New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (467% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$38.8m market cap). Announcement • Jun 05
Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $28.4262 million. Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $28.4262 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 8,030,000
Price\Range: $3.54 Announcement • May 02
Kuke Music Holding Limited announced delayed 20-F filing On 05/01/2025, Kuke Music Holding Limited announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Mar 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 87% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$13.9m market cap). Announcement • Mar 19
Kuke Music Holding Limited has filed a Follow-on Equity Offering. Kuke Music Holding Limited has filed a Follow-on Equity Offering.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 1,193,000 New Risk • Mar 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.13m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (US$9.13m market cap). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$24.9m market cap). Announcement • Dec 19
Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $1.002808 million. Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $1.002808 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 1,671,346
Price\Range: $0.6 Announcement • Nov 05
Kuke Music Holding Limited Announces Resignation of Li Sun as President Kuke Music Holding Limited announced that Ms. Li Sun has resigned from her position as President of the Company with effect from July 23, 2024. Ms. Sun’s resignation was not a result of any disagreement between Ms. Sun and the Company on any matter relating to the Company’s operations, accounting policies, or practices. Following Ms. Sun’s departure, Mr. He Yu, Kuke’s Chief Executive Officer and Chairman of its board of directors, will continue to lead the Company. Announcement • Oct 30
Kuke Music Holding Limited has filed a Follow-on Equity Offering. Kuke Music Holding Limited has filed a Follow-on Equity Offering.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 5,000,000
Security Name: 8% Unsecured Note due October 29, 2025.
Security Type: Corporate Bond/Note
Security Features: Convertible; Unsecured Reported Earnings • Oct 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CN¥54.1m (up 3.7% from 2Q 2023). Net income: CN¥29.7m (up 46% from 2Q 2023). Profit margin: 55% (up from 39% in 2Q 2023). Announcement • Aug 22
Kuke Music Holding Limited, Annual General Meeting, Sep 20, 2024 Kuke Music Holding Limited, Annual General Meeting, Sep 20, 2024, at 10:30 China Standard Time. Location: room 303, beijing broadcasting tower, no. jia 14, jianwaidajie, chaoyang district, people`s republic of china, beijing China New Risk • Aug 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 66% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 72% per year over the past 5 years. Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$63.0m market cap). Announcement • Jul 07
Kuke Music Holding Limited announced that it expects to receive $1.14345 million in funding from Streeterville Capital, LLC Kuke Music Holding Limited announced that it has entered into a securities purchase agreement with new investor Streeterville Capital, LLC to issue $1,142,500 aggregate principal amount of 8.0% Convertible Note Due July 5, 2025 (which can be convertible into up to 5,000,000 Class A ordinary shares and 950,000 American Depositary Shares (the “ADSs”) at a purchase price of $0.001 per share, representing 950,000 Class A ordinary shares. Announcement • Jul 06
Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $1 million. Kuke Music Holding Limited has filed a Follow-on Equity Offering in the amount of $1 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 950,000
Security Name: 8% Unsecured Note due July 5, 2025
Security Type: Corporate Bond/Note
Security Features: Convertible; Unsecured Announcement • May 01
Kuke Music Holding Limited announced delayed 20-F filing On 04/30/2024, Kuke Music Holding Limited announced that they will be unable to file their next 20-F by the deadline required by the SEC. New Risk • Mar 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 99% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (US$97.2m market cap). New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 99% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (US$71.8m market cap). New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 99% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (US$34.2m market cap). Reported Earnings • Dec 29
Second quarter 2023 earnings released: EPS: CN¥0.69 (vs CN¥0.13 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.69 (up from CN¥0.13 in 2Q 2022). Revenue: CN¥52.2m (down 4.8% from 2Q 2022). Net income: CN¥20.3m (up 441% from 2Q 2022). Profit margin: 39% (up from 6.9% in 2Q 2022). New Risk • Dec 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 119% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (US$31.6m market cap). Announcement • Sep 27
