Core Viewpoint - Huayi Brothers is set to acquire core film and television assets from Huayi Culture through a significant transaction valued at approximately 45.77 billion RMB, which is nearly 12 times its current market capitalization of around 4.5 billion HKD [1][12]. Group 1: Transaction Details - The acquisition includes a 50% stake in Noon Sunshine, 100% of Shanghai Siyuan, which operates UME Cinemas, and 100% of Huayi Film [1]. - The transaction is characterized as a "snake swallowing an elephant" deal in the media sector, marking a rare occurrence of such a large acquisition [1]. - After the transaction, Huayi Culture will remain the controlling shareholder of Huayi Brothers, with Alibaba and Tencent also becoming shareholders through this deal [1][12]. Group 2: Asset Valuation and Market Context - The assets being acquired have a net asset value of approximately 85.58 billion RMB as of September 30, 2025, indicating a discount of about 46.5% compared to the transaction price [9]. - The revenue for the assets over the past nine months was 1.225 billion RMB, with a pre-tax net profit of 174 million RMB [10]. - The valuation multiples for comparable companies range from 7.1 to 22.3 times for the series segment and 0.7 to 13.1 times for the non-series segment, reflecting the volatility in the film industry [9][10]. Group 3: Company Background and Historical Performance - Huayi Culture, founded in 2015, operates across various sectors including film, television, and digital marketing, and has a significant portfolio including TVB and Noon Sunshine [3][11]. - Noon Sunshine is recognized as a leading producer of Chinese dramas, with notable works such as "Nirvana in Fire" and "The Story of Yanxi Palace" [5][7]. - The overall performance of Huayi Brothers has been lackluster, with net losses reported from 2022 to 2024, although there was a significant revenue increase of 734.61% in the first half of 2025 [12]
45亿“蛇吞象”！邵氏兄弟拟收购正午阳光等资产，投资大佬黎瑞刚操盘，阿里、腾讯入局