Unitrend Entertainment Group Ltd
INHI · Nasdaq Capital Market · Media & Entertainment
- Expected pricing
- Jun 29, 2026
- Price range
- $4.00
- Shares offered
- —
- Filing
- F-1/A · Jun 29, 2026
Founders & leadership
Background and track record, from the Management section.
- Bin FengFounder, Chief Executive Officer and Chairman of the Board of Directors
Founder of the company with 30 years of experience in the media and entertainment industry. Since November 2010, has served as Chairman of INHI overseeing advertising representation and production/distribution of television. Previously served as General Manager at Beijing Dayou Tonghe Advertising Co., Ltd. (2005–2010) and Sales Director at Joyful Media Co., Ltd. (1999–2005).
Source
“Mr. Bin Feng is our founder, Chief Executive Officer and Chairman of the Board of Directors. Mr. Feng has 30 years of experience in the media and entertainment industry.”
High confidenceView in filing → - Xiaoyun HeExecutive Director
Has served as Executive Director since January 12, 2024, and general manager of INHI overseeing daily operations in finance, human resources, and marketing. Previously Director at Beijing Dayou Era Advertising Co., Ltd. and Art Director at Hangzhou Zhige Cultural Planning Co., Ltd. Career began at Zhejiang Television Station.
Source
“Ms. Xiaoyun He has served as an Executive Director of the Company since January 12, 2024. Ms. He has been serving as the general manager of INHI where she oversees daily operations in finance, human resources, and marketing.”
High confidenceView in filing → - Yachun WangChief Financial Officer
CFO of the Company. Since January 2019, has served as founding partner at Jiangsu Zhengzhe Financial Management & Consulting Co., Ltd. Previously worked at Brook & Partners CPAs LLP (Beijing office) as project manager and partner (2012–2018), Ruihua CPA as project manager (2011), and Mazars (Shanghai) Co., Ltd. (Beijing branch) as audit project manager (2008–2010).
Source
“Ms. Yachun Wang is the Chief Financial Officer of the Company. Since January 2019, Ms. Wang has served as the founding partner at Jiangsu Zhengzhe Financial Management & Consulting Co., Ltd.”
High confidenceView in filing → - Jason Chia-Lun WangIndependent Director and member of the Audit Committee
Independent director; previously independent director of Prime Acquisition Corp. since February 2011. Prior roles include Director of Research and Analytics at Private Equity Management Group Inc., roles at QUALCOMM Inc. in venture capital investing, investment banking associate at Relational Advisors LLC, Director of Corporate Development and Planning at 24/7 Real Media Inc., and investment banking analyst at Chase Securities Inc.
Source
“Mr. Jason Chia-Lun Wang will serve as an independent director of our Company and a member of the Audit Committee. Mr. Wang has also served as an independent director of Prime Acquisition Corp., a blank check company, since its inception in February 2011.”
High confidenceView in filing → - Shui Yeung WongIndependent Director and member of the Nominating and Corporate Governance Committee
Independent director; currently director of Full Wealth Consultancy Limited. Serves on boards of multiple public companies including Alset Capital Acquisition Corp., Alset Inc., DSS Inc., Value Exchange International Inc., and Alset International Limited. Previously independent non-executive director of SMI Holdings Group Limited and SMI Culture & Travel Group Holdings Limited.
Source
“Mr. Shui Yeung Wong will serve as an independent director of our Company and a member of the Nominating and Corporate Governance Committee. Mr. Wong is currently the director of Full Wealth Consultancy Limited.”
High confidenceView in filing → - Haining WangIndependent Director and member of the Compensation Committee
Independent director; from 2016 to present serves as Vice President of Edgar Agents LLC Financial Printer. Previously director of investor relations and international trade at Shengtai Holding Inc., and lecturer at Zhonglu Industry & Commercial College School of Foreign Languages.
Source
“Ms. Haining Wang will serve as an independent director of our Company and a member of the Compensation Committee upon the commencement of trading of our Class A ordinary shares. From 2016 to present, Ms. Wang serves as the Vice President of Edgar Agents LLC Financial Printer.”
High confidenceView in filing →
What the company does
The problem it solves and how it differentiates.
Unitrend Entertainment Group Limited is a China-based media and communications company that operates through its PRC subsidiaries and a VIE structure. It generates revenue from three business lines: advertising agency services (purchasing and reselling TV and OTT ad time slots), content assets (self-produced and licensed TV series and variety shows distributed to broadcasters and OTT platforms), and co-production content (providing funding to principal producers of television series in exchange for a contractual share of revenues from the content's commercialization). The company positions itself as an intermediary connecting television production companies, TV stations, media platforms, advertising agencies, and brands in mainland China.
