China’s good voice sings for ten years, whether the company behind the company can get the “turn” of the Hong Kong Stock Exchange

On July 28, 2021, Zhejiang Satellite TV, the “Good Voice of China” conference, Na Ying, Wang Feng, Li Ronghao, Li Keqin, Jike Yiyi, Zhang Bichen, Wu Mochou, and Huang Xiaoyun appeared. Figure/IC

“I have 32 concerts this year, inviting you to be a guest of the concert.”

In the summer of 2012, Yang Kun continued to repeat the “32” concerts in the mentor chair to compete for players to join the team. Host Hua Shao became “good tongue in China” with adversely chanting advertisements. The sound variety show called “Good Voice of China” with the program form of breaking through the traditional draft routine, a “treasure song” that can be quickly sung quickly has triggered a national viewing frenzy.


At the same time, as a phenomenal variety show, “Good Voice of China” is also unambiguous in attracting gold. The production company, Chanxing Culture behind it, has also won the favor of capital, with a valuation of more than 20 billion yuan. In 2018 and 2020, Chanxing Culture hit A shares two times. However, due to the complexity of its equity structure, up to 1.6 billion goodwill and copyright disputes, they all ended in failure.

In August 2021, Chanxing Culture completed the reorganization with the Starry Sky Chinese Media Film in Hong Kong, China, renamed it as Starry Sky Chinese Holdings Co., Ltd. (hereinafter referred to as “Starry Sky Chinese”), and submitted a listing application to the Hong Kong Stock Exchange in November of that year.

After submitting the prospectus, there was no news of the review. Recently, the Starry Sky Chinese has once again handed the table to the Hong Kong Stock Exchange and updated the relevant data in 2021.

Today, “Good Voice of China” has gone through ten years, and Starry Sky Chinese has stood on the stage of the IPO four times. This time, can Starry Chinese Chinese be “turned” for the Hong Kong Stock Exchange?

three times


No, huge goodwill becomes a burden

The three IPOs are suspended, and the road to the stars in the sky is bumpy. As early as 2014, Chanxing Culture, which rose upright, began to be eager to try on the market. At that time, in an interview with the company’s chairman, Tian Ming revealed that his spin -up and listing plan would go to Hong Kong to go public. Listing.

After the first season of “Good Voice of China” in 2012, Mengxiang Qiangyin was co -founded by Tian Ming and Chinese culture to engage in music IP operation and artist agent. In March 2016, Chanxing Culture acquired all the equity of Meng Xiang Qiangyin at a high price of 2.08 billion yuan, bringing a goodwill of 1.968 billion yuan.

In February 2018, Chanxing Culture submitted IPO counseling filing information to the Shanghai Securities Regulatory Bureau. Since then, the company’s equity transfer has been frequently transferred, and members of the board of directors have changed. In addition, the revenue loss in the first half of the year was as high as 27.26 million. Two years later, Chanxing Culture once again submitted a prospectus to the GEM of the Shenzhen Stock Exchange.

On February 2, 2021, the review announcement of the Shenzhen Stock Exchange disclosed that Chanxing culture did not meet the issuance conditions, listing conditions and information disclosure requirements, and the IPO review could not be passed.

According to the review announcement, there are two main reasons for this time. First, because the equity structure of the red -chip architecture is complicated after the demolition of the red -chip structure, the reasons for the fact that the actual controller has insufficient and the disclosure is incomplete; Accounting treatment failed to accurately reflect the actual situation.

After the GEM, Chanxing Culture completed the reorganization with the Starry Sky Chinese Media Film in Hong Kong, China in August, and used the “Starry Sky Chinese” to dhost the Hong Kong Stock Exchange. And in the prospectus of submitting the Hong Kong Stock Exchange, it is said that the termination of Chanxing Culture’s A -share application does not mean that there is any internal control defect in Chanxing Culture’s financial reporting procedures, or it deviates from relevant Chinese accounting standards.

Recently, the Starry Sky Chinese again handed the table to the Hong Kong Stock Exchange. The reporter of the Beijing News Shell Finance found that the prospectus was mainly updated in 2021 related data. According to financial reports, Starry Chinese Chinese revenue achieved revenue of 1.807 billion yuan, 1.56 billion yuan, and 1.127 billion yuan from 2019 to 2021. During the period, the profit was 380 million yuan, -27.8 million yuan, and -352 million yuan, respectively. In the peak of 2016, Chanxing’s revenue reached 2.706 billion yuan.

The acquisition of the goodwill and goodwill impairment generated by Mengxiang Qiangyin and the copyright of the movie is still affecting the performance of Starry Sky Chinese. In 2021, the reputation of the Starry Chinese Chinese Termidity was 387 million yuan, but the current net worth of goodwill was still as high as 1.216 billion yuan, accounting for 33.8%of total assets.

