Riding on the east wind of policy，Fengshang Culture, which was responsible for the lighting design and production of the opening and closing ceremonies of the 29th Beijing Olympic Games, plans to IPO in the A-share market。

Last Friday (January 11)，Beijing Fengshang Century Culture Media Co., Ltd. (hereinafter referred to as "Fengshang Culture") disclosed its prospectus on the website of the China Securities Regulatory Commission，Planned to be listed on Shenzhen Stock Exchange GEM，The sponsor is CITIC Construction Investment。

Fengshang Culture plans to issue no more than 18.02 million shares to the public this time，Fundraising 4.1.9 billion 188bet best bookmaker，Respectively invested in the "Creative Production and Comprehensive Application Center Construction Project"、"Creative R&D and Exhibition Center Construction Project" and "Enterprise Management and Decision-making Information System Construction Project"，Total investment is 71,196.840,000 188bet best bookmaker。

Policy spring breeze warms the market

In recent years，The Chinese government has actively introduced various policies to promote the development of 188bet best bookmaker and creative industries，Inspiring social forces to invest in 188bet best bookmaker and creative industries，188bet best bookmaker and creative products and services are rich and diverse，The added value of culture and related industries increases year by year。

December 25, 2018，The General Office of the State Council issued the "Regulations on the Transformation of Commercial 188bet best bookmaker Institutions into Enterprises in the Reform of the 188bet best bookmaker System" and the "Regulations on Further Supporting the Development of 188bet best bookmaker Enterprises"。

Among them，The "Regulations on Further Supporting the Development of 188bet best bookmaker Enterprises" clearly states: "188bet best bookmaker enterprises that achieve diversified investment entities through corporate restructuring，Those who meet the conditions can apply for listing。”“Encourage qualified listed 188bet best bookmaker enterprises to issue additional public shares、Mergers, acquisitions and restructuring through private placement and other refinancing methods。”“Encourage qualified 188bet best bookmaker enterprises to enter the small and medium-sized enterprise board、GEM、NEEQ、Science and Technology Innovation Board and other financing。”

2010-2017，The added value of my country’s cultural and related industries increased from 11,05.2 billion 188bet best bookmaker increased to 34,72.2 billion 188bet best bookmaker，The average annual compound growth rate reaches 17.77%，The proportion of GDP increased from 2.75% growth to 4.20%，Showing a steady upward trend year by year。

NEEQ moves to IPO

Public information display，Fengshang Culture takes creative design as its core，Business scope covers large-scale 188bet best bookmaker and performing arts activities、188bet best bookmaker Tourism and Performing Arts、Creativity in many fields such as landscape art, lighting and interpretation、Design and production services，Company business development and downstream performance industry、The tourism industry and the landscape art lighting industry are closely related。The investment scale of the company’s downstream industry and my country’s macroeconomic prosperity、Industrial Policy、Industry development trends, etc. have strong correlation。

Fengshang Culture was listed for public transfer on the National Equities Exchange and Quotations in January 2016，Security code: 835420，And will be terminated from the National Equities Exchange and Quotations on March 21, 2017。

Since its establishment，Fengshang Culture undertook the lighting design and production of the opening and closing ceremonies of the 29th Olympic Games in Beijing、General producer of the "Beijing 8 Minutes" artistic performance at the closing ceremony handover ceremony of the 23rd Winter Olympics in Pyeongchang, South Korea、General producer of G20 Hangzhou Summit large-scale water scene performance symphony concert - "The Most Reminiscent of Hangzhou"、General producer of the light and fireworks art performance "Friends Come from Afar" at the SCO Qingdao Summit、2014 APEC Leaders’ Informal Meeting Welcome Banquet Art Lighting Design and Production、The "Belt and Road" International Cooperation Summit Forum 188bet best bookmaker Performance - "Millennium Promise" Lighting Design and Production、2010 Shanghai World Expo opening ceremony lighting design and production、Guangzhou 16th Asian Games opening and closing ceremony lighting design and production and other national large-scale projects。

Then，Past years，How is the performance of Fengshang Culture？According to the prospectus，2015、2016、2017 and January-June 2018，The company’s operating income is 7,503.580,000 188bet best bookmaker、14,202.790,000 188bet best bookmaker、20,624.940,000 188bet best bookmaker and 27,303.340,000 188bet best bookmaker，The compound growth rate from 2015 to 2017 is 65.79%；Net profit is 1 respectively,332.540,000 188bet best bookmaker、3,503.680,000 188bet best bookmaker、5,395.650,000 188bet best bookmaker and 6,085.590,000 188bet best bookmaker，The compound growth rate from 2015 to 2017 is 101.23%。

2015、2016、2017 and January-June 2018，188bet best bookmaker’s weighted average return on equity calculated based on the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is 20.11%、36.68%、44.07% and 23.15%。

