Behind the report gate of Beijing culture, fraudulent suspicion and interest disputes

Behind the report gate of Beijing culture, fraudulent suspicion and interest disputes
On the afternoon of April 29, Song Ge, who had just returned from the film bureau, encountered a trouble. Beijing Culture was reported to be financially fraudulent, and he himself was also accused of profit transmission.In this way, his people are his original right-handed former vice chairman of Beijing Culture, Lou Xiaoxi, former chairman of Beijing Century Partners Cultural Media Co., Ltd. (hereinafter referred to as “Century Partners”).The Beijing culture behind such a door has just released its annual report, with a huge loss of 23 in 2019.0.6 billion.In the announcement of the annual report, Lou Xiaoxi made a public report, which aroused the attention of the capital market. Beijing Culture opened on April 30, and the Shenzhen Stock Exchange issued a letter of concern on this matter.In fact, the entanglement of Beijing’s cultural interests without actual control has already emerged.Huali Holdings, the former largest shareholder, passively reduced the share of the loss-making largest shareholder, and Fude Life Insurance passively became the largest shareholder, holding 6 shares.44% of Tibet ‘s third largest shareholder, Tibet Jinbaozang, passively reduced its interest rate to repay the financing rate of financial institutions.Beijing Culture’s attempt to date state-owned assets was unresolved, and it once again set a limit. The only way for Beijing Culture’s shareholders to release the pledge was money.Beijing Culture was accused of financial fraud, and initially stated that the company merged with shareholders for a long time. On April 29, Beijing Culture released its 2019 annual report.In the evening, users who claimed to be the former vice chairman of Beijing Culture, Lou Xiaoxi, reported systemic financial fraud of Beijing Culture on Weibo, and said that executives Song Ge and Zhang Yunlong were suspected of damaging the rights and interests of listed companies and fraudulently issuing bonds.Lou Xiaoxi said that the report materials have been replaced by the SFC.In addition to being the former vice chairman, Lou Xiaoxi is also the 100% shareholder of Tibet Jinbaozang Cultural Media Co., Ltd. (hereinafter referred to as “Tibet Jinbaozang”), the third largest shareholder of Beijing Culture, and the fourth largest shareholder, Xinjiang Jiameng Equity Investment Partnership (LimitedPartnership) (hereinafter referred to as “Xinjiang Jiameng”).”Lou Xiaoxi is a senior in the film and television industry. He used to be an old man in Huayi, and his qualifications are even deeper than those of many film and television company owners,” a middle-level head film company told the sauna and Yewang.”The Air Force has cooperated with him, and accompanying that he is a content writer, it is better to say that he is more like a businessman,” another theater executive said.In the early years, Lou Xiaoxi was the person in charge of the film and television dramas of Huayi Brothers. He has close relations with Wang Zhongjun, and there are many well-known directors and screenwriters such as Bian Xiaojun, Zhang Li, and Yan Geling.Lou Xiaoxi said that Beijing Culture suffered a huge loss of more than 2 billion in 2019, reversed the 2018 audit report, sold Century Partners at a low price, tried to whitewash the peace, changed the “crime” of financial fraud to “wrong”, deceived the regulatory agency, and infringed the majority of shareholdersinterest.Subsequently, Beijing Culture responded and weighed in. The company’s former vice chairman, former legal representative of Beijing Century Partners Cultural Media Co., Ltd. (hereinafter referred to as Century Partners), and chairman Lou Xiaoxi had fled overseas due to suspected misappropriation of funds.The Chaoyang Branch of the Beijing Municipal Public Security Bureau has initiated an investigation on January 19.Beijing Culture also said in its response that Lou Xiaoxi spread false statements, vilified and slandered Beijing Culture, and transformed company executives to carry out personal attacks, which seriously affected the company’s reputation and normal operations.The report of Beijing Culture has attracted regulatory attention.The Shenzhen Stock Exchange quickly issued a letter of concern, asking Beijing Culture to explain the relevant content of the report letter one by one.Opening on April 30, Beijing Culture set a one-day limit.Eventually closed, the limit was not opened, and closed at 6.92 yuan / share, the turnover rate is only 0.67%.In the first quarter of this year, the number of institutions holding Beijing culture plummeted.As of the end of the first quarter, there were 11 institutions holding Beijing Culture, and the total shareholding ratio of the institutions accounted for 27% of the total share capital.94%, holding a stock market value of 17.6 billion.At the end of 2019, there were 42 institutions holding Beijing Culture, with the shareholding ratio accounting for the total share capital.88%, holding a stock value of 12.5.6 billion yuan.Under the impact of the epidemic, the film industry suffered a setback, or to some extent affected the institutional holdings, but the 2019 performance may also be a reference for institutional holdings.”None of the evidence that is revealed now is to be investigated by the China Securities Regulatory Commission,” said the middle-level film company.However, he