Celebrity concept stocks, Lu Han and Wang Yibo can’t support listed comp...

On October 12, Fenghua Qiushi Group Holdings Limited submitted its fifth listing application to the Main Board of the Hong Kong Stock Exchange. The company had submitted its prospectus to the HKEx four times on January 22, 2021, September 27, 2021, November 15, 2021 and April 1, 2022, but finally all ended up in the situation of "prospectus lapse". Four times sprint, the result is sad. Fenghua Qiushi is a music entertainment service provider operating in China for more than 10 years, mainly focusing on granting music rights and music recording business, supplemented by concert hosting and production, and artist management, but its market share is only 0.6%. Why is the market so concerned about Fenghua Qiushi? Because of Luhan. Luhan signed a contract with Fenghua Qiushi, and as you can see from Fenghua Qiushi's IPO prospectus, all of the company's businesses are associated with Luhan, and in one prospectus, Luhan's name appears more than 200 times, which shows how deeply Fenghua Qiushi is bound to Luhan. There are similar situations, such as Lehua Entertainment, which relies on Wang Yibo and has hit the IPO three times in the past eight years, but all of them ended in failure; Superstar Legend, which is strongly bound to Jay Chou, has also hit the IPO three times, but also without success. There is no doubt that Wang Yibo, Luhan and Jay Chou are all top streamers in the entertainment industry. Why did the IPO fail? Because of the fear of artist's termination. Even the artists of well-known big companies such as SM and JYP in Korea mostly choose not to renew their contracts with the original owners after the contracts expire. Investors in the market are also skeptical about this. Fenghua Qiushi can be said to be equivalent to Luhan alone. The consequence of this deep binding is that once Luhan chooses not to renew his contract after it expires. Then Fenghua Qiushi's main business will "collapse" and the whole company will collapse. This is a nightmare for investors, so Fenghua Qiushi does not want to adjust the business structure of the company, and try to "de-Luhanize" the company, reducing the proportion of Luhan's business and increasing the proportion of other businesses and artists, so as to help create a reasonable business layout and asset structure of the company. If you don't make structural changes, then sprinting for the fifth time will be futile.