I Won a Prize of 100 Million at the Beginning, and I Became a Capital Boss

Chapter 250 Galloping Horse is going to acquire Noon Sunshine?

It is rare to come to Hengdian once, and of course Zheng Wentong must go to the noon sun.Hou Hongliang introduced to Zheng Wentong the shooting plan of Noon Sunshine this year, "Dajiang Dahe", "Langya Bang: The Wind Blows from the Long Forest" and "Everything is Good".

The focus of this year's shooting is "Dajiang Dahe". This drama is a tribute to the reform and opening up. Noon Sunshine has placed high expectations on this drama.The play is starring Wang Kai, Yang Shuo and Wei Daxun, with Wang Kai playing the hero Song Yunhui and Bai Xiaolu's teacher Li Chentao playing the heroine Cheng Kaiyan's mother.

Hou Hongliang first of all congratulates Zheng Wentong's "In the Name of the People", which has become a hit in ratings. The national ratings have broken 4. It has become the most popular topic and the highest-rated five-star TV series this year.

"Seeing the successful broadcast of "In the Name of the People" gave us great confidence in the creative scale of "Dajiang Dahe", which can truly reflect the magnificent decades after the reform and opening up." Hou Hongliang said.

"The male protagonist Song Yunhui is a person who is difficult to empathize with. After all, the first batch of college students after the resumption of the college entrance examination are rare, and now they have basically reached important leadership positions. On the contrary, Lei Dongbao and Yang Xun are more people. There is a resonance. When we make TV series, we must show the shining points of the little people. They may not be perfect. Compared with Lei Dongbao and Yang Xun, Song Yunhui is too grand, upright and tall, so we should try to avoid high-ranking and few in the next two sequels. High word of mouth, but there is a possibility of low ratings." Zheng Wentong said.

This is the fact, "Dajiang Dahe 1" has both high word-of-mouth and ratings. After "Dajiang Dahe 2" was broadcast, Douban's score has been high, but the ratings of the sequel are not satisfactory. The background of the stories told in "Dajiang Dahe 2" and "Dajiang Dahe 3" makes it difficult for young audiences to have a sense of substitution. The screenwriters must make the script more understandable and down-to-earth.

Moreover, the character design of the heroine Liang Shishen in "Dajiang Dahe 2" and "Dajiang Dahe 3" is not pleasing, full of elitist arrogance.However, the adult Liang Shishen will only appear in the 2th episode of "Dajiang Dahe 24", and Sunshine at noon still has enough time to choose a suitable actress.

The valuation of Noon Sunshine this year has reached as high as 60 billion. Since Zheng Wentong took a stake in Noon Sunshine in the first half of 15, Noon Sunshine’s company valuation has changed from 6 million to the current 60 billion.

According to the agreement between Zheng Wentong and Hou Hongliang, Galloping Horse will acquire 100% of the shares of Noon Sunshine at the right time, so that Noon Sunshine will become a wholly-owned subsidiary of Galloping Horse, realizing the curve listing plan of Noon Sunshine.

Although Galloping Horse’s company is much larger than Sunshine at Noon, it is not realistic for Galloping Horse to spend 60 billion in cash to buy Sunshine at noon. This is the most typical merger and acquisition case of a film and television cultural enterprise. .

The ultimate goal of Galloping Pony is to merge Noon Sunshine and White Fawn Studios into one, making Noon Sunshine and White Fawn Studios wholly-owned subsidiaries of Galloping Pony, the TV drama department and business of Galloping Pony, and Noon Sunshine, White Fawn Studio merged.

Galloping Horse is in charge of film production and distribution, Sunshine at Noon is in charge of star TV dramas, and White Xiaolu Studio is in charge of web dramas and web dramas. The three perform their duties.If these two mergers and acquisitions are completed, Galloping Horse will widen the gap with Huayi Brothers and Enlight Media, and firmly secure its position as the No. [-] brother in the mainland film and television industry.

The size of Bai Xiaolu Studio is not large, and the current overall valuation is only around one billion. Galloping Horse, with a market value of tens of billions, does not feel too much pressure to buy Bai Xiaolu Studio, so the key to the merger lies in the midday sun.

The shareholders of Noon Sunshine headed by Hou Hongliang certainly hope to sell the company as a whole at a higher valuation, so that their economic interests can be better protected.

However, Slope Investment itself is the largest shareholder of Noon Sunshine, holding 25% of the shares, and Hou Hongliang is the second largest shareholder, holding 23.5% of the shares.

If calculated based on the market value of 60 billion, the market value of the equity held by Hou Hongliang personally is 14 billion yuan, and Zhong Lifang holds 1000 million shares of Galloping Horse. The market value is HK$900 billion.

If Noon Sunshine becomes a wholly-owned subsidiary of Galloping Pony, Hou Hongliang will surpass Zhong Lifang and become the largest individual shareholder of Galloping Pony.

Galloping Horse’s acquisition of Noon Sunshine should make a detailed evaluation of Noon Sunshine’s profitability, growth, and development potential. Combined with the market benefits of Noon Sunshine in the past two years, it is estimated that the success of the disease will bring it to Galloping Horse. Economic benefits, reasonable choice of valuation methods.

High premium mergers and acquisitions will definitely affect the profitability of enterprises in the short term.Therefore, in the process of corporate mergers and acquisitions, it is necessary to have an accurate valuation of Noon Sunshine in order to prevent the goodwill of the acquirer company Galloping Horse from being greatly impaired after the completion of the merger.