Kuke Music Receives Continued Listing Standard Notice from the NYSE Kuke Music Holding Limited announced that on June 29, 2023, it received a notice from the New York Stock Exchange (NYSE) that it is no longer in compliance with the NYSE’s continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual due to the fact that the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and its shareholders’ equity was less than $50 million. As set forth in the Notice, as of June 27, 2023, the 30 trading-day average global market capitalization of the Company was approximately $20.7 million and the Company’s last reported shareholders’ equity as of December 31, 2022 was $8.8 million. In accordance with the NYSE’s listing requirements, the Company has notified the NYSE that it will submit a plan within 45 days of the Notice advising the NYSE of the definitive action it has taken, or is taking, to bring it into conformity with Section 802.01B within 18 months of receipt of the Notice. The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B within 18 months. If the Company’s plan is not submitted on a timely basis or is not accepted, the NYSE will initiate delisting proceedings. If the NYSE accepts the Company’s plan, the Company’s ADSs will continue to be listed and traded on the NYSE during the cure period, subject to the Company’s compliance with the plan and other continued listing standards. The NYSE will review the Company on a quarterly basis to confirm compliance with the plan. If the Company fails to comply with the plan or does not meet continued listing standards at the end of the 18-month cure period, it will be subject to the prompt initiation of the NYSE’s suspension and delisting procedures. The Notice does not affect the Company’s business operations or its reporting obligations with the Securities and Exchange Commission. Announcement • Jun 30
Kuke Music Holding Limited Announces Executive Changes Kuke Music Holding Limited announced that Ms. Song Li will assume Ms. Bin Yu’s role and serve as independent director, Chair of the Audit Committee and a member of the Corporate Governance and Nominating Committee of the board of directors of the Company. Ms. Song is a Chartered Professional Accountant (CPA) and has 18 years of financial management and 8 years of financial teaching experience. Ms. Song has worked in financial management roles from 1997 to 2015 at various companies, such as Beijing Double Crane Pharmaceutical Co. Ltd., Beijing 95 Online Technology Development Co. Ltd., and Guoxin Tendering Group Co. Ltd. Since 2015, Ms. Song has worked as an associate professor at Canvard College of Beijing Technology and Business University. Ms. Song received a Bachelor’s degree in Economics from the Central University of Finance and Economics in 1997 and a Master’s degree in Public Administration from the Central University of Finance and Economics in 2012. Reported Earnings • May 18
Full year 2022 earnings released: CN¥30.19 loss per share (vs CN¥2.03 loss in FY 2021) Full year 2022 results: CN¥30.19 loss per share (further deteriorated from CN¥2.03 loss in FY 2021). Revenue: CN¥115.1m (down 61% from FY 2021). Net loss: CN¥894.2m (loss widened CN¥834.6m from FY 2021). Reported Earnings • Nov 21
Second quarter 2022 earnings released: EPS: CN¥0.13 (vs CN¥0.42 loss in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.13 (up from CN¥0.42 loss in 2Q 2021). Net income: CN¥3.76m (up CN¥16.0m from 2Q 2021). Announcement • Nov 04
Kuke Music Announces Receipt of Non-Compliance Letter Regarding ADS Trading Price from NYSE Kuke Music Holding Limited ("Kuke" or the "Company") announced that it has received a letter from the New York Stock Exchange (the "NYSE") dated September 29, 2022, notifying Kuke Music that it is not in compliance with the NYSE's continued listing standard with respect to minimum average share price due to the fact that the average closing price of the Company's American Depositary Shares (the "ADSs") was less than $1.00 for a consecutive 30 trading-day period. As of November 2, 2022, the 30 trading-day average price of the ADSs was $0.55. The Company must bring its share price and average share price back above $1.00 within six months following receipt of the notification by the NYSE. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures. Alternatively, the Company can also demonstrate an accelerated cure based on a $1.00 share price on both the last trading day of any calendar month within the six-month cure period and the average share price over the 30 trading days preceding the end of that month. The NYSE notification letter does not affect the Company's business operations, and the Company will take all reasonable measures to regain compliance within the prescribed grace period. Announcement • Sep 21
Kuke Music Holding Limited Announces Board Changes Kuke Music Holding Limited announced the replacement of an independent director, effective as of September 20, 2022. The Company has appointed Mr. Jia Li as an independent director to the Company's board of directors. Mr. Li will replace Mr. Dong Lan, who resigned from the Board for personal reasons, to serve as a member of the audit committee, corporate governance and nominating committee and compensation committee of the Board. Mr. Li is an expert of media and communications in China. He has been serving as the Chief Strategy Officer and executive director of Chuanglian Holdings Limited since 2013, after he joined the company as the head of marketing and operation in 2011. From 2009 to 2010, Mr. Li served as Deputy General Manager at Beijing CRI Glory Advertising Co. Ltd. From 2004 to 2009, Mr. Li held various managerial positions at multiple advertisement companies in Beijing. Mr. Li holds a bachelor's degree from Capital Medical University and master's degree from Nagasaki University. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CN¥54.3m (down 35% from 2Q 2021). Net income: CN¥3.76m (up CN¥16.0m from 2Q 2021). Profit margin: 6.9% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Announcement • Aug 10
