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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are a major drama series producer and distributor in the PRC, covering the investment, development, production and distribution of TV series and web series. According to the Frost & Sullivan Report, we ranked fourth among all drama series producers and distributors in the PRC in terms of the number of the first-run broadcast TV series in 2019, representing a market share of 6.0%. We also ranked sixth among all drama series producers and distributors in the PRC in 2019 in terms of (i) the revenue generated from drama series and (ii) the number of episodes of drama series distributed for the first-run and re-run broadcast, representing a market share of 1.8% and 2.1%, respectively, according to the same source. We generate revenue primarily from (i) licensing the broadcasting rights of our self-produced drama series to TV channels, online video platforms or third party distributors; (ii) licensing the broadcasting rights of outright-purchased drama series from online video platforms or drama series producers to TV channels, third party distributors or online video platforms; and (iii) production services for made-to-order drama series per online video platforms' orders. In respect of licensing of broadcasting rights of our self-produced drama series business, we charge TV channels and online video platforms for broadcasting, and third party distributors for sub-licensing, our self-produced drama series, while we pay (i) IP costs to IP owners or screenwriters for their copyrights; (ii) service fees to third party production services providers and talents; and (iii) marketing and promotion fees to marketing agencies. Regarding licensing of broadcasting rights of our outright-purchased drama series business, we charge TV channels, third party distributors and online video platforms a fixed-amount licensing fee of each episode, while pay licensing fees to online video platforms or drama series producers. In addition, with regards to our business of made-to-order drama series production, we charge online video platforms production fees for provision of the overall production services, while pay IP costs to screenwriters for their screenplays, talent costs to directors and actors for their performance services, and production costs to third party production services providers. We were one of the 73 holders of Television Drama Production Permit (Class A) 《( 電視劇製作許可證（甲種）》) in the PRC, and the only one in Jiangsu Province, as of December 31, 2019. In recognition of our achievements in business innovation and rapid growth, we received various awards, including the Cultural and Technology Enterprise of Nanjing (南京市重點文化科技企業) in 2017 and Gazelle Enterprise of Nanjing (南京市瞪羚企業) granted by Nanjing Municipal People's Government in 2018 in honor of fast growing innovation enterprise. In addition, the drama series that we produced and distributed also won a variety of awards from TV channels and online video platforms as well as the government. To satisfy our demand for drama series production, we generally maintain 20 to 30 IP reserves simultaneously in accordance with our internal policy. As of the Latest Practicable Date, in addition to our drama series that had been broadcast and to be broadcast, we had reserved in aggregate 30 IPs, consisting of six original screenplays based on our own initial ideas and 24 adapted screenplays based on licensed IPs. In the meantime, some of our IPs are also high ranking stories on leading online literature platforms. We believe our platform business model gives us a competitive advantage over industry peers and empowers us to effectively integrate premium industry resources, such as well-recognized screenwriters, producers, directors and actors, filming and production studios as well as external quality control specialists, into our well-established ecosystem to achieve synergies. Our industry resource integration capability also ensures the quality and success of our drama series, which is evidenced by their audience reception. For example, our self-produced drama series, The Impossible Mission (不可能完成的任務) won the Jiangsu Province Government Television Award (江蘇省新聞出版廣電政府獎電視劇獎) from Jiangsu Provincial Administration of Radio and Television. Treasure Adventure (國寶奇旅) won the First Prize of the 2019 Jiangsu Province Outstanding Copyright Award (2019年江蘇省優秀版權作品一等獎) from Copyright Administration of Jiangsu Province, and Five-one Project Award of Jiangsu Province (江蘇省五個一工程獎) from the Standing Committee of Jiangsu Provincial Committee of the Communist Party of China. Second Time Is A Charm (第二次也很美) was the Annual Viewership Ratings Champion during the prime time of Dragon TV in 2019 (二零一九年東方衛視黃金時段年度收視率冠軍). Our quality control of drama series, comprising both internal and external seasoned quality control staff, is one of our core competencies that distinguishes us from other drama series producers and distributors. We invite industry-recognized producers and/or directors to conduct quality control through the entire process of drama series production, from IP selection to filming and further to post-production. To better serve and continue to benefit from online video platforms as one of our strategies, we have established four in-house content production studios to serve our major online video platform partners. We provide diversified content developed by ourselves or licensed from our content partners to different online video platforms according to their preferences and specific demands. We place high value on the investment in drama series. Our management and project initiation committee keep track of, continuously seek for, and make cautious selection in investment opportunities in drama series. As of June 30, 2020, we had invested in an aggregate of 16 drama series that had completed production, among which 11 are our self-produced drama series. We were the sole or largest investor in eight out of 11 of our self-produced drama series that had completed production as of the same date. We have strong distribution capability and have maintained well-established relationships with the top five TV channels and top three online video platforms in the PRC. According to the Frost & Sullivan Report, we were the only drama series producer and distributor that distributed new drama series on all of the aforementioned eight dominant distribution channels in 2019. Leveraging our strong distribution capability, we are from time to time approached by other developers or producers to assist with the distribution of their drama series. As of the Latest Practicable Date, we had 29 drama series that had been broadcast, and three drama series to be broadcast by the first quarter of 2021, including one self-produced drama series and two made-to-order drama series. We experienced stable growth during the Track Record Period. Our revenue increased from RMB542.9 million in 2017 to RMB679.1 million in 2018 and further increased to RMB765.1 million in 2019. According to the Frost & Sullivan Report, the size of the drama series market in the PRC in terms of licensing or distribution revenue and advertising revenue is expected to further grow from RMB99.1 billion in 2019 to RMB121.3 billion in 2024. As a major player in this market, we believe that we will continue to be well positioned and benefit from the stable and continuous market growth potential. Source: Strawbear Ent (02125) Prospectus (IPO Date : 2020/12/31)
Listing Market	MAIN
Industry	Movies & Entertainment
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	LIU Xiaofeng (42.74%) iQIYI, Inc. (13.78%) Liu Shishi (10.42%)
Directors	LIU Xiaofeng (Chairman and Chief Executive Officer and Executive Director) ZHAI Fang (Chief Operating Officer and Executive Director) WANG Xiaohui (Non-Executive Director) Liu Fan (Non-Executive Director) CHUNG Chong Sun (Independent Non-Executive Director) MA Zhongjun (Independent Non-Executive Director) ZHANG Senquan (Independent Non-Executive Director)
Company Secretary	ZHAI Fang Zhang Xiao
Principal Bankers	Bank of Nanjing East West Bank
Solicitors	Tian Yuan Law Firm
Auditors	Ernst & Young
Registered Office	40th Floor, Dah Sing Financial Centre, No. 248 Queen's Road East, Wanchai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.strawbearentertainment.com
Email Address	[email protected]
Tel No	(86 025) 580-5551
Fax No

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