The 3rd China Cultural Industry Frontier Forum and the"China Cultural Enterprise Report 2013"press conference was held at Peking University on May 26.Wang Hongwei,general manager of CCB International Cultural Industry Investment Company,who attended as a guest,has seen too much in the past 20 years The process of an instantaneous death or rise of a mature company or a growing company at its peak.These vivid cases have brought her the most authentic experience.

　　Investor's business card:

　　Wang Hongwei,General Manager of CCB International Cultural Industry Investment Company.As the first industrial fund in the field of film and television and publishing in China,the CCB International Cultural Industry Fund was filed by the National Development and Reform Commission and jointly advocated and supported by China Construction Bank,the former State Administration of Radio,Film and Television,and the former State Administration of Press and Publication,focusing on the cultural industry.Renminbi equity investment fund.

　　The fund was established in 2009 with a fund size of 2 billion yuan,of which China Construction Bank accounts for 60%.In addition to China Construction Bank,investors in this fund have brought together industry leaders such as China Publishing Group Corporation[Weibo]and China Film Group Corporation.Qixian Investment,Jiangsu Yurun Group and Hubei Wuhan Industry and Trade are also among the investors.The investment scope of the fund covers publishing,film,radio and television,online games,animation industry,etc.The current management fund scale is about 1.5 billion yuan.

　　As a bank series of equity investment funds,CCB International Cultural Industry Fund(hereinafter referred to as"CCB Fund",this fund is managed by Qianxin Cultural Investment Management Co.,Ltd.jointly established by CCB International Wealth,China Publishing Group and China Film Group))Not only do equity,but also pay special attention to the details of the company after investing.This is also the unique advantage of CCB Fund.

　　Value the early stage of cultural enterprise development

　　“I have worked for China Construction Bank(hereinafter referred to as“CCB”)for more than 20 years.I have participated in the fundraising of several funds under CCB Funds.The funds have costs and investment periods.Many funds hold a lot of money.If you can’t invest,it will be very stressful.”Wang Hongwei hired experts to help CCB Fund.

　　Insiders suggested that CCB should do more work in the early stage of cultural enterprise development,not in the mature stage.Enterprises in the cultural field are very creative,but state-owned banks are relatively cautious in investment.Joint-stock banks such as Minsheng Bank,Bank of Beijing,and China Merchants Bank have advanced in this regard.For example,Minsheng Bank established a cultural business at the head office.Ministry,specializes in financing the cultural industry.

　　In the field of bank credit,CCB has also made many attempts.State-owned banks have more contact with large state-owned enterprises.For example,Dalian Wanda launched the Wanda commercial complex model in 2007 and 2008,and the first funding came from China Construction Bank.At that time,Dalian Wanda was positioned as a real estate company.Under the circumstances of the financial crisis,CCB supported Wanda through innovative equity products.Wanda has this kind of commercial complex model and built a movie theater model in the real estate model.The authors have good cooperation.

　　In addition,the shareholders of CCB Fund include China Publishing Group and China Film Group.Both state-owned cultural aircraft carriers have cooperation with CCB.The main fund custody work of People's Daily Online[Weibo],which went public last year,is basically carried out by CCB.The cultural and traditional credit of the CCB head office has a cultural financial product called"people-oriented access",which mainly focuses on the cultural field to do a series of investment and financing work.According to Wang Hongwei,the CCB Fund officially began operations in 2011,with an investment period of 3 years,and the expected 1.5 billion yuan investment at the end of this year has basically been completed.

　　The future development of state-owned funds is larger

　　The Internet industry is developing rapidly,and it is easy to miss good opportunities if bank investment and financing do not follow up in time."Alibaba first cooperated with the Zhejiang Branch of China Construction Bank,but during the growth of the Internet,our state-owned credit and state-controlled control lags behind.Alibaba's Alipay made all banks disdain to do it because of the initial payment of transaction funds.Jack Ma has a chance.It took Ma Yun a few years to turn Alibaba into a big platform,and it will be impossible when you want to replace it."Wang Hongwei said.

　　Private Internet companies,technology companies,companies in the TMT industry and many other companies are constantly innovating and developing rapidly.Wang Hongwei said that cultural funds with a state-owned background are now facing strong development opportunities,and there is a lot of room for development in the next 10 years.Just like WeChat and Weibo,the market has undergone tremendous changes in two months."After Alibaba and Sina Weibo cooperate,will Sina Weibo have a new business model?This is what we will wait and see."

