Kingfisher Capital | Wen
Jebsen Shares (300182. SZ) advanced layout meta-universe format?
The "advancedness" of this ChiNext company is more reflected in the stock price, which rose rapidly by 40% in the two trading days of January 14 and 17, making all kinds of funds "eager to move".
Jebsen's film and television copyright business is experiencing a process of gradually building barriers, but suddenly turned to the exploration of meta-universe hotspots and carried out an asset divestiture.
Will corporate valuations be reshaped? Perhaps, too optimistic.
Cross-border changes
In its 2021 semi-annual report, Jebsen Co., Ltd. described the scope of its main business as follows: The company's main business is new media copyright operation, and other businesses include audio and video technology services, film and television content production and distribution.
Among them, the production and distribution of film and television content is the key business of Jebsen Shares. For example, the works of well-known actors such as Huang Jingyu and Zhang Yishan are broadcast on local satellite TV and Internet platforms.
In addition, the films starring Wang Kai, Gu Tianle, Han Geng and Gulinaza are also works in which Jebsen co-ordination participates.
In the seemingly uneventful business operation, the stock price of Jebsen shares changed in mid-January, and the stock trading price rose by more than 30% for two consecutive trading days.
"Specially arranged" institutional meet-ups
Looking through the disclosure information, we found that this is related to Jebsen's cross-border participation in the meta-universe ecology
On 11 January, Jebsen Co., Ltd. arranged two people to organize a research activity for investment institutions. The participants were: Ma Lin, secretary of the board of directors, and Ji Zhihui, general manager of Shiyou Technology.
At the research meeting, Jebsen Stressed that the listed company has completed the divestiture of some loss-making film and television and traditional audio and video technology businesses, which is conducive to reducing the burden on listed companies.
At the end of November 2021, Jebsen Co., Ltd. transferred its subsidiary Jebsen Junsheng to a Beijing institution for RMB52.1 million, including Shiqi Pictures, Polar Information, China Television Wonderful, Rui Jixiang and other enterprises. The operation also involved the divested company's debt payment arrangement of $302 million for Jebsen's shares for the next three years.
More critically, the above-mentioned institutional research is to announce a more significant strategic layout.
There are three main points:
- Layout of ultra-high definition, VR, AR, virtual digital people and other related audio and video technology services;
- Through its shareholding subsidiary, Shiyou Technology, it is exploring the virtual IP operation business and creating a virtual avatar of a well-known person;
3) Consider applying the new media copyright of the listed company to the Shiyou Technology Meta-Universe Twin Show platform.
It is worth noting that the announcement shows that the virtual image of Andy Lau in the Spring Festival Gala "Cow Up" was completed by the Shiyou team, which realized the singing and interaction of people in Hong Kong.
Brokerage institutions have also given various reasons to be optimistic.
For example, the company has a large number of film and television copyrights, animation copyrights, and a large number of IP characters can be imported into the Shiyou Technology database to form a large IP cycle moment;
Another example: Superimposed in 2020 Jebsen shares to introduce Xiaomi War Investment to strengthen cooperation with channel-side hardware manufacturers, can consolidate the transformation of the meta-universe from the perspective of capital;
Another example: In the third quarter of last year, Jebsen Shares also issued an equity incentive plan, granting 144 million restricted shares to 101 incentive recipients for the first time.
Private placement lurking?
After the above-mentioned institutional survey, the share price of Jebsen shares began to fluctuate abnormally, and the background of the buyer institutions involved in this survey is worth paying attention to.
The figure below shows that in addition to a number of well-known public offering institutions, there are also a number of "unknown" private equity institutions.
For example, Beijing-Hong Kong Weiye, the China Foundation Association has a filing agency called "Beijing Jinggang Weiye Investment Co., Ltd.", only 5 registered employees, management scale of 0-500 million yuan, in the list of investors and executives on the record did not find the corresponding researchers.
Another example: there is also a company called "Xuyang Fund", which also participated in the survey. The China Foundation Association has a private placement called "Beijing Xuyang Fund Management Co., Ltd.", which is also managed by 0-500 million yuan.
The "Heqing Capital" of the research list, we did not find the same name institution in the filing system of the China Foundation Association, and we did not know its real origin.
Another veteran private equity Hongdao Investment is also listed, this institution has a management scale of more than 5 billion yuan, and the founder has a background in media work.
After Jebsen shares divested assets, held aloft the metacosmonic concept of a subsidiary, and superimposed the stock price changes after a research meeting, what subtle information behind it has not been "disclosed"?
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