Kuke Music Holding Limited to Report Q2, 2022 Results on Aug 19, 2022 Kuke Music Holding Limited announced that they will report Q2, 2022 results on Aug 19, 2022 Reported Earnings • May 29
First quarter 2022 earnings released: CN¥1.18 loss per share (vs CN¥1.29 loss in 1Q 2021) First quarter 2022 results: CN¥1.18 loss per share (up from CN¥1.29 loss in 1Q 2021). Revenue: CN¥25.7m (up 125% from 1Q 2021). Net loss: CN¥34.8m (loss narrowed 5.6% from 1Q 2021). Announcement • May 12
Kuke Music Holding Limited to Report Q1, 2022 Results on May 26, 2022 Kuke Music Holding Limited announced that they will report Q1, 2022 results Pre-Market on May 26, 2022 Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CN¥1.96 loss per share (down from CN¥0.70 loss in FY 2020). Revenue: CN¥302.0m (up 85% from FY 2020). Net loss: CN¥57.5m (loss widened 250% from FY 2020). Revenue was in line with analyst estimates. Announcement • Feb 18
Kuke Music Holding Limited to Report Fiscal Year 2021 Results on Mar 16, 2022 Kuke Music Holding Limited announced that they will report fiscal year 2021 results Pre-Market on Mar 16, 2022 Announcement • Dec 01
Kuke Music Holding Limited Provides Earnings Guidance for the Full Year of 2021 Kuke Music Holding Limited provided earnings guidance for the full year of 2021. For the year, the company expects revenue to be between RMB 300 million and RMB 350 million. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: CN¥82.7m (up 344% from 3Q 2020). Net loss: CN¥24.3m (loss widened 100% from 3Q 2020). Revenue was in line with analyst estimates. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: CN¥84.1m (up CN¥74.0m from 2Q 2020). Net loss: CN¥12.3m (loss widened 14% from 2Q 2020). Announcement • Jun 25
Kuke Music Holding Limited Announces Inclusion of KUKEY Lessons in China's Pre-School Music Education Curriculum Kuke Music Holding Limited announced that KUKEY Lessons ("KUKEY"), the Company's exclusive smart piano educational content, have been included in China's pre-school music education curriculum and deployed in more than 4,000 kindergartens across China. Developed proprietarily by Kuke, KUKEY offers highly professional and inclusive solutions that are capable of transforming China's music education through digitalization and AI, improving the overall efficiency of music education in China, and reducing the associated costs. In comparison to other music education programs, KUKEY enjoys three distinct advantages. First, KUKEY has an unparalleled copyrighted classical music library. By leveraging Kuke's access to more than 900 top-tier record companies, including Naxos, the largest independent classical music label in the world, KUKEY can constantly expand and enhance its music content library. Meanwhile, as a result of Kuke's strategic cooperation with Shanghai Music Publishing House, KUKEY can also offer its student members an abundance of digital music sheets. Second, Kuke is a pioneer in adopting AI, cloud infrastructure, and the Software-as-a-Service ("SaaS") model in music education through KUKEY. These advances have allowed Kuke to transform music courses, which were previously one-on-one, of widely varying quality, and expensive, into group courses with music education offerings that are more professional and efficient. Additionally, through its collaborations with kindergartens, the KUKEY educational model spares parents from the need to buy a piano and reduces their overall commuting times. By combining Kuke's proprietary digital music education content with its intelligent piano hardware products, KUKEY can capture the performance data of its students playing pianos as well as the sensory data of their finger movements, analyze this data on its cloud infrastructure, and construct personalized recommendations for its students to improve their skills. Kuke has also developed a SaaS teaching program and corresponding system for educational administration management to better serve teachers and students in China. Third, KUKEY is built on the foundation of Kuke's exclusive music education value chain. Through Kuke's wholly owned subsidiary, Beijing Music Festival Culture Communication Co. Ltd. ("BMF Culture"), KUKEY offers each of its student members the opportunity to enter into music talent competitions and thus the potential to be discovered publicly and pursue a formal music education and development path. KUKEY's footprints covering the entire music education industry value chain in China have allowed it to form a closed-loop ecosystem. KUKEY's end-to-end curriculum design allows it to integrate technical skills with foundational knowledge in its music education offerings, motivating students to take the initiative to study music on their own. KUKEY provides comprehensive and diversified music literacy education, inculcates independent thinking and creativity, and helps develop the next generation of creative musical talents. Reported Earnings • May 22
First quarter 2021 earnings released: CN¥1.29 loss per share (vs CN¥1.06 loss in 1Q 2020) The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: CN¥11.4m (up 40% from 1Q 2020). Net loss: CN¥36.9m (loss widened 54% from 1Q 2020). Reported Earnings • Apr 18
Full year 2020 earnings released: CN¥0.70 loss per share (vs CN¥3.08 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: CN¥162.9m (up 12% from FY 2019). Net loss: CN¥16.4m (down 129% from profit in FY 2019).