Unitrend Entertainment Group Limited, a Cayman Islands holding company whose operations sit in Beijing, filed the fifth amendment to its Form F-1 registration statement with the US Securities and Exchange Commission on October 23, 2026. The preliminary prospectus describes an initial public offering of 6,250,000 Class A ordinary shares at an expected $4.00 to $5.00 each, with a Nasdaq Capital Market listing sought under the symbol "INHI". At the bottom of that range, the offering raises $25 million before costs.

The company presents itself as a bridge between Chinese television producers, satellite TV stations, advertising agencies and multinational brands. Yet the business line that most resembles a media agency is now the smallest part of the company. Advertising agency revenue fell 42.75% in 2025, from $2,236,907 to $1,280,603, and accounted for just 3.46% of total revenue. Total revenue rose 79.12% to $36,954,778 over the same period, almost entirely because of a new activity: funding television dramas made by other producers.

In Short

A small Beijing company that sells TV shows to Chinese channels and sells ad slots to brands wants to list its shares on Nasdaq and raise about $25 million. Its advertising business shrank by almost half last year, while most of its growth came from putting money into three TV dramas made by other studios. The listing still depends on approval from China's securities regulator, and the founder will control almost 88% of the votes after the sale.

What the company does

According to the prospectus, Unitrend runs three lines of business. The first is television program distribution: it buys distribution rights from producers and licenses or resells them to TV stations and streaming platforms. The second, added in 2025, is what the filing calls "co-production content arrangements", under which Unitrend acquires copyright interests in series made by lead producers. The third is advertising, where it buys time slots from TV stations and over-the-top streaming services and resells them to brands and agencies.

The operating company, Beijing INHI Culture Media Co., Ltd., was established on November 26, 2010. The listing vehicle came much later. Unitrend Entertainment Group Limited was incorporated in the Cayman Islands on March 23, 2022, followed by a British Virgin Islands subsidiary, a Hong Kong subsidiary and a wholly foreign-owned enterprise in Beijing, which acquired 100% of INHI on January 3, 2024. A separate entity, Beijing Hexi Weiye Culture Media Co., Ltd., incorporated on November 2, 2022, is controlled through contracts rather than ownership. That variable interest entity structure exists, according to the filing, "due to PRC legal restrictions on foreign ownership" in broadcast and TV program production. Investors in the Nasdaq shares "may never hold equity interests in the VIE," the prospectus states, and the arrangements "have not been tested in a court of law."

The company employed 30 people as of the date of the prospectus. Only four of them work in media, distribution and marketing, while seven sit in finance and accounting and seven in sales, according to the employee table in the filing.

How the advertising business works

Unitrend describes its traditional placement business in terms that would be familiar to any agency trading desk, though the margin mechanics differ from a commission model. "We generate revenue by charging our client a premium between the rates charged by TV stations to advertisers and our own fees," the prospectus states. That is, in effect, a spread business: the company takes the price risk between what the station charges and what the client pays.

The filing ties that risk to TV ratings. "Our pricing model is effective when TV stations determine compensation based on ratings, which causes inherent risks for us to be charged a higher advertising price by the TV stations than our price to our clients, potentially resulting in revenue loss for us," it says. To manage the exposure, the company says it reviews and refines algorithms before each premiere "tailored to forecast ratings for individual episodes."

Partner channels named in the prospectus include Beijing Satellite TV, Jiangsu Satellite TV, Shenzhen Satellite TV, Zhejiang TV and Jilin Satellite TV. Clients are described only in general terms: "a globally recognized soft drink company, an internationally recognized personal care brand, and a leading building materials e-commerce company." No brand is named.

The reported gross margin of the advertising line is unusually high. Gross profit was $1,247,711 on revenue of $1,280,603 in 2025, a margin of 97.43%, down slightly from 98.18% in 2024. The cost of revenue for this line consisted of $32,892, which the filing says "primarily consists of sales tax and additional taxes, such as stamp duty, culture undertaking construction tax." The figures indicate that advertising revenue is recorded on a net basis, after the cost of the media itself.

The decline came from clients. "The decrease in revenue was mainly due to decreased advertising demands from our customers during the year ended December 31, 2025," the prospectus states, without naming the customers or quantifying how many were lost. A risk factor adds that most large advertising clients are "third-party advertising agencies who obtained advertising time slots from us for their advertising clients," which leaves Unitrend one step removed from the brands whose budgets drive the line.

