How much is Li Jiaqi?

Listed companies: still talking

How much is “Li Jiaqi”?
Listed companies: still talking

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  How much is “Li Jiaqi”?
Listed companies: Still talking; Market: 8 up-and-down stops first!

  Shao Hao, who was sanctioned by the exchange and asked “whether it is a flickering reorganization”, is showing more incredible details.

  After Sanwu Internet disclosed on January 22 that it intends to acquire the equity of Shanghai Wanrui, a MCN (content creation agency) company, the company can double.

On February 12, Sanwu Internet disclosed the reorganization plan, which had previously been a daily limit.

  It is interesting to note that this is the first case of an A-share company acquiring an MCN company.

Over the past year or so, e-commerce anchors represented by Li Jiaqi and Wei Ya have quickly swept the Internet, and the concept of MCN, which is a mouthful and foreign style, has become known.

  But for this new thing in the air, many questions still need to be answered: How much money can MCN companies make?

How does MCN evaluate on A-share weighers?

What are the pros and cons of this business model?

Is there sustained profitability?

  From these perspectives, the reorganization plan of the Three-to-Five Interconnection has a very significant meaning. The plan answers the above questions to some extent, but also leaves a lot of room for thought.

  Before analyzing the plan, a preliminary sexual question was: The actual control person Gong Shaohui facilitated the plan, and the chairman and general manager Ding Jiansheng made the plan. Is the method in compliance with the compliance?

Is it in the interest of the majority of minority shareholders?

Another question is: Almost all the shares held by Gong Shaohui are pledged, and the ban will be lifted completely one week later (February 20). Is this related to the hastily launched reorganization plan?

  Leave enough space: The issue price is half of the market price. According to the reorganization plan, Sanwu Internet intends to purchase 100% equity of Shanghai Wanrui by issuing shares and paying cash, of which the proportion of share-based payment is initially determined to be 55.

56%, the proportion to be paid in cash was initially determined to be 44.

44%.

After the transaction, Shanghai Wanrui will become a wholly-owned subsidiary of Sanwu Interconnect.

  How much is Shanghai Wanrui put on A-share securitization?

In the reorganization plan, the company has not yet converted the answer, and will be negotiated and determined after the evaluation is completed.

  However, from the beginning, it has been in a fierce state, and the parties to the transaction have fixed the price of the issued shares early and selected the lowest reference price.

  In this transaction, the parties to the transaction set the issue price to 7.

24 yuan / share, not less than 90% of the company’s stock trading average price 120 trading days before the pricing reference date.

  The logic here is not difficult to understand: the higher the issue price, the more unfavorable to the shareholders of the underlying assets, because the less shares they get for the same consideration.

In this case, the optional lowest price was selected for the issue price. Assuming the scheme has been implemented, the shareholders of the underlying assets can get about double the profitability of the three-five interconnects!

  The performance commitment of this plan is also optional, and is only undertaken by a part of the transaction objects, namely, Shanghai Taorui actual controller Jiang Tao and its holding Xingmeng Factory, Pingxiang Wangxin, Guangzhou Shunde, Beijing Weimeng, and Win-win partnersGuangyuan Zhonghe does not undertake performance commitments.

  Xingmeng Factory, Jiang Tao promised that Shanghai Wanrui’s audited net profit attributable to the parent company’s shareholders during the performance commitment period (2020-2022) exceeded US $ 200 million; Shanghai Wanrui’s gradual operating cash flow was not lowUp to 60% of the cumulative committed net profit; until December 31, 2019, Shanghai Wanrui’s audited owner’s equity attributable to shareholders of the parent company was not less than RMB 100 million.

  Article 3 is very interesting. In the reorganization plan, Shanghai Wanrui’s termination of the owner’s equity at the end of 2019 (recognized audit) has been disclosed as 1.

US $ 23.6 billion, but listed companies still require Xingmeng Factory, Jiang Tao announced a commitment.

Is Sanwu Internet not trusting Shanghai Wanrui’s statutory audited financial data?

  Is Wan Rui an Internet marketing company or an MCN agency?

  In the reorganization plan, Shanghai Wanrui was described as “focusing on creating a popular Internet ecological IP platform with a flood of living content as the carrier, providing customers with content e-commerce, brand integrated marketing, content advertising and other Internet marketing services. It is a large number of high-qualityInternet marketing business.

“This is an ambiguous description.

Although from the perspective of industrial relations, the creation of Internet celebrity IP is part of Internet marketing, but for A-share investors, Internet marketing is not a new alternative.Since 2014, too many companies have been involved in Internet marketing, and now they have achieved very few successes. Quite a few companies have made significant impairment of goodwill.

  The charm of “Internet Red IP” and “MCN” comes from the live streaming network red Li Jiaqi and Wei Ya ‘s amazing ability to carry goods; what really made A-share investors aware of and inspired by it was actually the realization of going straight to the sky on Saturday.

