Report
EUR 88.49
For Business Accounts Only
The company’s revenues largely depend on the success of its TV program. It had success in its first production Hello Food and the latest Hey! Let’s Sing but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.
Despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently.
The company is mainly held by individual shareholders. Shareholding is also highly concentrated in the founder Mr. Liu’s hand.
The company will remain a small second tier TV production company in a fragmented market despite a strong production pipeline. We think the company could be valued at USD 235 million on the optimistic side.
China Bright Culture (煜盛文化) Pre-IPO - Unfavorable regulatory environment
China Bright Culture, a second tier TV program production company in China, is raising up to USD 150 million via an IPO in HKSE.The company’s revenues largely depend on the success of its TV program. It had success in its first production Hello Food and the latest Hey! Let’s Sing but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.
Despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently.
The company is mainly held by individual shareholders. Shareholding is also highly concentrated in the founder Mr. Liu’s hand.
The company will remain a small second tier TV production company in a fragmented market despite a strong production pipeline. We think the company could be valued at USD 235 million on the optimistic side.
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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