Lebocast and the big screen

Beyond linear TV, Unitrend says it acts as sales agent for advertising space on Lebocast, a screen mirroring application. According to the filing, Lebocast supplies SDK-level software to receiving devices such as smart TVs, car screens, projectors and set-top boxes, and to sending devices such as phones and tablets. The prospectus states that Lebocast "has already been used on more than 400 million big-screen terminals and gained 1.3 billion mobile phones users." Ads appear "when users begin or end projecting the content on their mobile devices onto larger screens," as well as "under certain other circumstances" that the filing does not define.

The 400 million and 1.3 billion figures are attributed to Lebocast's deployment and are not broken out by country, by active use or by period. The prospectus summary refers to the app as "LePlay" in one sentence and Lebocast elsewhere. No revenue figure for Lebocast placements is disclosed, and the advertising line as a whole produced $1.28 million in 2025.

That device-level inventory resembles what Western connected TV makers sell as home screen advertising, paid units in a TV's start interface sold by the hardware companies themselves. Unitrend's version sits at the moment a phone connects to a screen, an inventory type with no common measurement standard named in the filing.

The co-production bet that doubled revenue

Most of the 2025 growth came from three dramas. Co-production revenue was $17,811,163, or 48.20% of the total, against nil in 2024. The titles named in the prospectus are "The Story of Pearl Girl", broadcast from November 1, 2024, on Dragon TV, Jiangsu TV, Beijing TV and Netflix; "Journey into Nature III", from July 18, 2025, on Zhejiang Satellite TV and iQiyi; and "The Water Dragon Chant", from October 24, 2025, on Mango TV, Migu Video, Tencent Video (WeTV) and iQIYI International.

According to the filing, Unitrend "does not participate in the development, production or distribution of the content" under these contracts. It provides funding, and in return receives "a specified share of revenues generated from the exploitation of the content, based on its proportionate contribution relative to total production costs." Some agreements go further, providing for "repayment of our principal contributions and payment of additional amounts calculated by reference to specified annualized rates."

That structure, with principal repayment and interest-like returns, prompted an unusual disclosure. The prospectus includes a risk factor stating that the SEC or a court "could determine that one or more of the Company's co-production arrangements constitute 'investment contracts' or other types of securities," citing the 1946 Supreme Court case SEC v. W.J. Howey Co. The company says it believes the arrangements "do not constitute 'securities'" because its economic interests "arise from ownership and exploitation of specific intellectual property assets."

The co-production line carried a gross margin of 20.85% in 2025, against cost of revenue of $14,097,642. Its arrival pulled the blended gross margin down from 32.52% in 2024 to 24.86% in 2025. The filing acknowledges the concentration: "our financial performance has become more dependent on a limited number of content projects."

Content assets

The older content business was roughly flat. Content assets revenue dipped 2.89% to $17,863,012. Inside that figure, self-produced content fell 35.91% to $4,593,889, mainly because the broadcast right for the self-produced series "The Good Days", sold to a TV station for three years from June 2021, ended in May 2024. Licensed content rose 18.19% to $13,269,123, helped by "Youth Periplous (Season 5)", "Family", "Our Love Song" and "The Demon Hunter's Romance". The filing also lists three short video programs played on TikTok during the second quarter of 2024: "Let's Go, Maritime Silk Road", "Beyond Qing Yun" and "Let's 'Kong".

Profits, receivables and cash

Net income attributable to the company rose 7.86% to $4,517,510 in 2025, from $4,188,165. Income from operations was $5,938,996. Selling expenses fell to $324,701, with advertising expense dropping to zero from $17,372 after the termination of what the filing calls the "Escape Room Project". General and administrative costs fell 8.22% to $1,732,925, although professional and consulting fees rose 31.48% to $716,940 as IPO preparation continued.

The balance sheet shows a different picture from the income statement. Accounts receivable, net, stood at $20,852,396 at December 31, 2025, up from $12,530,108 a year earlier. By PPC Land's calculation, that equals about 56% of the year's revenue. The company recorded an allowance for credit losses of $1,189,644 in 2025, after a net recovery of $472,941 in 2024, a swing of $1,662,585.

Cash and equivalents were $933,665 at year end, down from $1,263,896. Net cash used in operating activities was $9,218 in 2025, after $576,257 the year before. Over two years, then, a company reporting more than $8.7 million in combined net income generated no net cash from operations. The filing attributes part of the 2025 figure to an $11.8 million increase in prepayments for filming of documentaries and TV series and a $9.3 million decrease in advances from customers.

