HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Taihe Music Group / Equity Capital Markets

<ul>
<li>Taihe’s three businesses form a complete commercial loop of "IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem"</li>
<li>Taihe's advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers</li>
<li>Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.</li>
</ul>


Taihe’s three businesses form a complete commercial loop of "IP content → amplification of artist performances → monetization of the ticketing platform → feeding back to the IP ecosystem"
Taihe's advantage lies in its all-round layout covering the entire industrial chain. However, its weakness is compared with platform-type enterprises, Taihe lacks a super entry point directly reaching end consumers
Based on the analysis, we think a conservative scenario could be P/E of 15-20x. A neutral scenario could be 20-25x. An optimistic scenario could be 25-30x.


Pre-IPO Taihe Music Group - The Concerns Behind The "Heavy" Business Model

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taihe-music-group" target="_blank" data-smartkarma-citation="entities:50276:1" rel="noopener">Taihe Music Group (TAIHE HK)</a> (TMG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and China Sec.</li>
<li>TMG operates a Chinese-language music platform that monetizes music copyrights, artist management, live entertainment, and ticketing services.</li>
<li>As per Frost &amp; Sullivan, it operated the largest independent Chinese-language music catalogue globally in 2025 in terms of revenue.</li>
</ul>



Taihe Music Group (TAIHE HK) (TMG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and China Sec.
TMG operates a Chinese-language music platform that monetizes music copyrights, artist management, live entertainment, and ticketing services.
As per Frost &amp; Sullivan, it operated the largest independent Chinese-language music catalogue globally in 2025 in terms of revenue.


Aequitas: Taihe Music Group Pre-IPO Tearsheet

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Taihe Music Group (TAIHE HK)

Pre-IPO Taihe Music Group - The Concerns Behind The "Heavy" Business Model

Taihe's integrated model creates a complete commercial loop, but its weakness lies in lacking a direct connection to end consumers as the...

Xinyao (Criss) Wang

Aequitas: Taihe Music Group Pre-IPO Tearsheet

Taihe Music Group (TMG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and China Sec.

Kajal Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Taihe Music Group - The Concerns Behind The "Heavy" Business Model

​Taihe's integrated model creates a complete commercial loop, but its weakness lies in lacking a direct connection to end consumers as the...

Xinyao (Criss) Wang

Aequitas: Taihe Music Group Pre-IPO Tearsheet

Taihe Music Group (TMG) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and China Sec.

Kajal Jain

Taihe's integrated model creates a complete commercial loop, but its weakness lies in lacking a direct connection to end consumers as the...