How do stars play with capital: a-shares surprise 28 star shareholders

Zhao Wei's role in Tang De Film and Television is quite special. Zhao Wei's brother Zhao Jian is the second largest shareholder of Tang De Film and Television, with a shareholding ratio of 10.67%, and serves as a director. From the listing of Huayi Brothers a few years ago and the disclosure of a group of star shareholders, to now in the pre-disclosure, restructuring announcement, star figures emerge endlessly. Stars, as an investment group with certain capital strength, wander in the secondary market, the primary market, and even the venture capital market before IPO, and are more and more closely connected with capital.

A recent example is the SFC's publication of the 45th batch of pre-disclosure lists. Among the 12 companies, Tang De Film and Television has gained outside attention due to the appearance of stars such as Fan Bingbing and Zhao Wei among shareholders.

Zhejiang

Tangde Film and Television Co., Ltd. was founded in 2006, formerly known as Dongyang Tangde Film and Television Production Co., Ltd., mainly engaged in film and television drama investment, production, distribution, artist brokerage, film and television advertising production, film and television drama post-production and other businesses, among which TV series-related business as the core, has shot "Never Gone Radio Wave,""Jin Tai Ban" and other TV series.

In fact, Tang De film and television shareholders not only because of the high shareholding ratio and attention to Zhao Wei and Fan Bingbing, it also introduced screenwriters Sheng Heyu, Qi Xing, Yu Fei, Liu Hua, directors Huo Jianqi, Teng Wenji, actors Zhang Fengyi, Wei Zi and so on as direct or indirect shareholders.

Among them, Fan Bingbing, Zhao Wei, Zhang Fengyi, Huo Jianqi and Sheng Heyu hold shares directly. Fan Bingbing holds the highest proportion of shares at 2.15%, followed by Zhao Wei at 1.95%. Zhang Fengyi, Huo Jianqi and Sheng Heyu hold less than 1%.

Tang De Film disclosed that the introduction of these stars as direct or indirect, can make them consistent with the interests of the company, guide the upstream and downstream resources of the industry chain on the company platform and the company's business integration. In fact, these stars have also signed long-term strategic cooperation agreements or acting agency agreements with Donder Film and Television for four years or more.

Unlike other stars, Zhao Wei's role in Tang De Film and Television was quite special. Zhao Wei's brother Zhao Jian is the second largest shareholder of Tang De Film and Television, with a shareholding ratio of 10.67%, and serves as a director. Tang De Film and Television has also had related transactions with Beijing Princes Culture Communication Co., Ltd., an enterprise controlled by Zhao Jian. The company is currently controlled by sister Zhao Wei.

When it comes to the close relationship between film and television companies and star shareholders, Energy Film and Chen Luyu can be an example.

Also planned to board the GEM energy film and television, May pre-disclosure of the prospectus. Chen Luyu is not only its third largest shareholder, but also serves as a director on the board of directors. Also on the list of shareholders is Zhou Libo.

Energy Film and Television is mainly engaged in the research and development, production and distribution of video programs. Its main products are columns, documentaries, brand service programs and TV dramas.

Energy Film and Television has a deep relationship with Phoenix Satellite TV. It was originally set up to produce Phoenix Satellite TV's "Luyu has an appointment" at that time. At present, Phoenix Satellite TV buys the copyrights of programs such as "Luyu has an appointment" and "One Week Libo Show" from Energy Film and Television, and entrusts the company to produce programs such as "Phoenix Big Vision" and "Huangpai Big Broadcasting."

Chen Luyu and Zhou Libo are the hosts of Lu Yu's Covenant and Zhou Libo's Show respectively. Although these two programs 'contribution to revenue dropped from nearly half in 2011 to one-fifth in 2013, they are still the trump cards of energy movies. Therefore, Energy Film and Television not only signed long-term cooperation agreements with Chen Luyu and Zhou Libo, but also further consolidated the cooperation relationship by absorbing shares.

According to the prospectus, Chen Luyu holds 3.25 million shares of Energy Film and Television, with a shareholding ratio of 5.57%, making him the third largest shareholder of the company, while Zhou Libo holds 2 million shares, with a shareholding ratio of 3.43%. After the issuance, the shareholding ratio of the two companies was diluted to 4.18% and 2.57%. Chen Luyu joined the board of directors of Energy Film and Television in October 2010 and has been further involved in the company's decision-making.

With equity binding stars, the best way to play this practice is to count Huayi Brothers listed on GEM in 2009. At that time, the prospectus showed that the list of 75 shareholders included Feng Xiaogang, Zhang Jizhong, Huang Xiaoming, Li Bingbing, Luo Haiqiong, Zhang Hanyu, Hu Ke and other stars under Huayi Brothers.