Zhang Yi, CEO and chief analyst of Ai Media Consultation, said that the performance of the Starry Chinese Chinese in recent years has declined, mainly because the dividends contributed by its pillar project “The Voice of China” gradually lost, and other stock series of brand products have also weak. Losses of 352 million yuan.

It is worth mentioning that as of the last actual possible date, Starry Chinese Chinese has served as the defendant in two unsuccessful cases related to the disputes related to the Korean Cultural Broadcasting Co., Ltd. (MBC), with a total claim amount of approximately RMB 158 million.

“Good Voice of China” ten -year halo



Last year’s gross profit was only 2.2 %

Starry Chinese prospectus shows that the variety IP operated by the company includes “Good Voice of China” and “This!” “Hip -hop” “Masked Singing Guess Guess” and “Chinese” and so on. Variety show IP operations and authorization contributed the company’s largest contribution to the company. In 2021, revenue achieved 880 million, accounting for 78%.

“Good Voice of China” is still the revenue of the Starry Sky Chinese. Shell Finance reporters sorted out the previous prospectus and learned that the 2015 “Good Voice” series achieved revenue of 1.143 billion, accounting for 46.43%of total revenue.

From 2017 to 2020, the revenue generated by “Good Voice of China” was 665 million yuan, 545 million yuan, 462 million yuan, and 252 million yuan, respectively, accounting for 32.33%, 32.96%, 36.67%and 29.8%of the total revenue, respectively. Essence The gross profit of the show was 220 million yuan, 264 million yuan, 228 million yuan, and 54.4 million yuan.

In order to cope with the single dependence of “Good Voice of China”, Chanxing Culture has also continuously expanded new variety shows, and consciously increases the proportion of subjective programs. “This! This is the mode of hip -hop “and” immediately electronic sound “, that is, the company’s characteristics and requirements of the company’s broadcast platform (TV or online platform) according to the program, the company undertakes the creativity and production of the program, and delivered to customers to the program products After the program is delivered, the revenue is settled after confirming the contractor according to the contract.

In 2021, the revenue of Starry Chinese Chinese from “Good Voice of China 2021” reached 252 million yuan, accounting for 28.6% of the revenue ratio, and still revenue. The gross profit margin was only 2.2%, and its dividends were getting less and less. From “This! The revenue of Hip -hop 2021 reached 239 million yuan, accounting for 27.2%of the income ratio, and the gross profit margin was 34.9%as the highest; from “Like! The revenue of Talent Show is 110 million yuan, accounting for 12.5%of the revenue ratio, and a gross profit margin of 1.8%.


The gross profit margin of “Good Voice of China” dropped from 46.6%in 2019 to 2.2%of 2021. Affected by its decline, the gross profit margin of Starry Sky Chinese also showed a decline, from 39%in 2019 to 24.3 in 2021 24.3 %.

Compared with other variety show producers, the Starry Sky Chinese “Good Voice of China” is now doing a “physical work”. From 2018 to 2021, the gross profit margin of mango super media was 37%, 33.7%, 34.1%, and 35.5%, respectively. The overall gross profit margin of Yusheng Culture remains at a higher level of 40%to 55%.

Today, the ace IP of the Starry Sky Chinese has been broadcast in the tenth season, and “Masked Singing Guess Guess” has been filmed for five seasons, “This! It is hip -hop “has four seasons. Starry Chinese Chinese still has not created the next explosion.

In order to prove that there is a new variety show in the hand, the Starry Sky Chinese emphasizes that there are 14 variety shows that have been broadcast or are about to broadcast in 2022, including the first season of 8 new variety shows and 6 existing variety shows. Among them, 12 are super large variety shows.

Xiaomi (pseudonym), who was directed by a inspirational music competition show on Hunan Satellite TV in Hunan Satellite TV, told Shell Finance reporters that almost all variety projects this year are stagnant, and there are few new S -class variety shows, let alone S+. Moreover, variety shows are not like episodes, but more dependence on investment in advertising. Now major companies have adopted ‘cost reduction and efficiency “, and the production links are compressed costs.

“The investment scale of traditional TV variety projects is very large. Developing a new variety show, first of all, investment promotion is a problem. The audience foundation of the new program is not as good as the old variety show, and the old variety show has a natural brand effect. In addition, the ratings of variety shows are with the big names. Stars joined the hook. “Xiaomi explained that the development of new variety shows is high. Many old variety shows are a rich mine that can be developed, so the market will continue to appear in the market with variety shows with old -fashioned IPs. “Old variety show upgrades and innovation are inevitable. Usually we will add some new characters and new competition systems.”

Beijing News Shell Financial Reporter Zhao Fangyuan Editor Chen Li School pair Liu Baoqing

Author: ArticleManager