In 18, Yuewen Group will buy 155% of Xinli Media at a price of 100 billion, but the outside world is not optimistic about this merger.Thinking that the acquisition price of 155 billion offered by Yue.Wen.Group was too high, and the stock price of Yue.Wen.Group plummeted accordingly, evaporating 91 billion Hong Kong dollars.

Zheng Wentong and Hou Hongliang communicated about the payment method for Galloping Horse to acquire Noon Sunshine. Galloping Horse can issue 40 billion new shares plus 20 billion cash to complete the overall acquisition of Noon Sunshine.

The 20 billion in cash can be paid in four years, 4 million in the first year, 6 million in the second year, 6 million in the third year, and 4 million in the fourth year.

The advantage of this payment method is that Galloping Horse does not need to borrow too high a short-term bank loan, and with the profits brought by the merger and acquisition company Midday Sunshine to the parent company Galloping Horse, the current ratio and quick ratio will soon be offset. Ma Galloping's corporate solvency continued to rise.

The issuance of a large number of new shares will also increase the rights and interests of the major shareholder of Galloping Horse, Slope Investment, so that the asset ratio and debt ratio of Galloping Horse will be lower, and it will not affect the corporate rating of Galloping Horse.

Galloping Pony now has billions in operating income every year, and the working capital of hundreds of millions has little impact on the overall operation of Galloping Pony.

Zheng Wentong said to Hou Hongliang: "Pony Horse has bought the two companies of chasing light animation and morevfx this year. As the major shareholder of Noon Sunshine, we have no need to cash out. You, Director Kong and Director Li can choose to use stocks+ cash to protect your personal rights,"

Director Kong Sheng is not very familiar with capital operation methods. He asked Zheng Wentong, "Although the film and television stocks have been falling last year, Galloping Horse was successfully listed before the Spring Festival. Is there no possibility for us at Noon Sunshine to go public separately?"

"As an investor, I certainly hope that Noon Sunshine can also be listed on the A-share or Hong Kong stock market, so that the rights and interests of Slope Investment can be better guaranteed."

"However, the valuation of film and television companies is not always high or low. If Noon Sunshine fails to go public, and the company's revenue and profits fall short of expectations, then it may lower the valuation of Noon Sunshine, which means that noon sunshine is in your hands. Equity will be cheaper.”

"Bona Films and Xinli Media are both sprinting for an IPO. Xinli Media is already sprinting for an IPO for the third time. Since last year, the China Securities Regulatory Commission has tightened policies on mergers, acquisitions, reorganization and financing of the film and television entertainment industry. The review is more stringent."

"Enlight Media is the second shareholder of Xinli Media and also the main competitor of Xinli Media in the industry. This may lead to horizontal competition or related transactions, so Xinli Media's previous two IPOs have been rejected."

"If you want to go public, you have similar problems. If Noon Sunshine wants to go public, you must find a new capital to buy the 25% equity held by Slope Investment." Zheng Wentong explained.

The current valuation of Noon Sunshine is not low, and 25% of the equity is also worth 15 billion. If there is a new capital willing to spend 15 billion real money to buy the equity of Noon Sunshine, Slope Investment will agree.

In the first half of 15, Zheng Wentong exchanged 1 million for 5000% of the equity. Now the return has become ten times, and Zheng Wentong has nothing to hesitate.

Of course, even if Hou Hongliang and the others can’t find a new capital to take over the equity held by Slope Investment, Galloping Horse will acquire Sunshine at Noon by issuing new shares + cash, and they can still exchange shares of Galloping Horse worth 15 billion for Slope Investment .

For the current Zheng Wentong, there is no urgent need for him to continue to control the midday sun.Because Bai Xiaolu has already starred in the "Ode to Joy" trilogy, in the future Bai Xiaolu will appear in more TV series of Galloping Horse or White Xiaolu Studio, such as "Police Honor".

Galloping Pony's TV series "Ordinary Glory" produced last year has a good reputation, and Galloping Horse is already a competitor of Noon Sunshine in the same industry.

However, Galloping Horse's desire to acquire Noon Sunshine is not without resistance. Zheng Wentong will then need to hold a shareholders' meeting to persuade other shareholders of Galloping Horse.

The capital operation method of Galloping Horse's acquisition of Noon Sunshine is actually a stock exchange acquisition. The listed company completes the acquisition through the payment method of cash + issuance of new shares.

The price of this merger is not decided by Zheng Wentong and Hou Hongliang. If Galloping Horse pays through legally transferable shares, it should provide Galloping Horse's audited financial accounting reports and securities valuation reports for the last three years, and Cooperate with the due diligence work of the independent financial advisor hired by the acquired company.

As a Hong Kong-listed company, Zheng Wentong will hire PricewaterhouseCoopers to complete the investigation on Galloping Horse and Noon Sunshine. The accounting firm will accurately evaluate the value of the two companies, and will also evaluate Galloping Horse’s completion of the merger at Noon. After Sunshine, Zheng Wentong will disclose the impact on the merger and acquisition party Pony Gallop, this investigation report will be fully disclosed to major shareholders such as Cheung Kong Industrial, Ari, Wangyi, and Youku
If PricewaterhouseCoopers values ​​Noon Sunshine at RMB 30 billion, then Zheng Wentong needs to explain to shareholders that it is necessary and reasonable for Galloping Horse to acquire Noon Sunshine at a high premium. buy, sell
　One more chapter later

　　
　
(End of this chapter)