Source
“We work with television producers by acquiring distribution rights and earning distribution fees or revenues derived from the commercialization of such rights. We also provide advertising services by connecting brands, advertising agencies and television stations or media platforms, from which we earn service fees and commissions. In addition, through our co-production content arrangements, we acquire specified copyright interests in selected television series and other audiovisual content projects and generate revenues attributable to the licensing, distribution and commercialization of such copyright interests.”
Market & competition
The market it plays in and who it competes with.
The company operates in China's drama series distribution market and advertising market. In 2024, China's advertising market reached RMB 1,600.6 billion (CAGR of 14.4% from 2020–2024), expected to reach RMB 2,457.4 billion in 2029 at a CAGR of 9.0%. INHI ranked 7th among all drama series distributors in China by revenue in 2024.
Source
“In 2024, the market size of China's advertising reached RMB 1,600.6 billion, with a CAGR of 14.4% from 2020 to 2024...expected to grow at a CAGR of 9.0% from 2024 to 2029, reaching RMB 2,457.4 billion in 2029.”
Financials
Revenue, profitability, and cash, from the financial statements.
- Net income
- $4.5M net income (Year ended December 31, 2025)
- Cash & equivalents
- $934K (as of December 31, 2025)
- Burn rate
- $9K annual operating cash burn (Year ended December 31, 2025)
Source
“Net income attributable to the Company $ 4,517,510”
Source
“Cash and cash equivalents $ 933,665”
Source
“Net cash used in operating activities (9,218)”
Statement-derived (Year ended December 31, 2025; figures in ones).
The offering
Use of proceeds, pricing, and dilution to new investors.
- Artificial Intelligence-Enhanced Online Trading Platform Development
- Advertisement Agency
- TV Programs Production
- TV Series Distribution
- Offering price / share
- $4.00
- Net proceeds
- $20,488,667
- Dilution / share
- $3.14
- NTBV / share (adj.)
- $0.86
- Shares out (after)
- 46,250,000
Source
“based upon an assumed initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement”
Source
“We estimate that we will receive net proceeds from the sale of Class A ordinary shares of approximately $20,488,667 (or approximately $23,919,917 if the underwriters' over-allotment option is exercised in full), based upon an assumed initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement, and after deducting estimated underwriting discounts, the non-accountable expense allowance, and estimated offering expenses payable by us.”
Source
“Amount of dilution in net tangible book value per Class A ordinary share to new investors in the offering $ 3.14”
Source
“Pro forma net tangible book value per Class A ordinary share immediately after this offering $ 0.86”
Source
“Total 46,250,000 100.00 % $ 32,664 100.00 % $ 0.71”
Source
“We estimate that we will receive net proceeds from the sale of Class A ordinary shares of approximately $20,488,667 ... after deducting estimated underwriting discounts, the non-accountable expense allowance, and estimated offering expenses payable by us.”
Control & governance
Share classes, founder voting control, board, and insider conflicts — the founder-control signals.
- Class A ordinary shares1 vote/share
- Class B ordinary shares30 votes/share
Founders hold 19.4% economic · 89.3% voting — super-voting control gap
Size not disclosed · Chair is also the CEO
- Purchase from Hangzhou Shendu Film and Television Culture Co., Ltd — content/goods procurement
The company purchased $606,296 from its related party Hangzhou Shendu Film and Television Culture Co., Ltd for the year ended December 31, 2024, and $nil for the year ended December 31, 2025.
Source
“The Company made purchase of $ nil and $606,296 from its related party, Hangzhou Shendu Film and Television Culture Co., Ltd, for the years ended December 31, 2025 and 2024, respectively.”
High confidenceView in filing →
Lock-up schedule & insider ownership
When insider shares unlock, and who holds them — the part most tools skip.
Lock-up schedule
When insider shares unlock signals when selling pressure may arrive. Conditional unlocks have no fixed date and are shown as such — they are not collapsed to a single guessed date.
