The new team opens the road to the transformation of the company, and the 4.5 billion Industrial M & A Fund will help the company continue to promote its follow-up stylistic strategy. In 2014, Xiamen Contemporary Group joined the company and established the strategic policy of "outdoor sports + cultural entertainment". At present, the company is gradually stripping off the original loss assets (only retaining Nanjing Tangshan hot spring assets), and through acquisition, investment and other forms in the sports field of all aspects of the layout, the transformation of outdoor sports and entertainment industry. In addition, CITS Sports, a wholly owned subsidiary of the company, signed a letter of intent to set up a sports industry M & A fund with China Capital and Zhonghe Capital, with a total size of 3.5 billion yuan. If it can land, it is expected to promote the strategic development of the company's sports and sports.
Content + platform + technology, the layout of the sports industry is perfect. In 2015, the company completed a number of major measures around the development orientation of "culture + sports". In sports, the company has completed the layout of "content + platform": 1. The company signed an agreement with Beijing Olympic Economic and technological Development Company to invest 2 million yuan and occupy 40% of the shares. Responsible for the packaging planning and media publicity of the 13th National Winter Games; 2. At the same time, the company and Xiamen Boxing Culture signed a cooperation agreement on Thai boxing promotion, training, operation and other fields to further obtain high-quality event resources. 3. Acquire 55% equity of Harlin Xiuwang, cut into the field of sports training and sports tourism, take basketball as the starting point, improve the company's layout in the derivative fields downstream of the sports industry chain; 4. Acquire 51% equity of Yingbo Lottery and strengthen the construction of high-quality content. At the same time, establish an online platform for event operation and accumulate user resources. In terms of culture and entertainment: 1, the company and the landscape ceremony signed an agreement to launch the Nanjing Qinhuai Bayyan tourism performance project and the Xiamen tourism performance project with "Belt and Road" as the theme; 2, invest 9 million yuan to increase the capital of the mobile Internet company Rong Zhi Xunda, in the future, it is expected to use Rong Zhi Xunda's VR shooting equipment and the company's performing arts projects to cut into the panoramic camera and show performing arts field. 3, holding hands with the General Administration of Sports and spring onion culture, won the right to host the e-sports carnival for 3 years, and was responsible for the commercial development of e-sports events.
The acquisition of new line CCTV, with the game, e-sports business synergy is worth looking forward to. The company plans to acquire 100% stake in the new line CCTV for 400 million yuan by issuing shares and paying cash. The target company is mainly engaged in Internet advertising business, focusing on e-sports, games in the field of marketing services, with more in-depth industry resources. We believe that e-sports 's business, which is regarded as the previous layout of the company in the new line, has a synergistic effect, if this acquisition is approved, it can provide efficient Internet promotion services for listed companies' traditional advantages in tourism resources and other industrial layout of outdoor sports and entertainment.
First coverage, no rating for the time being. It is estimated that the EPS of the company from 2016 to 2018 is 0.04,0.04,0.05 yuan. Considering that the new line of non-public offering and acquisition of the company still needs to be approved by the shareholders' meeting and approved by the CSRC, and the profitability of the cultural and sports industry is uncertain, we will only cover it for the first time and do not rate it for the time being.
Risk hint: the acquisition of the new line is still uncertain; the sports and entertainment business is not as good as expected.
