Shanghai New Culture Media raises 600M Yuan in IPO and announces new projects

12 July 2012 15 h 37 min Comments Off

On July 10, the TV and film producer Shanghai New Culture Media Co., Ltd. (300336) successfully completed its initial public offering of 24 million A-shares of common stock at a price of 25 yuan per share. The company raised 600 million yuan through the issuance. On first day, company’s share price rose 27.2%.

The shares are traded on the ChiNext Board of the Shenzhen Stock Exchange. Haitong Securities served as the lead underwriter and Zhonghua Certified Public Accountants served as Auditor.

Shanghai New Culture Media Group Co., Ltd. invests in, produces, and distributes films and television shows. The company has signed distribution agreements with China Central Television (CCTV), about 60 provincial and municipal TV stations, more than 10 audio and video companies, and more than 10 new media companies in China, along with more than 20 overseas customers. Its distribution network covers the domestic market including Hong Kong, Macao, and Taiwan, as well as Europe, North America, Southeast Asia and other overseas regions.

Shanghai New Culture generated RMB320 million (US$50.4 million) in distribution revenues and RMB60 million (US$9.45 million) net profits in 2011. The company distributed 12 TV dramas of 400 episodes, ranking third in China behind CCTV and Hairun.

It recorded RMB40 million (US$6.3 million) in net profits in H1, an increase of 36.71% year-on-year.

The company plans to produce 17 TV dramas of around 570 episodes in 2012. In addition, it will launch hundreds of digital films every year and cooperate with CCTV-Movie channel (CCTV-6) to broadcast its digital films.

SOURCE: capitalvue.com (10/07/12)

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