Recently, the prospectus of 188bet sports betting and Television was disclosed.

Speaking of the word "188bet sports betting"，Everyone knows it is a place for filming and playing games，Sun Li、Zhao Liying and other celebrities spend half their lives in it。According to data，188bet sports betting has gathered 871 film and television companies and 518 artist studios，More than 1,800 film and television works shot in total，The extras in it can probably circle the earth。

However，This IPO is not the famous 188bet sports betting and Television City，But it is an inconspicuous theater chain in the group、Distribution and derivatives (i.e. "188bet sports betting and Television")，Revenue is less than 4% of the entire group。

and，Discovered by Ye Ye Finance (WeChat official account: ymcj8686)，188bet sports betting Group is famous for its film and television city，But it didn’t start from this，It has already made achievements in the high-tech magnetic materials and pharmaceutical industries，Film and television culture is just a rising star。

Among them，Back in August 2006，188bet sports betting Group used backdooring、IPO and other methods have enabled three companies to successfully join forces in the A-share market，respectively Ying Luohua (000795.SZ）、Puluo Pharmaceutical (000739.SZ）、188bet sports betting East Magnetics (002056.SZ）。

The next ten years，188bet sports betting Group is keeping a low profile，Did not take the opportunity to continue to move forward in the capital market，Three listed companies and uncapitalized film and television tourism and other industries continue to develop。

However，Maybe the time is right，Last two years，Hengdian Group has begun a large-scale conquest of the capital market，Subsidiary Debon Lighting (603303.SH) passed the meeting successfully，Log in to Shanghai Stock Exchange，Nanhua Futures、188bet sports betting and Television IPOs one after another。

Xu Yongan, Chairman of 188bet sports betting Group, said within the company at the beginning of the year，The 188bet sports betting faction’s ambitions don’t stop there，"By 2020，Strive to have 6-8 A-share listed companies in the group”。

Data fight leads to potential risks of IPO

Hengdian Group’s film, television, cultural and tourism business has not made much capital moves，Until 2016, 188bet sports betting and Television submitted its prospectus。Pre-disclosure document display，The company plans to issue no more than 53 million new shares，To be raised 28 funds.6.3 billion yuan，23 of them.6.3 billion yuan will be invested in theater construction projects。

actually，188bet sports betting and Television is just a business of 188bet sports betting and Television City，Travel and film and television production are not packaged for listing，But anyway，The IPO of 188bet sports betting and Television still witnesses the “first time” for Hengdian Group’s film and television sector。

To avoid the risk of horizontal competition，188bet sports betting Group also specializes in the inclusion and divestiture of related assets，But is the value fair、Issues such as whether it complies with accounting standards are required to be explained in detail by the Certification Council，As for whether we can convince the regulators，The answer will be informed by the review results。

Tell the truth，Before 2014，The editor has never seen a cinema owned by 188bet sports betting and Television，Studying in the Imperial Capital，Surrounded by Wanda、Jinyi、Bona、China Film。Later went home during the winter vacation (fourth-tier cities in Hubei Province)，A new Hengdian Cinema City suddenly opened in the shopping mall，But not many people go，Many people still go back to familiar movie theaters，However，Two years later，Things are getting better。

First-tier cities occupied by well-known theater chains no longer have a piece of the pie from 188bet sports betting and Television，So，While 188bet sports betting and Television is working in second-tier cities，Expand more in third- and fourth-tier cities，Planned to raise funds mainly to invest in third- and fourth-tier and county-level cities，210 new theaters built，Fill the market gap in county-level cities。

But it is worth noting，Judging from 188bet sports betting and Television IPO materials，There are many potential risks in passing the meeting。

First，Among the two prospectuses，2014、Financial data fight in 2015，Difficult to distinguish true from false。Last year’s prospectus shows，2014、The company’s operating income in 2015 was 12.2.1 188bet sports betting、21.8.5 188bet sports betting；And in the latest prospectus，The data becomes 11.8.1 188bet sports betting、21.1.3 188bet sports betting；Main business cost data are also inconsistent，Not listed here。