- Company (issuer)Share count not disclosedNo fixed dateFixed date
90 days from the closing of the offering
Source
“We have agreed not to, for a period of 90 days from the closing of the offering, offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our Class A ordinary shares or securities that are substantially similar to our Class A ordinary shares”
High confidenceView in filing → - Directors, executive officers, and principal shareholders (5% or more shareholders)Share count not disclosedNo fixed dateFixed date
180 days from the closing of the offering
Source
“each of our directors, executive officers, and principal shareholders (5% or more shareholders of our Class A ordinary shares) has also entered into a similar lock-up agreement for a period of 180 days from the closing of the offering, subject to certain exceptions, with respect to our Class A ordinary shares and securities that are substantially similar to our Class A ordinary shares”
High confidenceView in filing → - All locked-up holders (Company, directors, executive officers, and principal shareholders)Share count not disclosedNo fixed dateDiscretionary
without the prior written consent of the representative
Source
“without the prior written consent of the representative”
Medium confidenceView in filing →
Insider ownership
Beneficial ownership as reported in the S-1 (includes shares deemed beneficially owned via options and affiliated entities). Percentages are beneficial, not record, ownership.
| Holder | Shares | % pre-IPO | % post-IPO | Source |
|---|---|---|---|---|
Bin Feng Director/Executive Officer | 9M | 22.43% | 19.4% | Source“Bin Feng — 8,971,700 22.43 % 89.66 % — 8,971,700 19.40 % 87.83 %” High confidenceView in filing → |
Xiaoyun He Director/Executive Officer | 4.5M | 11.33% | 9.8% | Source“Xiaoyun He 4,533,300 — 11.33 % 1.51 % 4,533,300 — 9.80 % 1.48 %” High confidenceView in filing → |
Yachun Wang Director/Executive Officer | — | — | — | Source“Yachun Wang — — — — — —” High confidenceView in filing → |
Jason Chia-Lun Wang Director/Executive Officer | — | — | — | Source“Jason Chia-Lun Wang — — — — — —” High confidenceView in filing → |
Shui Yeung Wong Director/Executive Officer | — | — | — | Source“Shui Yeung Wong — — — — — —” High confidenceView in filing → |
Haining Wang Director/Executive Officer | — | — | — | Source“Haining Wang — — — — — —” High confidenceView in filing → |
Directors (including the director nominees) and Executive Officers as a group1 Directors & executive officers (group) | — | 33.76% | 29.2% | Source“Directors (including the director nominees) and Executive Officers as a group 4,533,300 8,971,700 33.76 % 91.17 % 4,533,300 8,971,700 29.20 % 89.31 %” High confidenceView in filing → |
Sun Knight Limited(1) Principal Shareholder | 9M | 22.43% | 19.4% | Source“Sun Knight Limited(1) — 8,971,700 22.43 % 89.66 % — 8,971,700 19.40 % 87.83 %” High confidenceView in filing → |
MTN Entertainment Limited(2) Principal Shareholder | 4.5M | 11.33% | 9.8% | Source“MTN Entertainment Limited(2) 4,533,300 — 11.33 % 1.51 % 4,533,300 — 9.80 % 1.48 %” High confidenceView in filing → |
Jetsen Holdings Ltd.(3) Principal Shareholder | 13.1M | 32.85% | 28.41% | Source“Jetsen Holdings Ltd.(3) 13,140,000 — 32.85 % 4.38 % 13,140,000 — 28.41 % 4.29 %” High confidenceView in filing → |
- 1 Class A: 4,533,300; Class B: 8,971,700
Risk flags
Key items from the Risk Factors section.
- VIE Structure Enforceability and PRC Regulatory Risk
Contractual arrangements underpinning the VIE structure face substantial legal uncertainty; if PRC authorities deem them non-compliant the company could face severe penalties, be forced to relinquish VIE interests, or be required to unwind the structure entirely, potentially rendering shares worthless.
Source
“There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure...If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules...we could be subject to severe penalties or be forced to relinquish our interests in the VIE.”
High confidenceView in filing → - Dual-Class Structure Concentrates Voting Power with Founder
Class B shares carry 30 votes each, giving founder Bin Feng approximately 88.92% of total voting power post-IPO, limiting Class A shareholders' ability to influence mergers, director elections, and other major decisions; the structure also disqualifies the company from major index inclusion.
Source
“Each Class B ordinary share shall entitle the holder thereof to thirty (30) votes on all matters subject to vote by way of a poll at general meetings of our Company… Mr. Bin Feng will have the ability to control or significantly influence the outcome of most (or all, as applicable) matters requiring approval by shareholders after the offering.”
High confidenceView in filing → - HFCAA Delisting Risk
If the PCAOB becomes unable to inspect the company's auditor, the Holding Foreign Companies Accountable Act could result in the company's shares being delisted or prohibited from trading on a U.S. national securities exchange.