reminded that due to the sudden cultural change in Beijing and the scattered shareholders behind, there has always been a wrestling relationship with shareholders. At that time, it was more covered by the explosive movies. Now the overall environment is not good and the problems are more likely to be exposed.Lawyer Liu Anbang of Beijing Deheng Law Firm told reporters that after accepting the report of the whistleblower, the Securities Regulatory Commission will conduct a preliminary investigation. If the listed company does report violations of the law, the Securities Regulatory Commission will conduct a formal investigation.Sauna and Yewang contacted Beijing Culture regarding the incident. The other party said the announcement shall prevail.For example, the person Lou Xiaoxi subscribed to Beijing Culture Dingzeng shares and the book loss was 76.25 million. This time Beijing Culture was reported to be financially falsified and accompanied by business conversion in recent years.The annual report shows that the total operating income of Beijing Culture in 2019 is 8.5.5 billion, an annual increase of 15.37%; net profit is -23.0.6 billion, decreasing by 1943 every year.12%.The main reason for the substantial decrease in profits was the change in the operating performance of the wholly-owned subsidiary Century Partners and Xinghe Culture, and the company withdrew corresponding asset impairment provisions and goodwill impairment provisions.Before 2013, Beijing Culture was still a listed company with a major income from Mentougou Scenic Area.In December of that year, Beijing Culture announced a 1.Acquired 100% equity of Beijing Guangjing Rising Cultural Media Co., Ltd. (later renamed Beijing Ferris Wheel Cultural Media Co., Ltd., Song Ge served as chairman) for US $ 500 million, and began to transform from a single tourism industry into two main businesses of tourism and film and television cultureCoordinated development.From June 2015 to the present, Song Ge, the actual controller of the Ferris wheel, has served as the chairman of Beijing Culture. The core team members Wang Jinghua and Du Yang all have resources in developing countries.In 2014, Lou Xiaoxi and Century Partners were seeking to realize in the capital market and encountered the changing culture of Beijing.At that time, Beijing Culture acquired Zhejiang Star River Cultural Brokerage Co., Ltd. (hereinafter referred to as “Star River Culture” and Wang Jinghua as the chairman) of major military TV drama production century partners and major army artist brokerage business at a fixed increase, and the purchase price was 13 respectively.5 billion and 7.500 million yuan.Obviously, the legal representative of Tibet ‘s Golden Treasure, Xinjiang Jiameng, was replaced by Lou Xiaoxi, and the legal representative of Tibet ‘s Jinju was Wang Jinghua.In other words, although Lou Xiaoxi and Wang Jinghua sold the company, some of the funds were used to buy stocks of Beijing Culture, and they also had to bear certain performance gambling.At that time, the film and television stocks were well-received by capital. It is a routine operation for the actual controller of the acquired company to purchase a certain amount of listed company stocks.From the perspective of 17 yuan, 8.The fixed price of 92 yuan is much cheaper and quicker.But three years later, when the fixed-income stocks were lifted, the merger plunged to 10 above Beijing Culture on May 31, 2019.The previous comparison of 31 yuan is close to 8.The fixed cost of 92 yuan.In order to reduce losses, Tibet Jinbao, a subsidiary of Lou Xiaoxi, has repeatedly reduced and pledged, and Xinjiang Jiameng has also reduced its holdings.The Beijing Culture Announcement shows that as of February 25, 2020, Tibet ‘s Golden Treasures and Xinjiang Jiameng currently hold Beijing Culture 6 respectively.44% and 5.For 31% of the shares, when the proportion increases, the cumulative decrease is 0.99%.If the current situation is 6.With a sustainable calculation of 92 yuan, the book losses of Tibet ‘s Golden Treasure and Xinjiang Jiameng exceeded 76.25 million.According to the agreement on gambling at the time of acquisition, Century Partners should achieve 0 between 2014 and 2017 respectively.900 million yuan, 1.1 billion yuan, 1.3 billion and 1.With a net profit of 50ppm, Century Partners achieved net profit of 0 in 2014, 2015, 2016 and 2017, respectively.9.4 billion yuan, 1.1.3 billion yuan, 1.3.5 billion and 1.The $ 5.1 billion is very close to the performance compensation line, and all of them have completed the gambling.Century Partners ‘revenues in 2018 and 2019 were 58.62 million and 5 respectively.1.5 billion, the clarity is 46.08 million and 6 respectively.3 billion yuan.Obviously, in the announcement of the sale of Century Partners on April 29, Century Partners ‘revenue in 2018 was 58.62 million, and its net profit was -46.08 million.However, in the financial report released by Beijing Culture in March 2019, Century Partners’ revenue in 2018 was 5.1.9 billion, with a profit of 1.45 billion.On what day did the revenue and net profit of Century Partners suddenly change?On the day of the sale announcement on April 29, Beijing Culture also released the “Corrected 2018 Financial Statements.”In February 2020, Beijing Culture sold Century Partners to Fuyi Xingda with a 100% distribution transfer price of 48 million.The report shows that the total assets of Century Partners at that time6.08 trillion, a total of 5.610,000 