Calculated based on the latest trading floor price，The latest valuation 188bet mobile is 42.100 million，Compared to the valuation of 5.4 billion in October last year，Down 22% in one year。

September 10，Announcement disclosed by Beijing Equity Exchange，China Cultural Industry Investment Fund (China Investment) plans to transfer all its shares in Beijing Happy Mahua Entertainment Culture Media Co., Ltd.，Accounting for 11% of the total share capital 188bet mobile33%，The transfer price is 4.7.7 billion yuan。

This is the third time that China Investment has publicly transferred shares 188bet mobile。Calculated based on the latest trading floor price，The latest valuation 188bet mobile is 42.100 million，Compared to the valuation of 5.4 billion in October last year，Down 22% in one year。

The capital market is not optimistic，Except for 188bet mobile withdrawing its IPO and drifting away from A-shares，The box office failure of "Li Cha's Aunt" was not as good as expected, which is also an important turning point。Its failure not only amplified the barriers to drama adaptations，It also reflects that twist comedy has fallen into routine、After patterning，Gradually consuming the audience’s patience，The overall reputation is on a downward trend。

Reflected in financial report data，2018，The net profit 188bet mobile is 1.0.9 billion，Decreased by 71% compared with the same period last year.76%。On the one hand，Hot-hit movies without main control failed to boost performance，On the other hand，The non-replicability of the artist incubation model also strengthens Happy Twist’s dependence on leading artists，Gradually losing the voice of artist managers，In the end, it is difficult to guarantee the continuity and stability of the company's profits，Intensifying the flight of capital。

The second largest shareholder cleared his position three times，45 million 188bet mobile net profit exceeds 400 million

Chinese Investment Stock Happy Twist，It was in 2013。At that time，Chinese Investment invested 45 million yuan，Obtained 15% of the equity 188bet mobile，The valuation 188bet mobile is 300 million。

6 years later，188bet mobile has become one of the hottest film and television companies in China，But the Chinese vote again and again，Want to quit again and again。

It’s worth noting，News just came out a few days ago that 188bet mobile will be listed in the United States，Due to the dislocation between the consumer market and the capital market，The prospect of domestic film and television companies listing in the United States is not clear，Bona Pictures, whose valuation has been difficult to improve during its listing in the United States, is a lesson learned from the past。

Chinese Investment chooses to clear out the shares 188bet mobile at this time，Perhaps also to avoid the potential risks of listing in the United States。Based on the latest trading floor price，The minimum rebate for Chinese investment is 4.7.7 billion investment return，10% increase from the original investment.6 times，Net profit 4.3.2 billion。

Although the return on 188bet mobile that can be obtained by investing in Chinese is high，But this is the result of two compromises。

October last year，The movie "Li Cha's Aunt" directed by Happy Mahua did not meet expectations at the box office，Shortly afterwards，Chinese Toubin was listed on the Beijing Stock Exchange for the first time，Want to clear out all shares 188bet mobile，At that time, the lowest price for listing and transfer was 6.1.2 billion yuan，The valuation 188bet mobile is also over 5.4 billion yuan。

End of March this year，Happy Twist delisted from the New Third Board，Two months later，China Investment is listed again to clear out equity，And adjust the transfer price to 5.300 million yuan，Reduced by more than 10%。Now listed for trading again、Lower price，And every time it happens at the node where the development 188bet mobile is blocked，It is inevitable that people will think of it。

To know，Publicly traded equity means a lot，No capital party is willing to take over the deal through private resale。The three listings have not yet completed the transaction，On the one hand, it reflects that Chinese Investment is eager to cash out and exit，On the other hand，Also reflects the current cooling of the entire capital market，Hindering the entry of capital，The commercial value 188bet mobile has been devalued again and again，The future development prospects are not optimistic by the capital market。

The withdrawal of the second largest shareholder is just one of the manifestations 188bet mobile’s difficulties in the capital market，In addition，Before and after Kaixin Mahua was delisted from the New Third Board，The company’s new round of financing plan also failed；Jiaxing Xinye, which once made a surprise investment in Kaixin Mahua before its IPO, opposed Kaixin Mahua’s delisting from the New Third Board，Zhang Chen, the company’s largest shareholder, was forced to pay 1506.310,000 yuan to repurchase relevant shares...this shows，The development 188bet mobile on the road of capital is becoming increasingly unsmooth。

It is getting harder and harder to sell laughter, and the spiritual core of 188bet mobile comedy is disappearing

The capital market’s “change of attitude” towards Happy Twist，There are two main reasons: one is that 188bet mobile withdrew its IPO，Another 188bet mobile movie "Li Cha's Aunt" did not meet expectations at the box office。

Although the box office failure of one film is not enough to undermine the development direction 188bet mobile entire company，But "Li Cha's Aunt" does expose two difficulties in twist comedy:

1、Transitioning 188bet mobile drama to movie，The language system between the two、Mise-en-scène、There are barriers in terms of performance methods；

2、After 188bet mobile comedy falls into "patterning"，Showing an unwillingness to change、The inertia of money-making without seeking change。

Judging from the films that 188bet mobile has released so far，"The Donkey Gets Water" is almost an anomaly，The irony and reflection on human nature hidden under the comedy，Increases the depth of the video。A film released as the second part of Happy Twist，The completely different styles of "Donkey Got Water" and "Charlotte Trouble" allow the market to see the possibility of Happy Twist in comedy diversification。

However，From the core of creation，"Donkey Deshui" actually does not have the creative gene 188bet mobile，The main creative team of this drama is Sili Drama，Happy Mahua is just an investor in its film，Retaining the actors and script of the drama in the film presentation。Of course，The Happy Twist sign really gave "Donkey Des Shui" greater exposure，But the absurdity and profoundness of "The Donkey Gets Water" were not engraved into the bones 188bet mobile。