Source
“if it is later determined that the PCAOB is unable to inspect or investigate our auditor completely...our Class A ordinary shares may be delisted from or prohibited from trading on a national securities exchange.”
High confidenceView in filing → - Customer and Content Concentration Risk
The company distributes a limited number of shows and relies on a small number of satellite TV station clients; in 2025 the top three customers accounted for ~57% of total sales, so failure of any single show or loss of a major client could materially harm results.
Source
“We distribute a limited number of shows, the success or failure of a small number of these shows could have a significant impact on our business, financial condition and results of operations in both the year of release and in the future.”
High confidenceView in filing → - Capital-Intensive Business with Financing Uncertainty
Show distribution and co-production require substantial upfront capital; if shows underperform or external financing is unavailable or only available on unfavorable terms, the company's growth and liquidity could be materially harmed.
Source
“The production and distribution of shows are capital-intensive processes, and our capacity to generate cash or obtain financing on favorable terms may be insufficient to meet our anticipated cash requirements.”
High confidenceView in filing → - PRC Government Control and Regulatory Uncertainty
The Chinese government exerts substantial influence over the company's operations and may intervene at any time; rapid and unpredictable changes to PRC laws—including media, cybersecurity, and foreign-investment rules—could materially harm operations and share value.
Source
“The PRC government exerts substantial influence over the manner in which we conduct our business operations. It may influence or intervene in our operations at any time as part of its efforts to enforce PRC law”
High confidenceView in filing → - Dividend and Cash Transfer Restrictions from PRC Entities
PRC regulations restrict the WFOE and VIE from paying dividends beyond accumulated profits, require statutory reserve contributions, and may limit cash transfers offshore, materially limiting the holding company's ability to fund operations or pay dividends to investors.
Source
“Our ability to transfer cash among Unitrend, our Subsidiaries, the VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government.”
High confidenceView in filing → - Nasdaq Listing Not Yet Approved and No Prior Trading Market
Nasdaq has not yet approved the listing application; if approval is not granted the offering cannot be completed, and even if it is, an active liquid market may not develop and the trading price may fall below the IPO price.
Source
“At this time, Nasdaq has not yet approved our application to list our Class A ordinary shares. There is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this offering would not be completed.”
High confidenceView in filing → - Immediate and Substantial IPO Dilution
Purchasers in this offering will experience immediate dilution of approximately $3.14 per share because the $4.00 IPO price substantially exceeds the pro forma net tangible book value of $0.86 per share.
Source
“you will experience immediate and substantial dilution of approximately US$3.14 per Class A ordinary share. This number represents the difference between (1) our pro forma net tangible book value per Class A ordinary share of US$0.86, after giving effect to this offering and (2) the assumed initial public offering price of US$4.00 per Class A ordinary share.”
High confidenceView in filing → - PFIC Classification Risk
If the company is classified as a Passive Foreign Investment Company for any taxable year, U.S. holders could face significantly increased income tax on gains and excess distributions and burdensome reporting requirements.
Source
“If we are a PFIC in any taxable year, a U.S. Holder may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of the Class A ordinary shares and on the receipt of distributions on the Class A ordinary shares to the extent such distribution is treated as an 'excess distribution' under the U.S. federal income tax rules.”
High confidenceView in filing → - Gross Margin Compression from Lower-Margin Content Lines
The blended gross margin declined from 32.52% to 24.86% as newly added licensed and co-production content carries lower margins; this trend may continue as these segments grow as a share of revenue.
Source
“The decrease in blended gross profit margin was primarily attributed to the new licensed content and co-production content we obtained during the year ended December 31, 2025 which has relatively lower gross margin.”
High confidenceView in filing → - Difficulty Enforcing U.S. Judgments Against the Company
Because the company operates in China through a Cayman Islands holding structure, with officers residing in China, investors face significant obstacles serving process, enforcing U.S. court judgments, or bringing U.S. securities law claims in China, the Cayman Islands, or Hong Kong.
Source
“there is uncertainty as to whether Chinese courts would (1) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (2) entertain original actions brought in China against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.”
High confidenceView in filing →
Underwriters
The banks running the offering, from the filing. Informational only — not a recommendation or where to buy.
Underwriters allocate IPO shares primarily to their institutional and wealth-management clients; a directed share program (when present) reserves shares for company insiders/affiliates, not the general public. Not investment advice.
Source
“The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.”