Cultural and creative industries set off investment boom Guangdong's industrial chain is expected to be complete (VC291)

In recent years, cultural and creative industries have sprung up like mushrooms, and documents such as the "Cultural Industry Promotion Plan" have been issued continuously, causing a new wave of industrial development. In April 2011, the nine departments jointly issued the "Guiding Opinions on Financial Support for the Rejuvenation and Development and Prosperity of the Cultural Industry", starting from the construction of intangible asset evaluation systems, relaxing the credit environment, expanding financing channels, improving the security system, and encouraging insurance funds and risk funds. Enter into emerging industries and other aspects, and comprehensively improve the financing environment for cultural enterprises. Driven by policies, the cultural and creative industry is becoming a new capital highlight with its high rate of return.

Whether it's the blissful goat, the well-known Aofei animation in the capital market, or the 1506 creative industry park that has just won the World Expo's Best Practice Zone ... Guangdong's creative industry stands out in an amazing manner. Relying on the advantages of the manufacturing industry, Guangdong's creative industries have inherent industry support. Due to its relatively complete industrial chain, Guangdong's cultural and creative industries are attracting more and more investors' attention.

Capital Tuzha, cultural and creative industries towards marketization

Recently, a piece of news has caused great attention in the gaming industry. At the end of July, the five top private equity leaders of Qiming Venture Capital, Plateau Capital, Walden International, Haina Asia and Sequoia Capital will all participate in the China Game Chamber of Commerce meeting. Industry analysis pointed out that the appearance of five top international private equity leaders in China at the same time is unusual, indicating that international and domestic capital predators are increasingly concerned about the huge growth potential hidden in the domestic game industry.

In fact, more than just the game industry is attracting attention, including animation, creative parks, cultural media industries and other emerging cultural industries are slowly entering the "eye of law" of capital. The figures of private equity and venture capital began to annoyance at various animation exhibitions, game conferences, and creative industry meetings. Several newly listed cultural industry companies have been favored by secondary market funds, and cultural industry funds began to emerge in China. The most conservative bank credit funds have also begun product innovation for the cultural and creative industries.

On September 10, 2009, Aofei Animation was successfully listed. Due to its special product characteristics, it attracted the attention of many investors. In 2011, Aofei Animation launched a new round of capital operation with its outstanding performance: the capital provident fund increased by 6 shares for every 10 shares, quickly expanding the plate; invested 90 million yuan to acquire Guangdong Jiajia Cartoon Film Co., Ltd. 60 % Equity to further improve the industry chain.

According to statistics, from the second half of 2010 to the beginning of 2011, media companies such as Anhui New Media, Aofei Animation, Huayi Brothers, and Blue Cursor have been listed. More than ten publishing groups are also stepping up preparations for listing. The cultural industry has expanded through the capital market and has become a new force of concern among listed companies.

The first domestic private equity fund focused on investment and financing in the culture and media industry announced the completion of the first phase of RMB 2 billion in fund raising and officially put into operation. The fund will use capital means to intervene in the international media market and explore the construction of a media investment and operation platform.

Guangdong's advantageous industrial chain is complete, making it easier to obtain investment

In fact, Guangdong Province is one of the regions where Chinese private capital is very developed, so it took a step early in supporting the development of cultural and creative industries. After the reform of the cultural system in 2002, many companies related to film and television culture appeared in Guangdong, especially in the recording industry, and some distinctive enterprises appeared. In recent years, relying on the coastal advantages, enterprises in Guangdong Province have played an important role in the development of derivatives of cultural and creative works, and many excellent cultural and creative enterprises, including Tencent and Aofei Animation, have emerged.

As the benchmark of Guangdong's cultural industry, the rise of Tencent has given countless investors a wonderful vision, and it has also triggered a wave of online creativity. "The top five private equity firms are the vane of the industry. If they all focus on the domestic game industry, then other private equity and venture capital companies are believed to continue to follow up. In the future, there may be a large amount of venture capital invested in the domestic game industry." The source pointed out that even if the above five private equity did not invest in any game developer, it would still play a general role as a catalyst.

Zhang Xinxiong, director of the Guangdong Animation Game Industry Research Center, analyzed that compared with purely original animation, animation companies with physical support, such as Guangdong Aofei Animation, are more likely to obtain financial capital due to relatively stable products and businesses in traditional fields. Institutional favor. "Enterprises that have established a sound management team and business operation model are likely to become the next target of attention for private investors or institutional investors due to their products having a wider audience."