The picture above shows the 2016 prospectus

The picture above shows the 2017 prospectus

But what’s even more outrageous is，In "Main business income by region"，The data 188bet sports betting two documents are evenly distributed，The difference in East China is almost double。

The picture above shows the 2016 prospectus

The picture above shows the 2017 prospectus

Yema Finance calls Pan Feng, secretary of the board of directors of 188bet sports betting and Television，But no response。Previously，Pan Feng once replied to the media，Mainly at the request of regulators，Accounting review changed from "gross method" to "net method"。

Secondly，As a film and television theater company，Sustainable profitability becomes the focus of consideration。According to the latest financial report，188bet sports betting and Television achieved growth during the reporting period，But there are a few questions。

188bet sports betting and Television’s revenue in 2015 was 21.1.3 billion yuan，Compared to an increase of 78 in 2014.85%；However, it almost stagnated in 2016，Growth less than 8%，Operating profit even showed negative growth。Opposite，Non-operating income doubled，This means that if there are no government subsidies and tax rebates，188bet sports betting and Television’s net profit will decline in 2016。

The picture above shows the revenue changes of 188bet sports betting and Television

Needless to say, the impact of the sluggish film market in 2016 on 188bet sports betting and Television，In 2016, the revenue from film screenings, which accounted for the highest proportion of its main business, increased by 3.3%，Somewhat weak；The cinema is a place where people gather，Fewer people watching movies，Of course there are fewer people eating popcorn。

It’s just that this popcorn is quite powerful，2016，188bet sports betting as high as 73%，Gross profit ratio reaches 33.39%；The 188bet sports betting of the movie screening business, which accounts for more than 80% of the main revenue, is only 10%，Lower than the industry average，The gross profit ratio is only 34%。

The picture above is a comparison chart of 188bet sports betting

Lianxun Securities analyst told Yema Finance (WeChat official account: YMCJ8686)，If there are problems related to business indicators，188bet sports betting is more suspenseful whether the meeting will take place，However, the burning of "Wolf Warrior 2" has added fire to the theaters，The content is important，Channel is also king。

According to the box office accounting method，This is the theater channel that ensures revenue despite droughts and floods，But there are also industry fluctuations，Judging from the current eighth market share and future development prospects，188bet sports betting and Television also has a chance to break through。

Industry insiders told Yema Finance (WeChat official account: ymcj8686)，188bet sports betting and Television mainly expands to third- and fourth-tier and even county-level cities，From the data，In the past two years, the compound growth rate of box office revenue of theaters in fourth- and fifth-tier cities deployed by 188bet sports betting and Television has exceeded 80%，With the improvement of living standards，The market in the county will also be gradually developed。

There is someone behind the scenes, citing 188bet sports betting’s 70 billion assets

188bet sports betting and Television wants to catch the capital market express，The reason is not concealed。The prospectus states that the company’s consolidated financial statements asset-liability ratio is 48.07%，Need to reduce asset-liability ratio through equity financing。

Deloitte China partner Xian Yi said in an interview with China Business News，Companies seeking to go public generally optimize their financial structure、The purpose of reducing the asset-liability ratio，So there is only one financing channel、The problem of high debt ratio may be exactly the purpose of 188bet sports betting and Television seeking to go public。

If failed，188bet sports betting and Television has lost a financing channel。

However，The 188bet sports betting department behind it is not short of money。2016，The group achieved operating income of 63.1 billion yuan，Total tax paid 38.8.5 billion yuan，Total assets reached 70 billion yuan，The taxes paid by 188bet sports betting accounted for nearly 50% of Dongyang City’s total tax revenue，It is not an exaggeration to say that it supports half of Dongyang’s economy。

The 188bet sports betting and Television Experimental Zone that brought the Hengdian series to fame，Achieve operating income of 180 in 2016.900 million yuan，Received 18 million tourists，This is where “Chinese Hollywood” comes from。

The editor found out when checking the official website，The subsidiaries of 188bet sports betting Group account for 15 English letters。Starting from industry，Starting a capital blockbuster again，The 188bet sports betting Group, which was unknown at the time, has not only become famous all over the world in more than 20 years，The industrial chain is getting longer and longer。

