Lehua entertainment, which belongs to artist Wang Yibo, was exposed to be shelved for listing< Br > < div class = "contheight" > < / div > according to Bloomberg’s report on September 1, Lehua entertainment suspended its listing in Hong Kong because investors’ intention did not meet their valuation expectations. The insider said that the company decided to suspend listing and wait for market conditions to improve< Br > < div class = "contheight" > < / div > on September 2, the HKEx replied to reporters that it would not comment on individual companies. When the news reporter inquired about the disclosure of HKEx, the new listing announcement and prospectus of Lehua entertainment were still on the official website< img alt="" style="width:600px;" src=" https://imagecloud.thepaper.cn/thepaper/image/214/20/641.png "> on August 7, Lehua entertainment passed the hearing of the Hong Kong stock exchange, and China construction investment international and China Merchants Securities International acted as joint sponsors. This is the third time that Lehua has made an impact on the listing. < br > < div class =" contheight "> < / div > China Merchants Securities said it would not respond to the news that Lehua shelved the listing. < br > < div class =" contheight " "> < / div > according to the prospectus, the IPO of Lehua entertainment is expected to issue 133 million shares, including 13256000 shares in Hong Kong and 119 million shares in the international market. According to the original plan, the IPO will be launched from August 24 to August 31, 2022, with an issue price range of HK $6.80 to HK $8.50 per share and 400 shares per lot. It is expected to be officially listed on September 7. < br > < div class =" height " "> < / div > the prospectus quoted frost Sullivan’s data. Calculated by artist management income in 2021, Lehua entertainment ranked first among Chinese artist management companies. As the largest artist management company in China, it also created many” firsts “in the industry Titles, such as one of the most recognized entertainment brands in China; The first artist management companies to provide systematic trainee programs; The first artist management companies to expand their business overseas< Br > < div class = "contheight" > < / div > the history of Lehua entertainment can be traced back to July 2009. On July 3, 2009, Du Hua, executive director, chairman and controlling shareholder, founded Lehua Co., Ltd. and later became the main operating subsidiary of Lehua entertainment. As of March 2, 2022, Lehua entertainment had 58 contracted artists, including Han Geng, Wang Yibo, Meng Meiqi, fan Chengcheng, Huang Minghao, Wu Xuanyi, Zhu Zhengting, Li Wenhan, and 80 trainees who participated in the Lehua entertainment trainee program< Br > < div class = "contoeight" > < / div > Lehua has a bumpy road to listing. On September 22, 2015, Lehua Co., Ltd. was listed on the new third board with the securities code of 833564.nq. On March 22, 2018, Lehua Co., Ltd. delisted from the new third board by voluntarily applying for delisting. In the same year, Lehua Co., Ltd. turned to seeking A-share listing and began to explore the scheme of listing on the main board of Shanghai Stock Exchange, but did not submit a formal listing application< Br > < div class = "contheight" > < / div > the prospectus shows that in addition to artist management, the business scope of Lehua entertainment includes IP production and operation, and pan entertainment business segments. It is worth noting that although the business of Lehua entertainment is divided into three major segments, in fact, its revenue depends solely on artist management< Br > < div class = "contheight" > < / div > from 2019 to 2021, the operating revenue was 631 million yuan, 922 million yuan and 1.29 billion yuan respectively. Among them, artist management earned 530 million yuan, 808 million yuan and 1.175 billion yuan respectively, and the revenue contribution ratio also increased from 84% in 2019 to 91% in 2021< Br > < div class = "contheight" > < / div > with the artist management business dominating, Lehua entertainment relies on a single supplier B. The prospectus shows that supplier B is an artist under its banner. From 2020 to April 30, 2022, B contributed more than 80% of the revenue growth of Lehua entertainment. B’s contract and renewal are the same as Wang Yibo’s. According to the data, Wang Yibo brought revenue of 106 million, 338 million and 639 million to Lehua entertainment in the past three years. His contribution to the revenue of Lehua entertainment increased from 16.8% in 2019 to 49.5%, and by April this year, it had increased again to 56.8%.