It turns out that Li Qin cooperated with Wang Yibo in 2016, earlier than Xiao Zhan

In March 2022, Lowe's Entertainment first submitted its IPO application to the Hong Kong Stock Exchange and passed the listing hearing on August 7, and was scheduled to officially land on the capital market on September 7. However, at the doorstep, Lehua Entertainment changed its mind midway, delaying its global offering and suspending its Hong Kong IPO plan. It is understood that the reason for delaying the IPO is that Leroy Entertainment has limited imagination left in the capital market, so the valuation given by the market is not as expected. To a large extent, the reason is related to the fact that its artist management business occupies too high a proportion of revenue, and the business is more dependent on the status quo of the company's head artists. The prospectus shows that Lehua Entertainment's revenue for 2019-2021 will total over 2.8 billion yuan, of which over 90% comes from artist management and is highly dependent on head artist Wang Yibo. Previously, Wang Yibo signed a ten-year contract with Lehua, which was renewed for four years to 2026 after its expiration, meaning that Lehua Entertainment can still settle down for four years. In this context, how to reduce the risk of business homogenization, open the market and business diversification, and get rid of the problem of over-reliance on a single artist is the most primary and challenging problem for Lehua Entertainment. In 2009, Du Hua founded Lehua Entertainment Group (hereinafter referred to as "Lehua Entertainment"), which has popular artists such as Wang Yibo, Han Geng, Meng Meiqi and Fan Chengcheng. In October 2012, Lehua Entertainment announced that it had completed a Series A round of financing of tens of millions of RMB, attracting two investors, Leper Capital and Rongxi Venture Capital. 2014, Chinese Culture Group participated in a Series B round of financing of 255 million RMB for Lehua Entertainment. A year later, two giants of the Internet industry, Ali and Byte Jump, became the new shareholders behind Lehua Entertainment through their associated companies. Previously, Byte Jump had also invested up to 180 million yuan in Taiyang Chuanhe, which at that time had dozens of signed artists such as Angelababy, Zhou Dongyu, Chen He and Zhang Junning. In the prospectus stage, Leroy Entertainment also introduced Cat Eye and others as cornerstone investors. According to the prospectus, Harvest Capital (Harvest Fund), Blue Cursor (SZ:300058) and Cat's Eye Entertainment (HK:01896) subscribed HK$156.7 million, HK$80 million and HK$39.2 million of Lehua Entertainment's offering shares, respectively. The prospectus shows that before the IPO, Lehua Entertainment's executive director, chairman and CEO Du Hua held 50.18 percent of the company's shares, his spouse Sun Yiding held 3.31 percent, Lehua Entertainment's veteran artist Han Geng held 2.35 percent, Ali's Zhejiang Dongyang Alibaba Pictures held 14.25 percent through Interform Construction, and Chinese Culture holds 14.25% through CMC Sports Investment Limited, and Beijing Quantum Leap Technology, a subsidiary of Byte, holds 4.74% through Afflatus. Leju Finance "Penetrating IPO" notes that this listing is not the first time that Lehua Entertainment has hit the capital market. As early as September 2015, Lehua Entertainment was listed on the New Third Board on September 22, 2015 under the abbreviation of "Lehua Culture" with the code "833564", but the listing was terminated in March 2018. After the delisting of the New Third Board, the company planned to list on the main board of the SSE, and in March 2018, Lehua Entertainment filed a pre-listing counseling with the SEC. Based on the consideration of long-term business development plan and financing needs for further expansion, Leroy Entertainment terminated the listing counselling in May 2021. on August 24, 2022, Leroy Entertainment launched a prospectus and planned to list on the HKSE on September 7, 2022, with an offer range of HK$6.80 to HK$8.50 per Offer Share. However, only one step away from landing on the Hong Kong Stock Exchange, Leveraged Entertainment made a surprise announcement, announcing its decision to delay the global offering and suspend the IPO in Hong Kong. Leroy Entertainment explained that "in the face of international geopolitics, global inflation backlash economy and epidemic emanations and other factors, the capital market continues to be sluggish, coupled with the continued decline of the Hang Seng Index, a large number of new shares broke, Leroy Entertainment after careful consideration, decided to suspend the IPO of Hong Kong shares". At the same time, Lehua Entertainment also said that the decision was supported by the original shareholders, including Byte and Ali, and the subsequent arrangements will be determined depending on the market situation. According to the disclosure, Lehua Entertainment had a surprise dividend distribution before the IPO.

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期待李沁的作品！