A venture capitalist who focuses on the cultural industry says star stakes are like other equity incentives, allowing them to align with the company's interests and work well. After listing, the company's resources are more sufficient, after development and growth, the dependence on stars will be relatively reduced, and it doesn't matter if stars cash out and leave.

The risk warning of Huayi Brothers prospectus mentioned that "due to the limited business scale of the company at present, a small number of contracted producers and directors contributed relatively high proportion to the company's performance. Feng Xiaogang Studio produced" Assembly "and" If You Are the One "during the reporting period, accounting for about 40% of the distributor's film business income and 18% of the total operating income during the reporting period. The company has certain dependence on Feng Xiaogang team."

Stars how to play capital

stars more and more shares in film and television companies and the emergence of GEM and film and television companies listed one after another is not unrelated. Film and television industry is a traditional high-risk industry, requiring a large amount of investment in the early stage, but it is difficult to predict future returns, which makes investors discouraged.

In recent years, with the listing of a number of film and television companies such as Huayi Brothers, Huace Film and Television, Light Media, etc., mergers and acquisitions occur frequently, industrialization becomes more and more mature, attracting more investors to enter, and stars with capital are one of these investors. Stars and capital market interaction play more and more.

A few days ago, launched "bright sword,""never close eyes" and many other TV series Hairun film and television shell Shenke shares. After the transaction is completed, Shenke shares will hold 100% equity of Hairun Film and Television, and its main business will be transformed from sliding bearing production and sales to TV series production and distribution. Hairun Film and Television's backdoor valuation was 2.522 billion yuan, with a value-added rate of 336.08%.

Sun Li, as a shareholder of Hairun Film and Television, holds 2.61% of shares. After the reorganization, he accounts for 1.67% of the shares of listed companies. In addition, Lian Yiming, Jiang Xin and other entertainment circles also appeared in the list of shareholders of Hairun Film and Television.

Earlier, in August last year, Great Wall Film and Television borrowed shell Hongbao Hardware, the former shareholders also appeared actor Sun Yaoqi. Its becoming a shareholder stems from a capital increase of Great Wall Film and Television in September 2011. In order to strengthen cooperation with entertainers, Great Wall Film and Television actively introduced a number of writers, directors and actors with good cooperation relations as shareholders. Sun Yaoqi is one of them, holding 0.5% after capital increase.

Film and television companies are frequently merged by listed companies, which also makes the star shareholders of these film and television companies more and more exposed through the announcement of listed companies.

In June, Daobo acquired Qiangshi Media, which underwent multiple equity transfers and capital increases before its overall change to a joint-stock company from August 2011 to September 2013. At the end of 2011, Strong Vision Media introduced actors Ye Xuan and Du Chun as its shareholders, who contributed 131,300 yuan and 406,200 yuan respectively, accounting for 0.91% and 2.81% of shares respectively after capital increase.

Stars play capital more and more professional methods.

In 2011, the film and television company Happy Blue Ocean introduced 13 strategic investors to subscribe for new shares in the company. Actor Wu Xiubo and screenwriter Zou Jingzhi contributed 45.04 million yuan and 9.01 million yuan respectively. Of Wu Xiubo's capital contribution, 5.04 million yuan is free capital, and the remaining 40 million yuan is borrowed. Wu Xiubo's practice is equity pledge. The 2% shares of Happy Blue Sea were pledged to Nanjing Yetu Trading Co., Ltd., and the secured creditor's right was the loan granted by Nanjing Yetu Trading Co., Ltd. to Wu Xiubo with a total amount of 40 million yuan. It is understood that this clever move "empty gloves white wolf" is actually a common method in the merger of listed companies.

From the secondary market to the primary market, investment channels are becoming more and more abundant, and even stars enter the early stage investment before IPO. Hu Haiquan, a member of Yu Quan, is one of them.

As early as 2004, Hu Haiquan got involved in business, founded EQ Records and served as president, investing in artists and releasing albums. In 2010, Beijing Giant Cultural Development Co., Ltd. was founded, mainly engaged in Yuquan brand and extension products. In the field of venture capital, Hu Haiquan has invested in traditional fields such as new energy, as well as online travel, mobile games and TMT fields where smart watches are located; he has participated in Series A financing and served as an angel investor.

However, star play capital investment has also been questioned, think may involve more insider trading. At the end of last year, Li Bingbing and Ren Quan through Beijing Huabo Xinye suddenly bought Xiangyun Feilong shares, after Xiangyun Feilong borrowed shell Shenglaida, Shenglaida restructuring plan issued, the stock price achieved seven consecutive trading limits, Li Bingbing and Ren Quan floating profit nearly 20 million yuan. The investment was once highly concerned and questioned by the market.