Customer concentration is high. Three customers accounted for 24.3%, 19.8% and 12.9% of 2025 sales: Shanghai Huaxu Cultural Communication Co., Ltd., Shanghai Meilu Advertising Communication Co., Ltd., and Shanghai Huaju Culture Media Co., Ltd. Together, by PPC Land's calculation, that is 57.0% of revenue. Four customers held 31.3%, 30.1%, 17.0% and 16.4% of outstanding receivables at year end, a combined 94.8%. In 2024, the top customer was Zhejiang Media Group's Zhejiang Satellite TV at 25.9%.

The principal shareholders "have made a commitment to provide financial support to the Company whenever necessary," according to the liquidity section.

Offering terms

Cathay Securities, Inc. is the representative of the underwriters on a firm commitment basis. The underwriting discount is 7.5% of the offering price, or $0.30 per share at $4.00, plus a non-accountable expense allowance of 1.0% of gross proceeds and up to $300,000 in accountable expenses, of which $34,500 has been advanced. The underwriters receive a 45-day option for an additional 15% of shares and warrants covering 5% of the shares sold. Offering expenses payable by the company, excluding underwriting costs, are estimated at $2,086,333.

At $4.00, the company expects net proceeds of approximately $20,488,667, or $23,919,917 if the over-allotment option is exercised in full. It plans to spend them as follows:

  • TV series distribution: 40%, or $8,195,467
  • TV programs production: 30%, or $6,146,600
  • Artificial intelligence-enhanced online trading platform: 20%, or $4,097,733
  • Advertisement agency: 10%, or $2,048,867

The trading platform would list shows for which Unitrend holds distribution rights but has not sold them to satellite stations, so that stations, producers and advertisers could find one another. The company says it will integrate "big data analysis and artificial intelligence" and offer "more accurate viewership predictions." A risk factor concedes that the platform is one "for which there are no proven markets." Separately, the company says it has secured about 1,000 square meters in Hangzhou for a 24-hour "Center for Culture Media Experience."

Dilution for new investors is $3.14 per share at the $4.00 price, against a pro forma net tangible book value of $0.86 per share after the offering. The company will be subject to a 90-day lock-up, and directors, officers and principal shareholders to 180 days.

Control and the China filing

After the offering, 37,278,300 Class A and 8,971,700 Class B shares would be outstanding. Each Class B share carries 30 votes. All of them belong to founder and chief executive Bin Feng, who would hold approximately 87.83% of the total voting power, making Unitrend a "controlled company" under Nasdaq rules. The prospectus says the company does not currently plan to use the related governance exemptions. Before the offering, there are three shareholders of record, none located in the United States.

The share count has been reworked three times since early 2025: a 2:1 consolidation on March 28, 2025, a 1:1,000 subdivision with a matching share surrender on April 24, 2025, and a 1:2 split on April 14, 2026.

Regulatory clearance in China remains open. Unitrend designated INHI as the responsible entity and submitted initial documents to the China Securities Regulatory Commission on January 23, 2024. The CSRC published its notification of completed filing procedures on February 26, 2025, which, according to the prospectus, "was effective for 12 months until February 2026." The company "resubmitted the filing to the CSRC on March 30, 2026, and currently our filing is under review." Under the CSRC's Trial Measures, in force since March 31, 2023, offering overseas without completing the filing can bring fines between RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million). The offering is also contingent on Nasdaq approving the listing.

Market context from the filing

The prospectus relies on an industry report that Unitrend commissioned from Frost & Sullivan. On that basis, it states that China's drama series distribution market grew from RMB 38.6 billion in 2020 to RMB 46.1 billion in 2024, a compound annual growth rate of 4.6%, and forecasts RMB 69.8 billion by 2029. INHI ranked seventh among drama series distributors in China by 2024 revenue, according to the same report. The filing puts China's total advertising market at RMB 1,600.6 billion in 2024 and projects RMB 2,457.4 billion by 2029. The prospectus itself states that neither the company nor any other party in the offering has independently verified the data.

Why it matters for the marketing community

For advertisers and agencies, the filing is a small but detailed view into how Chinese satellite TV inventory still changes hands: through intermediaries that buy time slots, carry ratings risk and resell to agencies, rather than through automated platforms. The disclosure that ratings-based station pricing can leave the reseller paying more than it charges is a concrete description of that exposure.

