The dream of listing is broken! "Good Voice" Canxing Culture IPO was rejected. Why IPO failure is doomed?

Because the performance of this film and television production company is greatly influenced by the program effect, the fluctuation is also very intense, and the performance is very unstable, so it is more likely to be rejected. Canxing Culture began to prepare for the IPO of Growth Enterprise Market in June of last year at 65438+ 10. At that time, the prospectus showed that it hoped to raise1500 million yuan to supplement the working capital of variety show production. And according to insiders, this is actually the second listing application of Canxing Culture. As early as 20 18, Canxing Culture tried to be listed on the Growth Enterprise Market, but it was eventually rejected by the audit committee. But now, with the east wind of the registration system, Canxing Culture Company tried to go public again, but it failed. According to industry insiders, after the failure of A-shares, Canxing Culture may try to raise funds in the US stock market.

This time, the IEC's investigation on its listing focused on a series of issues. First, how to determine the actual controller of the company, although the company dismantled the red-chip structure, Tian Ming, the co-controller of the company, still holds shares through various shareholding structures. Then there is the impairment of its assets. At present, a company acquired by the company has recorded an impairment of 1 100 million yuan, and the company has never clearly stated the reasons for the impairment. Finally, I asked about the company's performance. Since 20 17, the company's performance has continued to decline, and the highest performance in 20 17 also comes from its explosive program "The Voice of China".

But obviously, the voice of China in the last few seasons is obviously not as good as the first season, although the company has also created this! It's street dance ""this! It is original and so on. But its performance has never returned to the past.

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The data shows that from the end of 20 15 to the end of 20 19, the monetary funds of Canxing Culture were 3120,000 yuan, 295 million yuan, 226 million yuan,1360,000 yuan and 449 million yuan respectively, and the asset-liability ratio was 26.72% and 7655 yuan respectively.

In contrast, the monetary funds of listed companies Huace Film and Television, Beijing Culture and Perfect World in the same period listed in the prospectus are about 2 billion yuan, 654.38+0 billion yuan and 3 billion yuan respectively, which are much higher than Canxing Culture.

It is worth noting that in? The financial strength is not strong? In this case, the dividend of Canxing culture is very rich.

Statistics show that from 20 15 to 20 19, the total cash paid by Canxing Culture for dividends, profits or interest repayment reached1573 million yuan, of which the largest amount was 748 million yuan in 20 17, and the net profit attributable to the company in that year was only 4.5/kloc.