This article is from the WeChat public account: Daily Economic News (ID: nbdnews) , author: Wen Menghua, editor: Duan Lian, Yang Xia, and Gai Yuanyuan, the original title: “Wu Jing and Chen Sicheng take action to collect debts! Owes more than 150 million, the listed company that once produced “Wolf Warrior 2” and “The Wandering Earth” was sued”, the title picture comes from: “The Wandering Earth” stills
Beijing Culture (SZ000802, stock price 4.39 yuan, market value 3.14 billion yuan) , which once relied on popular films such as “Wolf Warrior 2”, “Hello, Li Huanying”, “Wandering Earth” and “I’m Not the God of Medicine”, is now being sold by Wu Jing. , Chen Sicheng “door-to-door debt collection.”
On the evening of July 6, Beijing Culture announced that the company was recently sued by four companies , and the total was required to pay about 156 million yuan in arrears and related interest, litigation fees, appraisal fees, and preservation fees. The “Daily Economic News” reporter noticed that among the four companies, there are many Beijing Dengfeng International Culture Communication Co., Ltd., which is related to Wujing, and Beijing Yitong Legend Film and Television Culture Co., Ltd., which is related to Chen Sicheng.
It is worth noting that before this announcement, there have been as many as 6 lawsuits and arbitrations related to Beijing Culture and its holding subsidiaries, with a total amount of 147 million yuan involved.
From the “explosive model maker” to being pushed to the cusp of financial fraud due to a report letter, to being dragged down by Zheng Shuang’s sky-high salary, Beijing Culture has fallen into a predicament in just a few years. The data shows that from 2019 to 2021, Beijing Culture has been losing money for three consecutive years, with a cumulative loss of 3.206 billion yuan in net profit attributable to shareholders of the parent company.
Make money together to a lawsuit, Wu Jing and Chen Sicheng “collect debt”
From the “partners” who made money together, to now a lawsuit filed in court to collect debts, there are many companies associated with well-known filmmakers and film and television companies such as Wu Jing, Chen Sicheng, and Happy Twist.
The announcement shows that Beijing Dengfeng International Culture Communication Co., Ltd. (hereinafter referred to as “Dengfeng International”) requested to order the defendant to immediately pay the plaintiff a total of about 91.0595 million yuan for the distribution income and interest of the film project; Beijing Yitong Legend Film and Television Culture Co., Ltd. (hereinafter referred to as “One Tong Legend”) requests that Beijing Culture pay a total of approximately RMB 30.3787 million in investment income and losses.
Image source: Beijing Culture-related announcements
Jiayingxing (Beijing) Culture Media Co., Ltd. (hereinafter referred to as “Jiayingxing”) requested the court to order Beijing Culture to pay a total of 9.7469 million yuan for the recovery of investment costs and the income that should be distributed from the film; Xihong Film and Television Culture (Tianjin) Co., Ltd. The company (hereinafter referred to as “Xihong City Film and Television”) requested a judgment of Beijing Culture’s payment settlement, overdue payment losses, etc., with a provisional amount of approximately RMB 25.6125 million.
The lawsuit claims of the above-mentioned four companies all involve the recovery of film distribution income, investment income, etc., and the lawsuit requires a total of about 156 million yuan in arrears and related interests, litigation fees, appraisal fees, preservation fees, etc.
According to Qixinbao data, the largest shareholder behind Dengfeng International is Kairan (Shanghai) Film and Television Culture Studio, with a shareholding ratio of 90%, while the shareholder behind the studio is Wu Jing, holding 100% of the shares. As an affiliate company of Wu Jing, Dengfeng International has participated in as many as 15 films so far, of which the total box office of the films produced is as high as 23.5 billion yuan.
Dengfeng International’s shareholding structure and the total box office of participating films
Image source: Screenshot of Qixinbao, Lighthouse Professional Edition
From “Wolf Warrior 2” to “The Wandering Earth”, there are many popular movies behind the cooperation between Dengfeng International and Beijing Culture, especially “Wolf Warrior 2”, Beijing Culture can be said to be the driving force behind it, and The guaranteed release was adopted, and after the film became popular, the stock price and market value of Beijing Culture soared.