Throw aside "The Donkey Gets Water"，"Charlotte's Troubles", "The Shy Iron Fist", "Li Cha's Aunt"，And Yan Fei, the main creative team of 188bet mobile Department、"The Richest Man in Xihong City" created by Peng Damo after he established his own business，There is a similarity of "shadows come from the same family"。

Unrealistic elements、Gender mismatch、Diaosi counterattack、Getting rich overnight is a common element of twist comedy，In terms of laughter output，Vulgar、Sexual infringement and other more frequent occurrences，It is increasingly unable to meet the needs 188bet mobile audience with the accelerating iteration of laughter，What’s more important is，The spiritual core 188bet mobile film is also gradually disappearing。

"Charlotte Trouble" is more than funny，Use time-travel elements to express the growth of a man，The choice between fame, wealth and true love touched the hearts of many viewers。But in subsequent 188bet mobile movies，The empathy between the film and the audience is getting weaker and weaker。

Although "The Shameful Iron Fist" achieved a good box office due to its reputation and market inertia，But the content itself already feels cliché；"The Richest Man in Xihong City" leaves behind memory points in addition to the brainwashing song "Calories"，The core 188bet mobile story conveys the values ​​of money worship under the surface of satirizing money worship；"Li Cha's Aunt" has become a farce due to the frequent changes in the identity of men and women... Perhaps the twist comedy has the burden of being frequently tested by the market and can still amuse the audience，But the lack of spiritual core has lowered the audience’s expectations time and time again。

Intuitive reflection is，After "Charlotte Trouble"，The reputation of 188bet mobile comedy movies is getting worse and worse。

After "Li Cha's Aunt"，The jury is still out on whether 188bet mobile is actively seeking change or “resting on its laurels”，However, "The Hotel The Sun Never Sets" still starring Huang Cailun has been temporarily withdrawn from the 2019 Spring Festival schedule，Not a positive signal for the market。

Shen Teng、Ma Li’s annual income 1.700 million，But it is difficult to guarantee the sustainability 188bet mobile’s profits

The overall decline in content quality is not good for film and television companies，will directly affect the sustainability 188bet mobile’s profitability，This is also what the capital market is most concerned about。

From the financial report data，188bet mobile’s current profit points mainly include three aspects: performances and derivatives、Films and derivatives、Artist Agent。

In theater performances，The income performance 188bet mobile is relatively stable，Performance and derivative business revenue reached 3 in 2018.7.7 billion，37% of overall revenue.37%，Basically the same as the same period last year。

The overall performance contribution of the film and television business to 188bet mobile fluctuates greatly。2018，The company’s revenue from film, television and derivative businesses is 3.400 million，33% of overall revenue.71%。And in the same period last year，Film, television and derivative business revenue accounted for more than 50%。

It is undeniable，The hit movie significantly boosted the current performance，The year "Charlotte Trouble" was released in 2015，"The Shameful Iron Fist" was released in 2017，188bet mobile’s net profit increased by 221% and 442% year-on-year respectively。

However，188bet mobile’s creative team、Signed artists have weaker say，Yan Fei、Peng Damo’s newly established Xihong City Film and Television Center，188bet mobile’s shareholding ratio only accounts for 15%。"The Richest Man in Xihong City" controlled by Xihong City Film and Television has Happy Twist Investment，The box office performance is also the highest among the Mahua series，Reaching more than 2.5 billion，But the boost to 188bet mobile’s performance is not obvious。

Also，Financial report data display，2018，Happy Mahua’s income from artist management business reaches 2.9.2 billion，0 compared with the same period last year.9.3 billion up 214%。But Happy Mahua’s artist management business cost reaches 2.7.4 billion，The gross profit margin is only about 6%。In other words，Happy Mahua’s profits from the artist management business are quite limited，Most of it went to the artists themselves，This also largely reflects the weak voice 188bet mobile in the artist management business。

It’s worth noting，The core source of income from 188bet mobile artist’s brokerage business is Shen Teng、Ma Li。

Financial report data display，2018，188bet mobile Twist and Xinyi Xixiang Tengteng Film and Television Culture Studio、The transaction volume generated by Changxing Zhenpin Film and Television Culture Studio is 6010 respectively.070,000、32.39 million，Total 9249.070,000，Both companies are 100% controlled by Shen Teng。

Also，188bet mobile Twist and Ma Li’s Studio Lihe Film and Television Culture Completed 7845.700,000 yuan transaction。Calculate accordingly，188bet mobile twist from Shen Teng、Ma Li’s brokerage income is at least 1.More than 700 million yuan，Accounting for about 60% of the total income of artist management。

However，Shen Teng、Ma Li’s success cannot be replicated，In addition to their long-term drama performance foundation、Besides comedy talent，There is still an opportunity for the Spring Festival Gala，The audience base accumulated outside the drama market。After，188bet mobile quickly moves towards the capital market，But capital does not wait for people to grow，I don’t have the patience for artists to polish their acting skills、Script，Accumulate a broader audience base。

In such a development environment，It is difficult for Happy Mahua to quickly develop high-profile artists to match market demand，There is no capital tied to high-quality artists to tap their commercial value，The comedy mode is also falling into routine、Reputation declined after homogenization，Gradually consuming the attractiveness 188bet mobile to capital，As a result, it withdrew its IPO and missed the A-share market，It was revealed that the prospect of listing in the United States is bleak，Profit-seeking capital can only accelerate its escape。

*188bet mobile articleSource: WeiboLetter 188bet mobile public account "Mirror Entertainment" (ID: jingxiangyule)，Original title: "The second largest shareholder publicly sold nearly 500 million shares，Has the capital market given up on 188bet mobile?？》