According to Zhujiang Digital official news, at 9:00 am on September 20th, 2017, Guangzhou Zhujiang Digital Group Co., Ltd. (hereinafter referred to as: Zhujiang Digital, stock code: 871828) New Third Board listing bell ceremony was successfully implemented in Beijing National Small and Medium-sized Enterprise Share Transfer System. Held. According to official sources, special guests such as Comrade Ouyang Weimin, member of the CPC Guangzhou Municipal Committee and deputy secretary, and Comrade Lai Bin, deputy director of the Propaganda Department of the Guangdong Provincial CPC Committee, and the Guangdong Provincial Cultural Reform Office, the Guangzhou New Media Bureau, Guangzhou Finance Bureau, Representatives of Guangzhou SASAC, Guangzhou Municipal Capital Office and other units, shareholders of the company, and employee representatives attended the listing ceremony. The main business of Guangzhou Zhujiang Digital Group Co., Ltd. is to engage in the construction, operation, maintenance and management of the Guangzhou Radio and Television Network. The company’s main products are TV revenue from basic viewing services, value-added services, and Internet access. Zhujiang Digital is listed on the New Third Board (as for the listing is not listed, or see everyone from which point of view!), or quite surprising. After all, with its size and size, landing A shares is still promising. More importantly, in the context of the existence of the “Tianwei Video†listed in Guangdong, the Pearl River Digital Landing Capital Markets undoubtedly added challenges to the integration of Guangdong Province and the Internet. 1, sudden? According to the open transfer specification, the current shareholding structure of Zhujiang Digital is as follows, held by Guangzhou Radio and Television: In fact, even if it is listed on the New Third Board, the approval process adopted by Zhujiang Digital is extremely cumbersome, including access to the Guangzhou Municipal Party Committee Propaganda Department, Guangzhou Municipal Cultural Asset Management Office, Guangzhou State-owned Assets Supervision and Administration Commission, Guangdong Provincial Cultural Asset Management Office, and Guangdong Provincial Radio and Television Bureau. The approval and filing work of the Central Office of Cultural Affairs, the State Administration of Press, Publication, Radio, Film and Television, and other relevant municipal, provincial, and ministry-level units is only a bit simpler in time and process than the A-share market. Seeking truth from facts, due to the investment threshold and liquidity of the New Third Board, its significance at the capital level is not that great. Why is it that Zhujiang Digital has to “listen†to be listed on the New Third Board? This is probably an issue of general concern to the outside world. One of the industry's guesses is to cope with a provincial network integration in Guangdong. According to sources, Guangdong Province's integration of the Pearl River digital network has not been smooth, and there is a certain historical background. With at least three to five years of A-share landings, it is a good idea to land on the New Third Board quickly - even if you can't stop it, you can improve your stack. The considerations in this respect cannot be denied, but the reporter thinks this is not necessarily the reason. If we look at it from a different perspective: 1) Before the new 3rd board was listed, Zhujiang Digital signed a strategic cooperation agreement with Guangdong Provincial Network. In order to avoid disorderly competition, duplicated construction, and non-sharing of resources, the two parties also jointly established Guangzhou Radio and TV Network Technology Co., Ltd. to carry out unified implementation. Construction and installation of new real estate in Guangzhou. It can be seen that in Pearl River Digital's listing of the New Third Board, it has communicated with the Guangdong Provincial Network. The latter did not “block†in a series of approval processes. 2) Docking with the capital market is not necessarily the resistance to network integration. It is all about the operational thinking of the trader. Far from Hubei Broadcasting and Television Network, through the backdoor listing, the network integration of the province has been gradually realized, and Jiangsu Cable has recently deepened the province's network integration through major mergers and acquisitions. Some people even believe that Jiangsu's cable integration model provides a pilot field for nationwide network integration. Why is this not the case for provincial network integration? Of course, on the basis of what considerations are made, I am afraid that the parties are the most clear and welcome to leave a message for discussion. 2. Market According to the information on the open transfer of the brochures, Zhujiang Digital’s operating revenue for 2015 and 2016 were 746 million yuan and 872 million yuan respectively; net profits were 130 million yuan and 114 million yuan respectively. Its income structure is as follows, and the basic subscription fee accounts for about 55%, which is equivalent to the national average: According to its latest semi-annual report, as of June 30, 2017, operating income for the first half of 2017 was 441 million yuan, an increase of 16.34% over the same period of the previous year; net profit attributable to shareholders of the listed company was 70,907,700 yuan, compared with the previous year. It increased by 13.54% over the same period. Its semi-annual report showed that its revenue growth in the first half of the year was mainly due to the agreement in the agreement reached between Zhujiang Digital and Non-Cloud Internet Technology (Shanghai) Co., Ltd. that the company repurchased 4K intelligent set-top boxes and supporting modems purchased by Zhujiang Digital. , Pearl River Digital realized a one-time sales revenue of 42.521 million yuan. (what's the situation?) In 2015 and 2016, the number of users (including digital TV main and terminal users, interactive users, smart TVs, and analog cable) of the company’s TV-opening status at the end of each reporting period of Zhujiang Digital was 1.157 million and 1.29 million, respectively, and remained stable. At the end of 2015 and the end of 2016, the number of subscribers to the Internet broadband access service of the company was 231,900 and 277,400 respectively, and the number of users continued to increase with the development of the business. In 2015 and 2016, the company’s revenue from value-added services was RMB 41,639,300 and RMB 63,184,700 respectively. This is mainly due to the fact that value-added services are pay-per-view programs, and so on, through interactive television. The number of interactive TV users was 400,000 and 450,000, respectively. The increase in the number of users and the average value-added services consumption led to an increase in revenue for value-added services in 2016. From the perspective of the number of users of Zhujiang Digital, it is roughly equivalent to 60% of Tianwei Video. Tianwei video cable revenue in the first half of 2017 was 640 million yuan, and Zhujiang digital was 441 million yuan. In contrast, the value of the single-user value of the Pearl River can be compared with that of Tianwei Video, and the digital market value of Zhujiang can also be estimated from it. Although the broadcasting and TV industry has been declining in recent years, the connection between radio and television operators/TV stations and the capital market is accelerating. Operators, including the Xinjiang Broadcasting and Television Network, Longjiang Network, and Chongqing Cable, are reportedly preparing for listing. The local radio and television new media operating companies, which are mainly engaged in IPTV business, are also actively preparing for listing, and they have even surpassed the potential of broadcasters. It's hard to draw conclusions about good things and bad things. However, referring to the process of the connection between the Chinese publishing industry and the capital market, it seems that the advantages outweigh the disadvantages. The nationwide radio and television system is connected with the capital market on a large scale. For nationwide network integration, there is no doubt that higher intelligence and skills are needed. Cable Trunking Fittings,Cable Trunking Accessories,Electric Cable Trunking,Pvc Trunking Accessories FOSHAN SHUNDE LANGLI HARDWARE ELECTRICAL CO.LTD , https://www.langliplastic.com