Yitong Legend, who has participated in the production and distribution of films such as “My Hometown and Me”, “Detective Chinatown 3”, and “Manslaughter 2”, is a company associated with Chen Sicheng. Up to now, the total box office of Yitong Legend’s participating films has exceeded 8 billion yuan. .
Image source: Qixinbao
The shareholders behind Xihong City Film and Television are the directors and screenwriters signed by Happy Twist. The company has participated in popular comedies such as “The Richest Man in Xihong City” and “This Killer Is Not Too Calm”. The two films have a cumulative box office of over 5 billion yuan.
The financial pressure is obvious, and the cumulative loss in three years exceeds 3 billion yuan
In recent years, under the influence of the epidemic, the film and television industry has been difficult, and “debt collection” has occurred from time to time.
In 2021, Shanghai Cheetah Culture Media Co., Ltd., an affiliated company of actor Zheng Kai, added a new piece of information about the person to be executed, and the target of execution was 33 million yuan, and the company behind the dispute “debt collection” is the leading film company Guangguang Media (SZ300251, stock price 8.72 yuan, with a market value of 25.6 billion yuan) .
Earlier, Zhao Ruiyong and Zhao Feifan, the actual controllers of Great Wall Film and Television, who have now been delisted, were also collected by the Hangzhou Intermediate Court through WeChat “rewards” of 13 million for their property clues. Judging from the “reward order” issued by the Hangzhou Intermediate People’s Court at that time, the applicant in this case was the Xihu Sub-branch of China Construction Bank. In 2017, the Great Wall companies successively lent more than 100 million yuan to the bank, using the company’s receivables as a pledge; in 2019, the bank filed an application for enforcement with the court.
Whether it is Great Wall Films or Beijing Culture, during the period of singing in the film and television industry, they were all glorious, but after 2018, they exploded one after another. Taking Beijing Culture as an example, from the “explosive model maker” to being pushed to the forefront due to a report letter, and then to Zheng Shuang’s sky-high salary, in just a few years, the company has experienced ups and downs and fell into a predicament.
Every reporter noticed that behind the debt collection of Beijing Culture, to a certain extent, reflected the financial pressure faced by the company. At present, affected by the epidemic, the top films in the film market have dropped sharply, and it is difficult to see popular films. In 2022, Beijing Culture will only participate in two films, “749 Bureau” and “Fengshen Trilogy”.
The data shows that from 2019 to 2021, the net cash flows generated by Beijing’s cultural business activities were -528 million yuan, 18.4815 million yuan, and 204 million yuan respectively; the company has been losing money for 3 consecutive years, and the cumulative loss of net profit attributable to shareholders of the parent company 3.206 billion yuan. In the first quarter of 2022, the company’s net profit attributable to shareholders of listed companies was -20.8215 million yuan.
In order to alleviate the financial pressure, Beijing Culture began to sell movies and stock rights as early as 2021 for “emergency”. In 2021, Beijing Culture will transfer 25% of each of the three films of “Fengshen Trilogy” to Tibet Huipuhua Enterprise Management Co., Ltd. with a cumulative contract amount of 600 million yuan; after 5 years of equity participation, Beijing Culture will also 2500 Wan transferred his 20% stake in Beijing Dawan Entertainment, a related company of Jia Ling. After the transfer, Beijing Culture no longer holds shares in Dawan Entertainment.
In addition, the company shares held by Tibet Jinbaozang, a shareholder of Beijing Culture holding more than 5% of the shares, and its concerted action person Xinjiang Jiameng have also been auctioned by judicial auction. Since June, Tibet Jinbaozang has held 2.986 million shares (accounting for 0.42% of the company’s total share capital). %) and 10 million shares held by Xinjiang Jiameng (1.40% of the company’s total share capital) were auctioned successively.
Beijing Culture stated that the company currently has no controlling shareholder or actual controller, and the above-mentioned sale will not lead to a change in the actual control of the company. The company and the above-mentioned shareholders are different entities, and maintain independence from shareholders in terms of assets, business, finance, etc., and the sale of shareholders’ shares will not have a significant adverse impact on the company’s production and operation.
This article is from the WeChat public account: Daily Economic News (ID: nbdnews) , author: Wen Menghua, editor: Duan Lian, Yang Xia, and Gai Yuanyuan
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