Strawbear Entertainment Group has passed the hearing of HKEX and will launch IPO in earlier next year. Strawbear Entertainment Group is a major drama series producer and distributor in the PRC, covering the investment, development, production and distribution of TV series and web series. In addition, the Company is the only drama series producer and distributor that distributed new drama series on all of the eight dominant distribution channels, namely the top five TV channels and top three online video platforms in 2019.

According to the Frost & Sullivan Report, Strawbear Entertainment Group 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%. The Company’s revenue has increased from RMB 542.9 million to RMB 765.1 million at a CAGR of 18.7%. As of 1H2020, the Company’s adjusted net profit, which excluding the changes in fair value of financial liabilities at fair value through profit or loss and equity-settled share award expense, has reached approximate RMB 72.08 million, representing an YOY increase of 71%, exceeded the net profit of 2019FY.

iQIYI is the second largest shareholder of the Company.