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Recently, the three-party media group company’s initial application was approved, and it will be listed on the main board of the Shanghai Stock Exchange, issuing no more than 17,266,700 shares, and raising funds of 1.034 billion yuan.

Three People’s Bank was established in 2003. Its main business is digital marketing services, scene event services and campus media marketing services. In short, it mainly provides advertising planning, placement, event planning, execution and promotion, and campus media marketing services for enterprises. It is essentially a public relations and media company.

Three years ago, the three-person group relied on campus advertising business to grow. According to its latest prospectus, as of now, the three-person campus media network includes about 10,000 campus bulletin boards and about 3400 sports field fences, covering freshman manuals, campuses Canteen table and table stickers, carport campus light boxes, rest seat shed and other areas.

Three People’s Bank was listed on the New Third Board as “the first share of the New Third Board Campus Media” for two years. During this period, the three parties won Shenwan Hongyuan, Qilu Securities, Beijing Keyuexin Investment Investment Advisory Center (Limited Partnership), Western A total of 29.76 million yuan was paid for securities stock subscriptions. One year after the three-person company went public in 2016, it was planned to be purchased by Xi’an Tourism for 1.1 billion, but three months later, the acquisition failed due to a valuation dispute. The April 2019 IPO hit A shares. Finally, after 17 years of struggle, the threesomes will soon be on the public stage of the capital market.

In recent years, the total revenue and net profit of the Three People’s Bank have continued to grow steadily. The company’s revenue from 2016 to 2018 was 369 million yuan, 758 million yuan and 1.1 billion yuan respectively; during the same period, the net profit was 72.55 million yuan and 9776 yuan. The net profit margins reached 19.66%, 12.9%, and 11.28% respectively; the revenue in the first half of 2019 reached 713 million yuan and the net profit was 45 million yuan.

Among the major customers, the actions of the three include China Telecom, Industrial and Commercial Bank of China, and Yili Group, which also provide digital marketing services, scene events services, and campus media marketing services.

With the stable development of the company’s business, the three parties are also very generous to shareholders. From 2015 to 2018, the three parties have paid dividends each year, with a cumulative dividend amount of RMB 19,867,700.

Inspirational “model” on campus

Threesome was formerly Xi’an Threesome Information and Communication Co., Ltd. The company has 19 existing shareholders, 8 of whomRan Ren, the first two institutional shareholders, Xi’an Duoduo and Xi’an Zhongxing, held 35.36% and 16.71% of the shares respectively, and the two companies’ legal persons are the founders of the three parties, Qian Jundong and Cui Lei, the top two For natural person shareholders, the ratio of voting rights of the shares of the three people’s shares of the three parties is 74.79%, which is the common actual controller of the three parties.

Although the majority of the voting rights of the three parties are in the hands of Qian Jundong and Cui Lei, on the company’s shareholder list, the names of well-known technology companies such as HKUST Xunfei and Shenzhen Kukai can also be found. HKUST Xunfei holds 70% of Hefei Xunfei Digital Technology Co., Ltd. is a 4.5% shareholder of the three parties, that is, HKUST Xunfei holds a 4.26% shareholder of the three parties, ranking sixth among shareholders.

Qian Jundong is almost an inspirational example of “the first batch of college students in Xi’an to start a business.” According to reports, Qian Jundong was born in an ordinary peasant family in Anhui in 1980. Qian Jundong, who was born in a poor family in his early years, had a one-year break from school to raise tuition fees.

In 2000, Qian Jundong was accepted by Chang’an University. Qian Jundong started his business at the university. He wholesaled walkman, swimwear, postgraduate materials, and English tapes at low prices through acquaintance channels. It also successively represented mobile campus cards, Nokia mobile phones and other promotional services, becoming a famous “money down” of Chang’an University and earning the first bucket of gold in life.

In 2003, Qian Jundong, a junior in his third year, seized the opportunity of the booming campus communications market and quickly expanded his business. It was also in 2003, with the help of social forces, Qian Jundong repeatedly registered and established a three-person company.

After the establishment of the three-person company, it began to engage in digital marketing services, scene events services and campus media marketing services. In the early days, campus media marketing was the core business. Digital marketing services are mainly for the planning and placement of advertisements; scene event services are event planning services for scene events such as cultural events, shows, roadshows, conferences, and symposia;

According to the prospectus, in the early days of the establishment of the three parties, the campus media such as campus bulletin boards and sports field fences were used as entry points to further develop campus media resources. After continuous development and accumulation, as of the end of June 2019, the company’s campus media network has covered more than 800 colleges and universities in 31 provinces (autonomous regions and municipalities) across the country, which has obvious first-mover advantages and scale advantages. A large number, diverse categories, and widely distributed campus media are the company’s core competitiveness in the field of campus media marketing.

The prospectus shows that the three-person group has nine wholly-owned subsidiaries including Orange Storm, Hefei three-person group, Xi’an three-person group, Zhongdian Advertising, Shenghao Technology, Shaanxi Honor, Jiangxi Glory, Wuhan Zhongxing, and Kusoft Responsible for different regions and businesses across the country.

Three banks plan to raise funds of 1.034 billion yuan this time, which will be used for the construction of 4 projects, of which 215 million yuan will be usedThe delivery agency contract and supplementary provisions of relevant business policies stipulate whether the rebates collected by the issuer from the media supplier belong to the issuer and whether there is an obligation to continue to return to the customer; (2) Explain that during the reporting period, other customers except some customers Reasons and reasonableness of less rebates, whether there are potential disputes or risks; (3) Explain the growth and matching relationship between Internet media rebates and customer rebates obtained during the reporting period; (4) Explain whether the rebates are in line with industry practice and constitute business Whether bribery complies with relevant laws and regulations. The sponsor representative is requested to explain the verification basis and process, and express a clear verification opinion. “

In addition, the three parties are also very generous to shareholders. According to its announcement, the three parties have dividends every year from 2015 to 2018:

• Based on the total share capital of 37 million shares at the end of 2015, the capital reserve will be used to increase all shareholders to 4 shares for every 10 shares, and a cash dividend of 5.4 yuan will be distributed for every 10 shares. p>

• Based on the total share capital of 51.8 million shares at the end of 2016, a cash dividend of 9.65 yuan (including tax) was distributed to all shareholders for every 10 shares, a total of 49.987 million yuan in dividends were distributed;

• Based on the total share capital of 51.8 million shares at the end of 2017, a cash dividend of 10 yuan (including tax) will be distributed for every 10 shares, and a total of 518.5 million yuan in cash dividends will be distributed;

• Based on the total share capital of 51.8 million shares at the end of 2018, a cash dividend of 15 yuan (including tax) will be distributed for every 10 shares, and a total of 77 million yuan in cash dividends will be distributed.
  

  So far, the three parties have accumulated a total dividend amount of 19,877,000 yuan in the four years from 2015 to 2018. The biggest beneficiaries behind this may be Qian Jundong and Cui Lei, who own 74.79% of the three-party shares.

  For a long time, the media has been a “small and beautiful” business. Self-sufficiency is acceptable, but it cannot form a scale effect because it cannot be separated from content and traffic, nor can it jump out of advertising and value-added services. This model has obvious ceiling and insufficient growth, and is not favored in the secondary market. In the context of a weak advertising market and a fading venture capital wave, the three parties’ road ahead is still difficult.