“Aofei Animation ’s current channels are well-placed, with 40% of its products entering large supermarkets and shopping malls, and 60% of its products entering distributors’ wholesale markets through distributors. It has strong control over terminals. Its industrial chain is relatively complete and has received many investors. The preference of investors. It sets a very good precedent for investors to enter the cultural industry. Many private investors are still coveting Aofei. "Said a private equity.

"If an enterprise wants to be favored by investors, the premise is to be able to disperse or evade the risks that may be brought to the bank or investors, but some risks cannot be completely eliminated, so it is recommended that the enterprise should first practice its internal skills, make good products, and enterprises With characteristics, investment will naturally come to the door. "Lei Zhonghui, a famous investor, said.

The problem of docking: high risk and difficulty in evaluating capital

Although capital has given great enthusiasm for the high return of the cultural industry, the creative industry also faces outstanding problems in the development of capital. The uncertainty of intangible assets of cultural and creative products often discourages investors, and high returns are accompanied by Is high risk.

"The animation is very risky. Before the derivatives are profitable, almost all of the capital investment, including finding screenwriters, writing scripts, making films and contacting broadcasts, will have to pay for the company. In case of any accidents, these early stages All investment has made a splash. "Said Cai Wenxiong, chairman of Jiaying Animation. Because of this, companies are very keen to attract other funds to alleviate economic pressure and share risks.

However, due to less assets, high dependence on creative talents, and large demand for funds, the cultural and creative industries have a higher risk of capital recovery for investors and banks.

"Bank capital basically adopts a conservative attitude when dealing with such asset-light and high-risk cultural and creative industries. Most small and medium-sized and start-up cultural and creative industries cannot receive a lot of capital support. . This also hinders the development of the cultural and creative industries. "Lei Zhonghui said.

"Cultural enterprises have more intangible assets, but there is no universal evaluation system in the market." Guo Guodong, an analyst at the Industrial Securities Cultural Industry, pointed out sharply, "For example, the market can estimate the box office revenue of films produced during the contract between Feng Xiaogang and Huayi, but it cannot be calculated The market value of Feng Xiaogang's brand can actually be converted into corporate profits. "

Establish property rights appraisal and protection system to open up the capital of creative industries

Capital has an impulse for profit, and the industry has a need for development. However, is the gap between the two insurmountable? In fact, in recent years, various policies promoting the financing of creative industries have been introduced one after another, and the market has also spontaneously born many financing supporting industries.

Among them, cultural property rights trading centers and cultural industry funds have emerged in various places since 2011, which has broadened financing channels. Not long ago, Guangdong Southern Cultural Property Exchange and Shenzhen Cultural Property Exchange were officially established and opened to the public. "Cultural property rights transactions can partially solve the problem of difficult valuation of creative industries, supplementing the lack of domestic cultural industry system environment and industrial defects such as light assets and difficult evaluation." Industry experts said.

On the other hand, experts pointed out that the difficulty of traditional financing of cultural industries in some regions is decreasing. Taking Guangdong's cultural and financial strategic cooperation as an example, in response to cultural enterprises' lack of asset collateral and other issues, the bank established an assessment expert group to evaluate the enterprise's intangible assets, and unsecured enterprises may also obtain loans.

Among them, the Guangdong Provincial State-Owned Cultural Assets Supervision Office signed Guangdong Cultural and Financial Strategic Cooperation Agreements with CCB Guangzhou Branch, China Everbright Bank Guangzhou Branch and Minsheng Bank Guangzhou Branch. Not long ago, China Minsheng Bank ’s Chinese TV series directors granted collective credit. The first batch of 23 directors received a total of more than 100 million credit lines. These TV series director groups directly received creative funds and became the main investors and copyright beneficiaries of TV series.

"Banks lack professional knowledge and experience in the evaluation and transfer of intellectual property rights, and they need to play the role of professional intermediary institutions in the society and give professional judgment of intellectual property rights to social intermediary institutions to solve professional problems in intellectual property lending. The government may Give discount support to enterprises with innovative value that meet the prescribed conditions. "The head of a joint-stock bank said.

"I hope that the introduction of the" Guidance "can accelerate the construction of the intangible asset evaluation system. The openness and transparency of the value recognition of cultural enterprises is the first step in financing." Guo Guodong said.

Investor Lei Zhonghui has a more optimistic attitude, "China will gradually loosen some policy restrictions on the cultural field, and the trend of the cultural industry's development is certain. Investment is also tilting and focusing on this industry. In the next five years, China will usher in a wave of investment in cultural and creative enterprises.

The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting. For more information, please click download to view all articles.
Contact number 400-609-6665 800-999-3099
E-mail: