Happy twist can smoothly enter the US stock market?
Editor’s note: This article is from WeChat public account “Red Magazine Finance” (ID: hkcj2016), author: Fang Qin Yu, Li Zhuang.
The recent market is crazy and happy to go to the US to go public. According to this, the early investor of Happy Twist, Zheng Peimin, the chairman of Shanghai Rongzheng Investment Consulting Co., Ltd. confirmed to the reporter of “Red Weekly” that the happy twist listing is affirmative, but the specific time and listing location are still uncertain.
So, can happy twists enter the US stock market smoothly? Guo Pei, chief analyst of the media and media industry, told the “Red Weekly” reporter that non-Internet content companies have precedents for listing in the US, but they have not obtained the ideal valuation in the US stock market, and there are One is trying to return to A shares. “Because after A-shares tightened the regulation of listing of such companies after 2017, there may be a wave of non-Internet content companies going overseas in the future.”
However, the recent “clearance” sale of the second largest shareholder of Happy Twist is equally eye-catching. The different prices of “three exits” have made the market doubtful about the prospect of happy twist valuation.
Two shareholders “discount” sale of shares
At present, among the happy shareholders, there are multiple shareholders who enter before the company submits the GEM listing application. According to the Happy Twist Announcement, after November 25, 2016, Shanghai Tanying Investment Partnership (Limited Partnership) (hereinafter referred to as “Shanghai Tanying”) and Ningbo Yinzhou Yushun Venture Capital Center (Limited Partnership) (hereinafter referred to as “Ningbo Yinzhou” “), Beijing Huagai Yingyue Film and Television Culture Investment Partnership (Limited Partnership) (hereinafter referred to as “Beijing Huagai”), Shanghai Gangang Investment Management Partnership (Limited Partnership) (hereinafter referred to as “Shanghai Gangang”) Have entered the happy twist, and happy twist to the Beijing Securities Regulatory Bureau to submit the listing materials on January 16, 2017, before and after the difference of less than 2 months.
The above four institutions hold a total shareholding of approximately 4.6% of the total share capital, and the shareholding cost is RMB13.9 to RMB15.07 per share, corresponding to a happy twist valuation of 5.004 billion yuan to 5.425 billion yuan. The repurchase valuation of the 5.02 billion yuan before the New Third Board is slightly premium. Happy Twist 2018 Annual Report The shareholding structure shows that the shareholding ratio of the above four institutions has not changed.
It is worth noting that among the above four institutions, the largest investment is Shanghai Tanying. According to the national corporate credit information disclosure system, Shanghai Tanying’s GP is Shanghai Shengge Investment Management.Co., Ltd. (hereinafter referred to as “Shanghai Shengge”), its actual controller with Shanghai Shengge is the former general manager of Huitianfu Fund, and now is the founder of Xingu Valley Innovation Capital Lin Lijun. In addition, Lin Lijun is also the actual controller of Shanghai Ganggang. Shanghai Tanying Investment Partnership and Shanghai Gangang Investment Management Partnership have invested about 150 million yuan in happy twists, which actually represents the investment of Zhengxin Valley’s innovative capital, because the latter’s official website has shown happiness in the invested projects. Twist project.
Compared to Ningbo Yinzhou and Beijing Huagai, Lin Lijun had to take a break in the time of happy twisting. Shanghai Tanying and Shanghai Ganggang have two sources of shares, namely Shanghai Shengge and China Cultural Industry Investment Fund (hereinafter referred to as “Chinese Investment”). Shanghai Shengge transferred the total of 611.98 million shares to Shanghai Tanying at a price of 13.94 yuan/share, and the transfer equity was valued at 5.018 billion yuan. Chinese invested 15.02 yuan / share to Shanghai Tanying and Shanghai Ganggang respectively to transfer 3.922 million shares and 398,000 shares, corresponding to a valuation of 5.425 billion yuan.
Chinese investment is the second largest shareholder of Happy Twist. From the beginning of the transfer of shares to Shanghai Tanying and Shanghai Ganggang, Chinese investment has opened the curtain of “exit”.
Especially after Happy Twist announced the termination of the GEM declaration, the Chinese investment began a “clearance-style” reduction, and wanted to transfer all the shares in one lump sum, and three bids on the Beijing Equity Exchange – 2018 In October, May 2019 and September 2019 (in progress), the target is 11.33% of the happy twist shares held by them. The transfer price is 612 million yuan, 530 million yuan and 477 million yuan respectively. The transfer reserve price corresponds to a valuation of 4.212 billion yuan, which is 7.7 fold compared to the valuation corresponding to the initial listing transfer, which is 16.63% discount compared to the repurchase valuation given by Happy Twist.
While the second shareholder “discounted” sells the happy twist stock, does it mean that the second shareholder is not optimistic about the prospect of happy twist listing? Zheng Peiming said that the valuation of Chinese investment exit is market-oriented pricing. For example, the average share price of A-share film and television stocks has dropped by 70%-80% in the past three years. The “stock price” of Happy Twist has been very strong. The happy twist project is Ye Chunyan, and Ye Chunyan is thrown out in Chinese. Will the 11-point equity of Chinese investment eventually fall into Zhengxin Valley? This is still unclear.”
In addition, if the transaction of Chinese investment in the sale of shares cannot be completed in a short period of time, will it affect the happy twist IPO? It is worth noting that before the happy twisted termination of the GEM, it was said that the decision was terminated due to the adjustment of the shareholding structure. Shen Honghong sponsor representative Li Hongfei told the “Red Weekly” reporter that if it is in China, it generally involves the transfer of shares of state-owned shareholders. If the state-owned shareholders who cannot obtain the transfer exemption want to withdraw, they will choose to retreat before the declaration. If venture capital shareholders form