It also shows where growth is not coming from. The advertising line fell by nearly half while a TV-financing activity drove the top line. Unitrend's numbers sit against a wider shift in TV budgets. PPC Land reported in January 2025 that GroupM projected linear TV ad revenue to fall 3.4% in 2025 while streaming rose 19.3%, with global TV ad revenue at $169.1 billion. In December 2025, WPP Media's forecast put China's ad market at $216.0 billion, growing 6.8% in 2025, and found commerce advertising had overtaken total TV revenue for the first time.

Within China, buyers have been moving budgets into automated offline formats. VIOOH research covered by PPC Land in August 2025 found programmatic digital out-of-home adoption among mainland China marketers had reached 30%, up from 24% in 2023. Regulation of digital pricing is also tightening: Chinese regulators issued platform pricing rules on December 9, 2025 that took effect on April 10, 2026, including a requirement to label bid-ranked search results as advertising.

Ad tech listings in the United States have drawn on very different scales. Liftoff priced its Nasdaq IPO at $23 per share in June 2026, raising about $437 million. Unitrend is seeking $25 million to $31.25 million before costs, with disclosed risks that include an untested contractual structure, a lapsed and resubmitted CSRC filing, and a co-production model the company itself flags as a possible securities question under US law.

Timeline

  • November 26, 2010 - Beijing INHI Culture Media Co., Ltd. established in Beijing
  • June 2021 - Self-produced series "The Good Days" begins a three-year broadcast licence
  • January 25, 2022 - Infinity Soul Limited, the BVI subsidiary, established
  • March 23, 2022 - Unitrend Entertainment Group Limited incorporated in the Cayman Islands
  • November 2, 2022 - Beijing Hexi Weiye Culture Media Co., Ltd., the VIE, incorporated
  • December 20, 2022 - WFOE signs contractual arrangements with VIE shareholders
  • March 31, 2023 - CSRC Trial Measures on overseas listings take effect
  • January 3, 2024 - WFOE acquires 100% of INHI
  • January 23, 2024 - Initial documents submitted to the CSRC
  • May 2024 - Broadcast right for "The Good Days" ends
  • November 1, 2024 - "The Story of Pearl Girl" begins broadcasting
  • January 2, 2025 - GroupM forecasts linear TV ad revenue down 3.4% for 2025
  • February 26, 2025 - CSRC publishes notification of completed filing, valid for 12 months
  • March 28, 2025 - 2:1 share consolidation
  • April 24, 2025 - 1:1,000 share subdivision with share surrender
  • July 18, 2025 - "Journey into Nature III" begins broadcasting
  • August 5, 2025 - pDOOH adoption in mainland China reaches 30%, per VIOOH
  • October 24, 2025 - "The Water Dragon Chant" begins broadcasting
  • December 9, 2025 - China issues internet platform pricing rules
  • December 14, 2025 - WPP Media puts China's 2025 ad market at $216.0 billion
  • December 31, 2025 - Fiscal year closes with revenue of $36,954,778 and cash of $933,665
  • February 2026 - CSRC filing notification expires
  • March 30, 2026 - Unitrend resubmits its CSRC filing
  • April 10, 2026 - China's platform pricing rules take effect
  • April 14, 2026 - 1:2 share split
  • June 3, 2026 - Liftoff prices Nasdaq IPO at $23
  • October 23, 2026 - Unitrend files Amendment No. 5 to its Form F-1

Summary

Who: Unitrend Entertainment Group Limited, a Cayman Islands holding company operating through Beijing INHI Culture Media and a contract-controlled VIE in China, led by founder and chief executive Bin Feng, with Cathay Securities as underwriters' representative.

What: The fifth amendment to its Form F-1 for a Nasdaq IPO of 6,250,000 Class A shares at $4.00 to $5.00 under the symbol INHI. The filing shows 2025 revenue up 79.12% to $36.95 million on new drama co-production deals, while advertising agency revenue fell 42.75% to $1.28 million, or 3.46% of the total.

When: Filed with the SEC on October 23, 2026, covering the fiscal years ended December 31, 2025 and 2024.

Where: Operations in mainland China, with the listing sought on the Nasdaq Capital Market in the United States.

Why: The company wants about $20.5 million in net proceeds for TV distribution, production, an AI-assisted content and ad trading platform and its ad agency. The listing depends on Nasdaq approval and on the CSRC review of a filing that the company resubmitted after its first clearance expired in February 2026.