The last moment of 2018，Shanghai Canxing 188bet Online Sports Betting and Casino Media Co., Ltd. (hereinafter referred to as "Canxing 188bet Online Sports Betting and Casino") officially launched the listing process，It is believed by the outside world that it is expected to become the “number one producer of variety shows”。

December 28，The China Securities Regulatory Commission website disclosed the prospectus for the initial public offering of shares on the GEM of Shanghai Canxing 188bet Online Sports Betting and Casino Media Co., Ltd. (application draft)。The company plans to be listed on the GEM，Public offering of no less than 42.6 million shares，Raise 1.5 billion yuan to supplement variety show production working capital project。

Prospectus display，The funds raised this time are planned to be invested 188bet Online Sports Betting and Casino production of more than 30 variety shows 188bet Online Sports Betting and Casino next two years，And replenish working capital。The company plans to produce nearly 20 variety shows through this fundraising，While consolidating the traditional leading edge of music programs，In conversation、Dance class、Humanities、Full efforts in outdoor shows，And set foot 188bet Online Sports Betting and Casino field of online variety show production。

Became famous with the popularity of "The Voice of China"，Nearly 30 variety shows produced by 188bet Online Sports Betting and Casino，Content covers music、Dance、Comprehensive talents、Interviews and other types，Including "The Voice of China"、"China's New Song"、"Good Chinese Songs"、《Outstanding Chinese》、"Guess the Masked Singer"、《Great Challenge》、《This！Just Street Dance" and many other well-known large-scale variety shows。

Luxury shareholder team

Shanghai Canxing 188bet Online Sports Betting and Casino Communication Co., Ltd. was established on March 24, 2006，By He Bin、Pan Bin and two natural persons jointly invested and established。

Canxing 188bet Online Sports Betting and Casino has conducted multiple financings in the past year，Currently has a luxurious shareholder group。

The controlling shareholder of Canxing 188bet Online Sports Betting and Casino is Shanghai Xingtou，The shareholding ratio is 61.6761%。The actual controller of Canxing 188bet Online Sports Betting and Casino is Tian Ming、Jin Lei、Xu Xiangdong、Joint control of Chinese 188bet Online Sports Betting and Casino in Tianjin。Tian Ming、Jin Lei、Xu Xiangdong is the core management of the company，Chinese 188bet Online Sports Betting and Casino Tianjin is the executive partner of Chinese 188bet Online Sports Betting and Casino Industry Investment，Chinese Cultural Industry Investment is a fund engaged in equity investment management business。

June 19, 2018、25th，Canxing 188bet Online Sports Betting and Casino introduces new investors during the IPO process，Completed a new round of financing。The investors are Hangzhou Alibaba Venture Capital Management Co., Ltd. and Tibet Qiming Music Co., Ltd.。Among them，Alibaba increases capital by 200 million yuan，Get Canxing 188bet Online Sports Betting and Casino 1.17% equity，Qiming Music Capital Increase 1.600 million yuan，Get 0 brilliant stars.94% equity，And then became the seventh and ninth largest shareholder of Canxing 188bet Online Sports Betting and Casino。

It’s worth noting，Qiming Music was established on February 28, 2018，The shareholders are Yang Qihu and Hu Min，Both hold 50% 188bet Online Sports Betting and Casino shares respectively。Public information display，Yang Qihu is the general manager of Tencent Music，And Hu Min is the CFO of Tencent Music。

188bet Online Sports Betting and Casino’s top ten shareholders before and after this issuance

It’s worth noting，Prospectus display，In December 2017, Ningbo Meishan Bonded Port Area Fengcai Investment Management Partnership increased its stake in Canxing 188bet Online Sports Betting and Casino，Hold 0.5634% equity，And Huang Xiaoming is a limited partner of Ningbo Fengcai，Holding 4.13% of shares。

Excessive reliance on "The Voice of 188bet Online Sports Betting and Casino" for performance

Canxing 188bet Online Sports Betting and Casino disclosed the company’s performance in the prospectus，The company’s operating performance fluctuated greatly during the reporting period。

Prospectus display，Canxing 188bet Online Sports Betting and Casino 2015、2016、Operating income from January to June 2017 and 2018 were 24.6.2 billion yuan、27.0.6 billion yuan、20.5.8 billion yuan and 2.6.4 billion yuan。Net profit，2016、2017 and the first half of 20187.2.9 billion yuan、4.5.5 billion yuan and 6.91 million yuan。Net profit attributable to shareholders of the parent company 8.0.6 billion yuan、7.3.2 billion yuan、4.5.1 billion yuan、0.0.8 billion yuan。

Prospectus display，Canxing 188bet Online Sports Betting and Casino received a government subsidy of 38.93 million yuan in the first half of 2018，After deducting non-net profit, it was a loss of 27.26 million。Canxing 188bet Online Sports Betting and Casino Representation，The company’s profit base was small due to seasonal fluctuations from January to June 2018，Resulting in a relatively high proportion of government subsidies。If there are major changes in the local government’s subsidies and support for the company in the future，It will still have a certain impact on the company’s performance in the short term。

Also，Canxing 188bet Online Sports Betting and Casino also pointed out in the prospectus，Relying heavily on a single program of "The Voice of China" is one of its risks。

Canxing 188bet Online Sports Betting and Casino is good at producing singing variety shows，And "The Voice of China"、The "New Singing of China" series is the company's flagship program。

Prospectus display，2015、2016 and 2017，"The Voice of China"、The proportion of "China New Singing" program production revenue to total revenue is 46.43%、37.33%、32.33%。Based on the above income ratio，"The Voice of China"、The "China's New Singing" series has made a greater contribution to 188bet Online Sports Betting and Casino main business income。

Canxing 188bet Online Sports Betting and Casino Representation，Although the company also has "Guess the Masked Singer"、"Good Chinese Songs" and other excellent series，And successively developed "This！It’s street dance》、New large-scale variety shows such as "Instant Electronic Music"，But "The Voice of China"、The "China's New Singing" series still accounts for a high proportion of the company's current revenue，If future regulatory policies、Changes in the external environment such as the market environment have caused the normal production and broadcast of this series of programs，And the company has not produced new programs that can replace its income level，May cause the company’s operating performance to decline。

A phenomenal variety TV show，"The Voice of China" brings Canxing 188bet Online Sports Betting and Casino to glory，But currently this big IP has been seriously overdrawn，The influence is no longer what it used to be。Nowadays, Canxing 188bet Online Sports Betting and Casino’s new IP is not available，Facing pressure to release another “hot model”。

The variety show industry has developed rapidly in recent years，Program Type、Audience aesthetics、Preferences change rapidly，The trade-off between video websites’ homemade 188bet Online Sports Betting and Casino and purchasing TV variety show copyrights、Macroeconomic fluctuations and other reasons have affected the company's operating results and growth。

Canxing 188bet Online Sports Betting and Casino Representation，If there are major adverse changes in the external environment or the company cannot conduct research and development in the future、Production level、Marketing Channels、Continue to maintain a leading edge in copyright accumulation and other aspects，Unable to make a reasonable strategic layout in line with the rapid development of the new media era，The company will face the risk of insufficient growth。