邵氏吞下正午阳光，黎瑞刚曲线上市？

Core Viewpoint - The film industry is witnessing a significant capital maneuver as Shaw Brothers (00953.HK) plans to acquire core film assets from its major shareholder, CMC Inc., through a share placement, despite a lukewarm market response [1][3]. Group 1: Transaction Details - Shaw Brothers announced a plan to acquire assets valued at approximately 85.58 billion yuan, while its own audited asset value is about 4.59 billion yuan as of September 2025 [1]. - The transaction price is approximately 45.77 billion yuan (around 50.98 billion HKD), with Shaw Brothers issuing about 159.30 billion shares at a price of 0.32 HKD per share, representing about 91.82% of the expanded share capital [3]. - The target business includes key assets such as the production company Noon Sunshine and the cinema network UME, which operates 63 cinemas across China [2][3]. Group 2: Financial Performance - The target business is projected to generate revenues of 2.317 billion yuan, 2.262 billion yuan, and 2.295 billion yuan from 2022 to 2024, with net profits of 291 million yuan, 202 million yuan, and 280 million yuan respectively [2]. - Shaw Brothers has faced declining revenues over the past few years, with projected revenues of 116 million yuan, 216 million yuan, 163 million yuan, 67 million yuan, and 52 million yuan from 2020 to 2024 [9]. - In the first half of 2025, Shaw Brothers reported a revenue of 106 million yuan, a 734.6% increase year-on-year, driven by the release of new productions [9]. Group 3: Industry Context - The film industry is currently experiencing a downturn, with reduced content demand and declining viewer willingness to pay, impacting profitability across the sector [7]. - CMC Inc. has been strategically acquiring assets in the Hong Kong film industry, including a stake in TVB, positioning itself as a significant player in the market [6]. - The acquisition of CMC's core assets by Shaw Brothers may represent a strategic move to revitalize the company amidst industry challenges [10].