Wen / Liu Weidong (Deputy Director of Zhitong Research Institute)

This article was first published on the official account "Hong Kong Stock excavator", the original title:"Yang Mi and Liu Kaiwei divorced, an asset restructuring of hundreds of millions, the next stop: Hong Kong stock IPO? "。

The summary of the previous story is not detailed, which is roughly a couple who basically "divorced" three years ago, finally officially admitted to say "divorced" this weekend.

According to a rough calculation, the celebrity couple's total income in 2017 was about 275 million yuan, a level that exceeded the operating income of many listed companies in Hong Kong stocks last year.

On May 30 this year, Jiaxing Media, the company where the two men worked, took the initiative to delist from the new third board.

From another point of view, this explains why Yang and Liu have refused to admit divorce for three years even though it is almost well known.

As a film and television company that has made a net profit of hundreds of millions of yuan for three consecutive years, will Jiaxing Media consider listing in Hong Kong after it is delisted from the new third board?

According to the Hong Kong stock excavator research, because delisting from the third board to Hong Kong stocks, we have to ensure that the disclosure of shareholder information is accurate, so the balance between the two can only be the secret that Guan Xuan knows.

It can only be said that all this is caused by capital.

Core Tip: Jiaxing Media

According to Tianyan data, Yang Mi is associated with 10 companies, including Beijing Sega Hualin Culture Communication Co., Ltd., Dongyang Hengdian Yang Mi Film and Television Studio, Shanghai Cijue Film and Television Culture Studio, etc., and has the actual control of 7 of them.

Jiaxing Media, which is indirectly owned by Yang Mi, is even more a star company.

Jiaxing Media, which has popular movie stars such as Yang Mi, Liu Kaiwei, Dili Reba and Gao Weiguang, has successively produced popular styles such as "three generations of Peach Blossom", "Fire like Song", "Dear translator" and "Beautiful Li Huizhen".

This is followed by a rise in revenue and profits: in 2016, 2017 and January-June 2018, Jiaxing Media's revenue was 333 million yuan, 478 million yuan and 522 million yuan respectively, and its net profit was 129 million yuan, 194 million yuan and 133 million yuan respectively.

Tibet Jiaxang Sifang Investment Management Partnership (Limited Partnership) holds 37.5% of Jiaxing Media's shares and is the controlling shareholder of Jiaxing Media. Yang Mi owns 18.75% of Jiaxing Sifang.

Holding shares and being the core actor (core asset) of the company, Yang Mi's relationship with Jiaxing Media is even closer than that of her husband. Why do you have to put on airs after three years of divorce? it naturally has something to do with this company.

Five years of marriage, three years of gambling.

In August 2013, Yang Mi and Liu Kaiwei posted her wedding ring to announce her marriage, with birthday wishes saying that the big baby will always be safe, happy and happy!

On January 8, 2014, Yang Mi and Liu Kaiwei held a wedding ceremony in Bali and had already received their marriage certificate.

In September 2015, the company where Yang Mi and Liu Kaiwei worked: Tibet Jiaxing held 6 million shares of Xi'an Tongda, with a shareholding ratio of 37.15%, becoming the largest shareholder and actual controller of the company.

On the same day, Tibet Jiaxing issued 2.85 million additional shares to SMG Shanghai Shangshi Film Co., Ltd., a subsidiary of Oriental Pearl, a listed company on the main board, at a price of 78.95 yuan per share, raising a total of 225 million yuan.

Shangshi Film and Jiaxing Media signed a gambling agreement on the company's performance commitment and share buyback:

If the company's cumulative after-tax net profit in the three years of 2015, 2016 and 2017 is less than 95 per cent of the three-year cumulative promised net profit target (that is, 310.65 million), Tibet Jiaxing will buy back no more than 2.85 million shares held by Shangshi Pictures at an annual rate of 15 per cent.

In addition to failing to complete the profit task, there are two other situations that are considered to be failed bets:

The actual controller or core management personnel or core entertainer leaves or withdraws from the operation and management work or terminates the exclusive performing arts agency relationship with the company; or the company is filed for bankruptcy, dissolution, liquidation or termination.

The "gambling agreement" itself has two sides, investors give money to resources, artists have to make enough money for brokerage companies within a specified period of time. If the performance is not completed, the artist will return the corresponding amount of investment and cash subsidy, and if the situation is serious, the equity will also be diluted.

Now that three years have passed, how has the betting agreement been completed? According to the annual report, the total net profit of Jiaxing Media in 2015, 2016 and 2017 is close to 400 million, completing the task perfectly.

As the core artist at that time, Yang Mi (later Dili Reba) stayed obediently in the company, diligently making money, and became the mainstay of the bet.

In 2015, Yang Mi's "I am a Witness" and "the Stars" grossed 375 million yuan at the box office.