  The reorganization plan used a lot of space to describe Shanghai Wanrui ‘s Internet celebrity IP incubation model, network celebrity and industry resource integration advantages, and other relevant content such as “MCN”. But what is the proportion of these services in its revenue?

The company did not disclose; what is the proportion of revenue in a traditional marketing business such as integrated marketing?

The company has not disclosed.

  Why distinguish “MCN” from traditional Internet marketing?

The answer is simple. The estimates of these two business models in A shares are very different.

  Seeing more Internet marketing business, the acquisition of a company in the secondary market can’t shake the splash, Xuan Ya International announced in August 2019 that it acquired an Internet marketing company. The secondary market only gave a daily limit, which led to a subsequent decline.gone back.

  Sanwu Interconnect said that it would acquire an MCN company, even without a plan, and even the underlying assets were not denominated. The market first quoted the “meeting gift” for eight daily limit boards.

  This is the difference that can be estimated.

  This difference is understandable, but if you have to “pack the other” and “package” an Internet marketing company into an MCN company, it will not meet the requirements for information disclosure.

  How do “500 million +” fans securitize?

  If there is a lesson learned, if Shanghai Wanrui’s Internet celebrity IP incubation model and other businesses do account for the bulk, it is a veritable MCN organization, how should it be evaluated?

  Regarding the company’s core competitiveness, Shanghai Wanrui described it as such. It belongs to the “Netstar DreamWorks” and won the first place in the list of institutions outside the double eleven stations in 2019; the existing three major categories are more than 700 high (Jin Qilin analyst)Quality content IP, with a total of about 5 billion + followers; it is an MCN organization or important content provider for e-commerce platforms, mainstream social media platforms.

  The core and most eye-catching are “more than 700 content IPs” and “about 5 billion + fans”.

At the current stage of the primary market, estimates of single influencers also mostly use the number of fans as an important indicator.

  This is easily reminiscent of another product model that uses followers as an important evaluation criterion-WeChat public account.

  Shanghai Wanrui faces a similar problem. How many fans will there be after duplicating “more than 700 content IPs” and “about 5 billion + fans”?

In addition, Shanghai Wanrui’s deduplication is more difficult. It may establish a user account on multiple platforms, and a user may watch on different platforms, and the data between platforms is not interoperable, and comparison is impossible.

  If deduplication cannot be achieved, how should the MCN organization be evaluated?

Evaluate by Internet Marketing Business?

Or refer to the model of the entertainer?

  There is also a key question. How does Shanghai Wanrui shape its moat when head influencers attract top traffic?

  According to the company, the overall majority are waist red, which has a certain degree of fungibility.

Understand from another angle, since you can replace yourself, will your own online celebrity be replaced by others?

  Is it really good for Wanrui to be lifted by the actual controller next week?

The reorganization plan of Sanwu Interconnect has not solved the core issues related to MCN assessment and Shanghai Wanrui’s profitability.

  For example, this newspaper reported on February 6 that “the chairman and general manager alone took the board!

A single intentional reorganization plan actually brought 6 upward stops!

what’s going on?

“The marriage between Sanwu Internet and Shanghai Wanrui is love at first sight, and Gong Shaohui, the company’s actual controller, is the” confirmation eye “.

The Shenzhen Air Force’s inquiry letter also stated bluntly, “Is it a flickering reorganization?

“The proof of the hasty launch of this transaction is that some important 苏州桑拿网 shareholders of the target company have not even had time to sign the relevant agreement.

Therefore, one of the reasons for the announcement was the impact of the epidemic.

  Why is Gong Shaohui launching this acquisition so hurriedly and toughly?

The answer is not hard to find.

  On January 10 this year, Gong Shaohui agreed on a medium-term agreement to sell 19 million shares (5% of the total share capital) of the listed company it holds.

196%) transferred to Chaida No. 5 on the initial stage of meeting the transfer conditions.

On the same day, Gong Shaohui introduced 19 million shares of voting rights, voting rights, transition rights, participation rights, and supervision and recommendation rights, and entrusted to Caida Securities before the formal signing of the transfer agreement, plus 14 million shares (accounting 重庆耍耍网 for the total share capital)Of 3.

828%) the corresponding equivalent rights were entrusted to Caida Securities.  Gong Shaohui currently faces high pledge issues, and its holders are interconnected.

38.3 billion shares (37% of total equity).

815%), has been pledged 1.

37.9 billion shares, with a pledge ratio of 99.

746%.

  Now, with the continuous soaring of the Three-Five Connect, Gong Shaohui’s equity pledge problem is solved.

Moreover, Gong Shaohui, who left office in August 2019, is just right, and will lift the ban on shares on February 20 a week later.

  Yes, that’s exactly what happened.

Post navigation