AirMedia Media Transfers 5% Equity or Welcomes Value Return
On April 8, according to the agreement reached by AirMedia and Lianjian Optoelectronics, the transfer price of 5% of the shares of AirMedia was RMB 150 million, and the transaction value of Hangmei Advertising was RMB 3 billion. The price is much higher than the market value of AirMedia. The opening price has risen nearly 80%.
Comment: The sale of the business does not affect the existing equity: AirMedia announced that Lianjian Optoelectronics acquired 5% of AirMedia's equity for RMB 150 million. In fact, it is the acquisition of the shares of Air China Media's domestic subsidiaries controlled by VIE, which includes most of the profitable business of AirMedia (about 85% of the profits). Hangmei Media itself does not have any changes in equity, or dilution. Lianjian Optoelectronics acquired specific business lines: airport digital framework, airport traditional media, outdoor media, airport LED TV and so on. What we can judge is that the 5% acquisition is only the beginning, and the subsequent high probability will be the remaining part of the acquisition.
Concentrate on high-speed rail aviation WiFi layout: After eliminating the sale of equity, the current remaining business of Hangmei is the on-board TV business line, outdoor gas station business, and railway aviation WIFI. The first two parts account for about 10%-15% of profits. Railway and aviation WIFI are accelerating this year. After the equity transfer, the company will concentrate on the WIFI layout. At present, the WIFI of the general-speed railway is already being tested, and the high-speed railway is still waiting for the specific implementation documents of the Railway Administration. The aircraft will be tested for WiFi in the first half of the year. The railway uses WIFI free of charge and the aircraft needs to be paid for. The railway and aircraft WIFI business models are consistent, mainly in the form of cooperative APP downloads and order rakes.
Comment: The sale of the business does not affect the existing equity: AirMedia announced that Lianjian Optoelectronics acquired 5% of AirMedia's equity for RMB 150 million. In fact, it is the acquisition of the shares of Air China Media's domestic subsidiaries controlled by VIE, which includes most of the profitable business of AirMedia (about 85% of the profits). Hangmei Media itself does not have any changes in equity, or dilution. Lianjian Optoelectronics acquired specific business lines: airport digital framework, airport traditional media, outdoor media, airport LED TV and so on. What we can judge is that the 5% acquisition is only the beginning, and the subsequent high probability will be the remaining part of the acquisition.
Concentrate on high-speed rail aviation WiFi layout: After eliminating the sale of equity, the current remaining business of Hangmei is the on-board TV business line, outdoor gas station business, and railway aviation WIFI. The first two parts account for about 10%-15% of profits. Railway and aviation WIFI are accelerating this year. After the equity transfer, the company will concentrate on the WIFI layout. At present, the WIFI of the general-speed railway is already being tested, and the high-speed railway is still waiting for the specific implementation documents of the Railway Administration. The aircraft will be tested for WiFi in the first half of the year. The railway uses WIFI free of charge and the aircraft needs to be paid for. The railway and aircraft WIFI business models are consistent, mainly in the form of cooperative APP downloads and order rakes.
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