In 2017, he participated in the two films "Rescue against the Times", "the Battlefield of Embroidered Spring knife" and two TV dramas "three generations-Ten Mile Peach Blossom" and "negotiator" released by Jiaxing Media, which directly contributed to Jiaxing Media's revenue of 478 million in 2017. achieve a net profit of 194 million after tax.

And during this period, the special relationship between Yang Mi and Liu Kaiwei also has a direct impact on the company's share price and valuation. Even if brokerage people who were fully tuned in 2016 broke the news, they still have to pretend and refuse to admit that there is such a thing as divorce.

Even the official "refutation of rumors" on December 21 looked like a model and appeared to be full of confidence.

Otherwise, your acting skills as a star have been practiced for nothing?

Dream broken IPO+ tax storm

In fact, if we look back, we will notice that Jiaxing Media's net profit after tax in 2017 is 194 million yuan, which is really a very beautiful figure.

You know, during the same period, several A-share film and television categories, Great Wall Film and Television net profit 167 million, Tangde Film and Television 213 million, Happy Blue Ocean 113 million, Jinyi Film and Television 211 million, contemporary Mingcheng 130 million.

Jiaxang Media, as a young new third board company, simply put the face of these A-share eldest brothers, and once caused market speculation, will Yang Mi take Jiaxing Media to A-share IPO?

If this happens, there is no doubt that the watermelon we eat today will be bigger, but what happens next can only be summed up by people who are not as good as heaven.

On May 30 this year, Jiaxing Media terminated its listing on the new third board. In other words, Yang Mi's dream of listing was shattered in stages.

And this is not the time for Cui Yongyuan to wage war on Mobile 2, uncover hidden rules such as star Yin and Yang contracts, and trigger a major tax earthquake?

Some time ago, it was reported online that the State Administration of Taxation interviewed 17 stars. Recently, TVB in Hong Kong has released a complete list of artists interviewed, including:

Yang Mi, Huang Xiaoming, Yang Ying, Zhao Liying, Deng Chao, Sun Li, Zhao Wei, Dili Reba, Wu Jing, Zhang Ziyi, Wu Yifan, Wang Feng, Lu Han, Huang Bo, Xu Zheng, Chen Sicheng, Tong Liya.

Hot will die. Yang Mi and Dili Reba are the core actors of Jiaxing Media.

Perhaps there is no need for Xiao Cui's violent blow, speaking of the entire 2018, the vast majority of companies are gradually moving towards winter.

After the IPO dream, Jiaxing Media also regained its consciousness and returned to reality, especially after the end of the three-year gambling period, everyone should still do what they should do.

There is no true love in front of capital, next stop: Hong Kong stocks?

From the announcement of Weibo Corp to the publication of the company, the different public ways of Yang and Liu from marriage to "divorce" may also explain what it means not to love.

Since the couple got married, which husband and wife has the stronger ability to absorb money has been a controversial topic among fans, and even become a topic of debate between the mainland and Hong Kong media at one time.

According to the 2017 Forbes China Celebrity list, Yang Mi's total income from movies and TV dramas such as three generations of Peach Blossom reached 200 million yuan in 2017, ranking third on the celebrity list. Liu Kaiwei ranked 76th with an income of 75 million yuan in the same year, with a combined income of about 275 million yuan.

It is worth noting that this level exceeds the revenue of 200 A-share listed companies last year, and even more than Hong Kong-listed companies.

Marriage is to make more money, divorce is because you have made enough money, in front of capital, the so-called love, even marriage, in the end how many kilos, is another answer floating in the wind ah.

However, even after the divorce, Yang Mi's shareholding in Jiaxing Media has not changed, and her strength and popularity are still a trump card of the former.

As a film and television company that has made a net profit of hundreds of millions of yuan for three consecutive years, will Jiaxing Media consider listing in Hong Kong after it is delisted from the new third board?

After all, there are not a few examples of domestic transfer from the new third board to Hong Kong stocks, such as Yu Minhong's New Oriental Education & Technology Group online, has already passed the hearing of the Hong Kong Stock Exchange, not to mention Jiaxing Media, a target with excellent performance.

The Hong Kong market has always been very open and inclusive. after the listing of companies with inappropriate valuations, it will naturally be exposed, and the market will choose to vote with its feet, and it is still a registration system. The HKEx generally does not have too abnormal requirements.

According to the Hong Kong stock excavator research, because delisting from the third board to Hong Kong stocks, we have to ensure that the disclosure of shareholder information is accurate, so the balance between the two can only be the secret that Guan Xuan knows.

It can only be said that all this is caused by capital.

The question of whether Yang Mi will hold hands with Hong Kong stocks again after her divorce from the Hong Kong man is worth exploring, and there may be an answer soon.