Report
EUR 88.49
For Business Accounts Only
In our previous notes, we covered the company’s fundamentals. We note that the company’s revenues largely depend on the success of its TV program. It had success in its early productions but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.
We also discussed that despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently. The company's shares are mainly held by individual shareholders.
In this insight, we will look at the terms of the offering and provide our final thoughts on the deal. We think the deal is a hard sell with expensive valuation built on aggressive forecasts.
China Bright Culture (煜盛文化) IPO - A Hard Sell
China Bright Culture launched the book building to raise up to USD 173 million via a listing on HKSE.In our previous notes, we covered the company’s fundamentals. We note that the company’s revenues largely depend on the success of its TV program. It had success in its early productions but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.
We also discussed that despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently. The company's shares are mainly held by individual shareholders.
In this insight, we will look at the terms of the offering and provide our final thoughts on the deal. We think the deal is a hard sell with expensive valuation built on aggressive forecasts.
Underlying
CHINA BRIGHT CULTURE GROUP
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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