The above mentioned alias "Chinese Hollywood"，actually，188bet sports betting Group also has the "Magnetic Capital of the World"、known as "Jiangnan Medicine Valley"。

Because of involvement in the film and television industry，188bet sports betting Group’s reputation is getting bigger and bigger，Pharmaceuticals that entered the capital market early、The electronic and electrical industry has good earning power。

Let’s take a look at two companies that do not take the IPO channel: ProPharmaceuticals and Yingluohua。As of August 17th，Puluo Pharmaceutical closed at 7.04 yuan/share，Market value 80.700 million yuan，Revenue 47 in 2016.7.2 188bet sports betting，Net profit 2.6.3 188bet sports betting；Ying Luohua closed at 7.47 yuan/share，Market value 84.700 million yuan；Revenue 16 in 2016.5.1 188bet sports betting，Net profit 0.3.1 188bet sports betting。

Come and look at history.

Data display，August 2001，Xu Wenrong’s eldest son Xu Yongan, known as the “King of 188bet sports betting”, takes over the 188bet sports betting Group，Open the page of its capitalization。

Just took office，Preparing to put its pharmaceutical and chemical assets into a listed company，Puluo Pharmaceutical (formerly known as Qingdao Dongfang) became a target。Through the transferred capital plus the shares held by itself，188bet sports betting Group becomes the actual controller of ProPharmaceuticals；End of the year，Puluo Pharmaceutical passed a major capital restructuring plan，188bet sports betting Group will transfer its subsidiary Kangyu Pharmaceutical、Replacement of commercial assets between Deppon Chemical and other equity interests and Prolo Pharmaceuticals，Pharmaceutical industry backdoor listing。

After completing the capital operation，188bet sports betting Group strikes while the iron is hot，Ying Luohua (formerly known as Taiyuan Gangyu) becomes the second target，Due to the slow adjustment of industrial structure，Since launch，Performance has been declining，This time the operation method is simpler，There are no major restructuring or other cumbersome matters，The actual controller directly transferred the shares to 188bet sports betting Group。

But after taking over Propula Pharmaceuticals and Yingluohua，188bet sports betting Group did not live a life of counting money，Profitability declined around 2010，Transfer loss，Problems such as an increase in related-party transactions have occurred，Fortunately, it can be solved by optimizing the industrial structure。

Let’s look at two companies that are taking the normal IPO path: 188bet sports betting Dongmei and Debon Lighting。

After the second backdoor operation，188bet sports betting Group has been silent for several years。2006，The tranquility was broken only when 188bet sports betting East Magnetics landed on the Shenzhen Stock Exchange，And next time，Ten years later，End of March 2017，Debon Lighting enters the A-share market。

Currently 188bet sports betting has dozens of holding subsidiaries，Involving more than 20 industries，Listed company，Except 188bet sports betting Dongci and Yingluohua have some connections，Other industries are relatively scattered。

A Lianxun Securities analyst told Yema Finance (WeChat official account: YMCJ8686) that 188bet sports betting Department is developing diversification in multiple fields，Put different industrial assets into different listed companies，Multiple subsidiaries operating in parallel，Fortunately, the capitalization operation of the entire 188bet sports betting department is relatively stable，Did not adopt radical tactics。

However, some market participants think，If a private enterprise loses its strategy，Too many industries involved，There is no way to avoid danger from each other，High risk。

Today，188bet sports betting Group will soon have 6 listed companies，They are all engaged in different industries，Xu Yongan, the young boss, hopes to have 6-8 listed companies in 2020，Who will you choose next？Is it 188bet sports betting Studios, which attracts tens of millions of people, or is it another company buried in those 15 English letters...

A person close to Hengdian Group said to Yema Finance (WeChat official account: ymcj8686)，188bet sports betting and Television City will have capital operations in the future，Just due to historical development reasons，The shareholding reform meeting is relatively troublesome，It takes a long time。

*Source of this article: WeChat public account "Yema Finance" (ID: ymcj8686)，Author: Ye Lu，Original title: "Anatomy of the 70 billion "188bet sports betting system": the magnetic capital of the world、Jiangnan Medicine Valley、Still Chinese Hollywood？》