed film and television companies is several times the annual scale of the cinema chain market.

On the one hand, the capital market is extremely optimistic about film production companies, believing that this is a sunrise industry.

encountered a cinema company listed, but unanimously bearish, thinking that it is a traditional industry similar to chain supermarkets!

Isn't this schizophrenia?

The film company is growing rapidly, and the performance of the theater company will be poor?!

This is obviously the first cinema online listing, the market is skeptical, and after the listing, the continuous performance disclosure, the previous skeptics, most of them will become fanatical followers! (To be continued.) )