　　Some state-owned enterprises must require funds with the same state-owned background to participate.This is a unique policy in the field of Chinese culture."Wasu Digital Television Media Group(hereinafter referred to as"Wasu")was listed.We especially wanted to participate at that time because Wasu was doing triple play integration,but at that time Wasu had a private sector,and we did not participate in the end due to policy issues.We are very concerned about private enterprises,because state-owned enterprises can release very limited investment after the capital enters.We have invested in private cultural enterprises and private media companies.The business types covered are very rich."Wang Hongwei said.

　　take M&A as a business format

　　"We are now paying special attention to the exit of mergers and acquisitions.From the beginning of this year to the present,we have analyzed mergers and acquisitions of listed companies.Cultural mergers and acquisitions are very dynamic,such as the cooperation between Alibaba and Sina.Among the more than 100 companies suspended in this IPO,There are more than 10 cultural companies that cannot be listed,probably because of their profit model,business model,and financial sustainability.It’s not that these companies are not good,in fact,there are other ways to achieve this kind of exit.For example,in film and television entertainment companies,like Dongyang Qingyu Film and Television Culture Co.,Ltd.has filmed excellent works such as"Latent"in the past two years,but does the film and television industry need so many listed companies?Can film and television companies be listed on one or two works?For example,Huayi Brothers,Guangguang Media,Huace Film and Television and Hualu Baina,they have caught up with the good opportunities.But I think that as long as the company has its core competitiveness,it is also very good to exit through mergers and acquisitions or other methods in the next step."Wang Hongwei said.

　　"In film and television companies,Guangguang Films and Huayi Brothers go hand in hand.You catch up with me in terms of market value,but their profit model is different.In the past 10 years,the box office miracle of Chinese movies has been basically created by Huayi Brothers.However,""Tai囧"reversed the failure of Guangguang Media in the past four or five years in film and television.Guangguang Media has done a good job in publicity and distribution.Huayi Brothers and Guangguang Media have one content and another channel,forming their own brand advantages."

　　Since last year,the operation of film and television companies has also changed."Based on our judgment of film and television companies,the real capital of film and television companies may rely on more technical support.For example,Huayi Brothers,in addition to the performance growth of"Journey to the West"last year,was also due to the acquisition of Shenzhou Zhangxun.In addition to its own endogenous growth,Huayi has also become a very big driving force for development of technology companies."Wang Hongwei said.

　　When it comes to the press and publishing industry,Wang Hongwei analyzes that the publishing industry with a state-owned background is separated from acquisition and editing,and culture is light asset resources.However,it is precisely that some state-owned enterprises in press and publishing have very good asset-heavy resources,such as China Publishing Group.In addition to content,It has a particularly good cultural brand-Rongbaozhai.There are only 7 companies in China that are more than 200 years old.Among them is Rongbaozhai.Its brand value is inestimable.However,due to the relatively complete construction of technology platforms for private enterprises,how to perfectly combine state-owned resources with private technology platforms is something that the new media industry needs to study in the future,including mergers and acquisitions opportunities."Once a state-owned enterprise is listed,it becomes a public company,and its strength is very powerful."

　　"So,is it possible to consider mergers and acquisitions as a business?In addition,in terms of power rankings,private and state-owned businesses should be separated,because the business formats are indeed different.From a data point of view,private businesses cannot surpass state-owned businesses,but in the cultural field,private businesses are even more important.Active,and it represents a direction for China's investment in the future."Wang Hongwei said.

　　Investment values​​people,money and things

　　As a comprehensive fund,CCB Fund did not consider itself to a small area.In 2009,CCB Fund,SDIC Trust and Beijing Poly Art Investment Management Co.,Ltd.launched the first true art trust fund in the market."There are 29 paintings in the product package invested in 2009,of which 27 are by Wu Guanzhong.The Poly Art Fund has reached today,whether it is financing or investment,CCB has participated in 6 phases.This market is very mature.We will set up a section under the cultural fund project to make film and television funds and art funds separately."Wang Hongwei said.

　　The support for the cultural field is actually a whole financial product chain.Wang Hongwei said that not only from the perspective of equity investment,equity investment mainly hopes to withdraw through listing,mergers and acquisitions or other transfers after capital injection,but in fact it is in the entire financial industry.Equity investment in the industry chain is only a very important part of it.It is a financial industry chain.Any enterprise,whether state-owned or private,cannot do without finance at every step of its development.With the continuous development of the cultural industry in the past two years,CCB has done a series of work in financial innovation products,such as a lot of innovations in bond issuance,medium-term notes,and short-term financing.

　　"Any value-added service cannot replace the value-added service of a bank,because you cannot build a complete financial industry chain.The companies we invested in were annoying to us at the beginning of the contact,because we would make a lot of requirements,but then people's attitudes changed very much.Because the benefits we bring are beyond their imagination.For a project invested this year,we helped enterprises apply for government subsidies from the State-owned Cultural Assets Supervision and Administration Office,including its debt issuance and settlement.We will follow up in all aspects.It is impossible for other financial companies."Wang Hongwei said.

　　"What do we pay attention to in the process of investing in enterprises?Three words-human,property,and material.Whether it is a state-owned enterprise or a private enterprise,the'person'is very important,but under the state-owned system and the private system,it is about"People’s judgment standards are indeed different;the authenticity of finances and finances can be seen from the financial growth indicators of the company’s supervision and growth;things,the core part of the company,are the core competitiveness of the company.Reflect what is supporting the growth of the enterprise."