According to the prospectus，The company’s main business income is mainly contributed by large-scale 188bet best bookmaker performing arts activities and 188bet best bookmaker tourism performing arts business。

The composition of 188bet best bookmaker’s main business income

2015、2016、2017 and January-June 2018，Income from the company’s large-scale cultural and performing arts activities is 5045 respectively.790,000 188bet best bookmaker、11378.190,000 188bet best bookmaker、7811.400,000 188bet best bookmaker、19,127.030,000 188bet best bookmaker，The proportion of main revenue is 68.33%、82.39%、38.63%、70.58%；Income from cultural tourism and performing arts is 1937 respectively.030,000 188bet best bookmaker、1593.620,000 188bet best bookmaker、9802.070,000 188bet best bookmaker、3199.650,000 188bet best bookmaker，The proportion is 26.23%、11.54%、48.47%、11.81%。

can be seen，2016 and before，The company’s operating income mainly comes from large-scale 188bet best bookmaker and performing arts activities，Downstream application fields are relatively single；Since 2017，The company’s 188bet best bookmaker tourism and performing arts revenue increased significantly compared with 2016 and before。

During the reporting period，Because the company is still in the rapid development stage，The scale of operation is relatively limited，Income in each application field is greatly affected by individual large-scale projects，The company has the risk of large fluctuations in revenue in various application fields。For example, the company’s main business income in 2017 is 20,222.520,000 188bet best bookmaker，An increase of 46 compared with 2016.43%；But the company’s income from large-scale cultural and performing arts activities is 7,811.400,000 188bet best bookmaker，Significant decrease compared with 2016。

Feng Shang Culture Express，As the base continues to increase，It will gradually become more difficult for 188bet best bookmaker’s operating performance to continue to maintain rapid growth。Therefore，188bet best bookmaker has the risk of declining performance growth。

Issuer’s equity structure chart

Ownership structure，Company Chairman、General Manager Sha Xiaolan directly holds 188bet best bookmaker 55.95% of shares，Indirectly controlled company 11 through Tibet Shenglan.71% of shares，Total Control Company 67.66% of shares，is 188bet best bookmaker’s controlling shareholder。

Sha Xiaolan、Wang Fangyun and his wife each directly hold 188bet best bookmaker 55.95%、17.34% of shares，At the same time, Sha Xiaolan indirectly controls 188bet best bookmaker through Tibet Shenglan 11.71% of shares，Sha Xiaolan、Wang Fangyun and his wife control 85 companies together.00% shares，is the actual controller of 188bet best bookmaker。

Raised funds will be used for three major projects

According to the prospectus，The number of shares issued by Fengshang Culture in this public offering shall not exceed 1,802.million shares，All new shares issued to the public，The proportion of total share capital after issuance is not less than 25.00%。

The funds raised in this issuance after deducting the issuance expenses，Prioritize，The funds raised by the company will be used for the "Creative Production and Comprehensive Application Center Construction Project"、"Creative R&D and Exhibition Center Construction Project" and "Enterprise Management and Decision-making Information System Construction Project"，Total investment is 71,196.840,000 188bet best bookmaker。

Look at the details，Fengshang Culture Plan Investment 64,283.970,000 188bet best bookmaker implementation of creative production and comprehensive application center construction project，Mainly includes the purchase of office space、Special equipment and personnel costs etc.，Of which the office space purchase fee amounts to 31,395.million 188bet best bookmaker，Accounting for 48% of project funds raised.84%，Special equipment purchase fee 10,625.200,000 188bet best bookmaker，Accounting for 16.53%，Office equipment and software purchase fee 1,151.520,000 188bet best bookmaker，Accounting for 1.79%，Decoration and renovation fee 966.million 188bet best bookmaker，Accounting for 1.50%，Staff costs 18,360.million 188bet best bookmaker，Accounting for 28.56%。

In addition，Company plans to invest 5,416.250,000 188bet best bookmaker to implement creative R&D and display center construction project，and planned investment 1,496.620,000 188bet best bookmaker to build an information system with corporate organization and business as the management object。

Feng Shang Culture revealed，After the funds raised this time are in place，188bet best bookmaker’s net assets will increase significantly，But it takes a certain period for investment projects to generate income using raised funds，188bet best bookmaker’s net profit level is difficult to increase in the same proportion。In addition，The capital investment in investment projects with raised funds will increase the depreciation of fixed assets accordingly。Therefore，188bet best bookmaker has the risk of a decline in the return on net assets in the short term after the issuance。

In addition，Feng Shang Culture also said，The amount and projects raised this time are consistent with 188bet best bookmaker’s existing production and operation scale。After the implementation of the fundraising project，188bet best bookmaker will further break through the existing production capacity bottleneck、Expand business scale、Enhance sustainable profitability。