October 12，188bet online sports betting and Television (603103.SH) is listed on the Shanghai Stock Exchange，Report 22.25 yuan/share，Increase 44.01%，The total market value reaches 100.800 million yuan。

188bet online sports betting and Television has a registered capital of 400 million yuan，The main business is theater distribution、Film screening and related derivative businesses，Main business income comes from theater distribution income、Income from movie screenings、Income from sales and other income, etc.。

This means，188bet online sports betting and Television becomes the successor to Wanda Film (002739.SZ）after，Another listed company focusing on theatrical distribution。

At the same time，188bet online sports betting and Television has also become the fifth listed company under Hengdian Group。

21st Century Business Herald reporter learned，Nanhua Futures, a subsidiary of Hengdian Group, is lining up for IPO，It may become its sixth listed company in the future。It is also the famous 188bet online sports betting and Television City under Hengdian Group，Also used as a target asset for cultivation and listing。The Hengdian group’s capital territory is expanding step by step。

October 12，An industry fund person in Beijing who invests in movies told a reporter from the 21st Century Business Herald: "During the National Day holiday that just passed，The movie market set the highest National Day box office ever，The 188bet online sports betting market is expected to recover strongly in 2017，Theater assets that have a higher say in the 188bet online sports betting market will also receive more market attention。”

CITIC Securities believes in its latest research report，188bet online sports betting and Television relies on the brand promotion effect of Hengdian Holdings’ film and television cultural industry，Will expand rapidly in cities at all levels across the country。

Proposed to build 210 cinemas

Reporter found after checking the prospectus，188bet online sports betting and Television’s issuance of 53 million shares raised 8.1.8 billion yuan，will be used to build 210 new theaters，Key layout three、Fourth-tier cities。

Specifically，The 9 cinemas to be built are located in municipalities，25 located in provincial capital cities，131 are located in prefecture-level cities，45 are located in county-level cities。Prospectus display，The investment funds for the above theater construction projects of 188bet online sports betting and Television are as high as 24.8.6 billion yuan。

As of the end of June 2017，188bet online sports betting and Television has a total of 310 theaters in operation，There are 245 asset-linked theaters。January-June 2017，The company ranks 8th in box office revenue among national theaters，Ranked 3rd in box office revenue among theater investment companies。

Different from the mid-to-high-end positioning of theater chains such as Wanda，The focus of 188bet online sports betting and Television is in third- and fourth-tier cities。The CITIC Securities research report stated，Optimistic about the development prospects of 188bet online sports betting and Television，Especially the sinking of fourth and fifth tier cities。

CITIC Construction Investment believes，People’s current expenditure on cultural and entertainment consumption continues to increase，188bet online sports betting and Television relies on the brand promotion effect of Hengdian Holdings’ film and television cultural industry，Rapid expansion in cities at all levels across the country。2013-2015，188bet online sports betting and Television Fourth Line、The compound growth rate of box office revenue of asset-linked theaters in fifth-tier cities reached 82% respectively.75%、88.77%，is an important source of its rapid growth。

However，Although the goal is ambitious，But in the third quarter financial data disclosed by 188bet online sports betting and Television，Its net profit fell slightly。188bet online sports betting and Television’s financial data for the first three quarters，Its operating income is 19.3.6 billion yuan，YoY growth 8.01%；Net profit is 3.0.5 billion yuan down 7% year-on-year.72%。

Meanwhile，In theater management，188bet online sports betting and Television is also facing fierce competitive pressure。According to data from Yeen Film Think Tank，577 new theaters nationwide in the first quarter of 2017，China Film Digital Cinema Line has added 62 new ones, ranking first，188bet online sports betting and Television added 20 new companies, ranking seventh。

Expanding the territory of 188bet online sports betting Department

With the launch of 188bet online sports betting and Television，The Hengdian Group’s capital territory is further expanded。

In fact，Before the listing of 188bet online sports betting and Television，Hengdian Group has controlled four A-share listed companies，Including Hengdian East Magnetics (002056.SZ）、Ying Luohua (000795.SZ）、Puluo Pharmaceutical (000739.SZ) and Debon Lighting (603303.SH）。

Among them，Debon Lighting will be launched in March this year。In other words，Since this year，188bet online sports betting Group has 2 companies listed on the capital market，This is really rare in the country。

However, the capital expansion of the 188bet online sports betting Group does not stop there.

188bet online sports betting and Television prospectus display，Hengdian Group has a total of 49 important first-level holding subsidiaries，Cross Film and Television Investment、Medicine、Gas Station、Hospital、Gas、Futures and other industries。

Among them，The prospectus disclosed by its subsidiary Nanhua Futures in November 2015，Join the IPO queue，The current status is Feedback，Nanhua Futures’ total assets in 2016 were 16.2 billion 188bet online sports betting，Net worth is 17.9.2 billion 188bet online sports betting，Net profit is 1.600 million 188bet online sports betting。

Another asset is 188bet online sports betting and Television City，Both belong to Hengdian Group，will be cultivated as a listed asset in the future。

As of the end of 2016，The total assets of 188bet online sports betting and Television City reached 90.8.9 billion yuan，Net assets are 3.8 billion yuan，Net profit is 78.22 million yuan，Total assets in the first half of 2017 88.3.4 billion yuan，Net worth 38.900 million yuan，Net profit 89.8 million yuan。

However，Interesting thing，188bet online sports betting Group has multiple listed company platforms, but there is no natural person holding in the traditional sense。

Prospectus information display，The controlling shareholder of 188bet online sports betting Group is 188bet online sports betting Federation of Social Economic Enterprises，It holds 70% of the shares of 188bet online sports betting Group，The other 30% share holder is Dongyang Film and Television Tourism Promotion Association。The legal representative of 188bet online sports betting Federation of Social Economic Enterprises is Xu Yongan，The legal representative of Dongyang Film and Television Tourism Promotion Association is Xu Wencai。

The 188bet online sports betting Federation of Social Economic Enterprises was established in 2001，is a corporate legal person registered with Dongyang Civil Affairs Bureau，Different from a company legal person or an enterprise legal person，Enterprise Federation creates wealth by all members、Shared assets，There are no shareholders or investors who individually enjoy the rights of investors。This model is a community economy created by Xu Wenrong, the founder of 188bet online sports betting Group，Referred to as "188bet online sports betting-style co-ownership"、“Market-based public ownership”。

However，From a practical point of view，The 188bet online sports betting Association of Social Economic Enterprises and the Dongyang Film and Television Tourism Promotion Association are both managed by senior executives of 188bet online sports betting Group。

21st Century Business Herald reporter’s investigation found，Shown in a previous 188bet online sports betting Group press release in May 2016，188bet online sports betting Federation of Social Economic Enterprises、The second meeting of the fourth session of Dongyang Film and Television Tourism Promotion Association was held，Hosted by Xu Wencai，There should be 208 member representatives attending the meeting，200 people actually arrived。

However，The list of members of the 188bet online sports betting Federation of Social Economic Enterprises was not disclosed in the prospectus。

Currently the main manager of the 188bet online sports betting Association of Social Economic Enterprises is Xu Yongan (President、Director)、Xu Wenchai (Vice President、Secretary-General of the Council)、Hu Tiangao (Director)、Li Baoping (Director)、Ren Lirong (Director)。They are also the management of 188bet online sports betting Group。

*Source of this article: 21st Century Business Herald，Author: Zhou Songqing，Original title：《The market value of 188bet online sports betting and Television’s debut exceeded 10 billion, and the "Hengdian Group" capital territory has made another victory》.