yuan, net assets 47.7 million yuan, payable is 3.2 billion yuan.Six years later, Century Partners has gone from 13.The 50 trillion dollar enterprise has shrunk to only 48 million estimates and is in debt3.2 billion yuan.At the same time, the stock of Beijing Culture held by Lou Xiaoxi is still declining, and it may need to face inquiries from listed companies and the China Securities Regulatory Commission. Therefore, it may be a deadly fight that Lou Xiaoxi, a former chairman of Century Partners, had to do.In the report letter, Lou Xiaoxi accused Song Ge of being the legal representative and actual controller of the Ferris wheel. Using his position, he embezzled the funds of the listed company from 2016 to 2017 to complete the Ferris wheel’s performance.company’s profit.Lou Xiaoxi also said that the actual performance of Xinghe Culture in 2018 was only 50% of that in 2017. Song Ge instructed Vice President Zhang Yunlong to direct the operation of Xinghe Culture ‘s achievements in order to achieve the overall performance of Beijing Culture not less than the 2017 performance.”Convertible debt” performance target.The 2019 annual report shows that Beijing Culture has all goodwill to Galaxy Culture6.41 trillion for accrued impairment.Century’s partner, who is the main body of the news, was not destroyed too much in Lou Xiaoxi’s news letter.The 2019 annual report shows that in terms of the number of reports, Beijing Culture has compressed the scale and output of TV series business, and at the same time adjusted the business personnel of Century Partners.After the company’s internal auditors continued to track and confirm the important contracts of Century Partners, it was found that part of the capital flow was abnormal. Beijing Culture immediately conducted further verification and reported the case to the public security organ. The relevant personnel have been investigated.The loss of the original management team of Century Partners and the lack of core competitive advantages.According to the principle of prudence, all goodwill to Century Partners8.3.4 billion yuan for accrued impairment.According to the attempted information, Lou Xiaoxi was the legal representative of Century Partners. On April 29, the legal representative of Century Partners was changed to Yu Yao.On the same day, the controlling shareholder of Century Partners was changed from Beijing Culture to Beijing Fuyi Xingda Cultural Development Co., Ltd., and its subsidiary controlling shareholder and legal representative replaced Yu Yao.Continued downward, shareholders’ interests are entangled, and the White Knight is in urgent need. In the past three years since August 2017, Beijing culture has shown a downward trend.On April 30 this year, Beijing Culture’s daily limit closed up to a maximum of 6.92 yuan / share, rated 22 at the high point of August 2017.50 yuan / share, suffered a decline of nearly 70%.Unanimously declined, the pledge pressure on shareholders was very large.Many executives of listed companies told Sauna, Yewang that the latest Beijing culture has been exposed to financial fraud or related to the disputes between shareholders.Currently in a culture of Beijing without actual controllers, the shareholder life is not easy.From March 11th to March 12th, Huali Holdings, the former largest shareholder of Beijing Culture, which pledged a high percentage of shares, passively reduced 402 shares.900,000 shares, with a shareholding ratio of 15.72% recognized 15.16%, Fude Life Life has passively become the largest shareholder of Beijing Culture.As of April 29, Huali Holdings shares are still in a pledged state with a high proportion, and the number of pledged shares is gradually 1.07 billion shares, accounting for 14 of the company’s total shares.88%; the number of shares gradually frozen is 1.0.9 billion shares, accounting for 15 of the company’s total share capital.16%; the number of shares waiting to be frozen gradually is 1.2.1 billion shares, accounting for 16 of the company’s total share capital.93%.Under the continued downward trend, the high proportion of pledges is facing pressure to close positions.Some of the shares held by Huali Holdings have been forced to close positions.On April 23, Huali Holdings ruled that the Shanghai Financial Court would auction and sell the unrestricted shares of the company held by Huali Holdings due to a dispute with Haitong Securities on the pledged securities repurchase.360,000 shares (accounting for 7 of the company’s total share capital)61%).As of April 29, the matter has not yet entered the auction publicity stage.The announcement on the evening of February 18 showed that Beijing Culture held 6 shares.In order to repay the financing interest rate of financial institutions, 44% of the shareholders, Tibet Jinbaozang, reduced their holdings of the company ‘s shares through a centralized exchange on the stock exchange on February 14.460,000 shares, accounting for 0 of the company’s total share capital.01%.Tibet Gold Treasure did not report to the stock exchange 15 days before the current reduction and disclosed the reduction plan in advance, which constituted an illegal reduction.After this reduction, Tibet Jinbaozang holds Beijing Culture6.44% equity.The announcement shows that Tibet Jinbaozang is actively communicating with creditors to discuss possible measures to resolve related issues.Beijing Culture tried to date the white knight to end the situation without actual control.On February 11, Huali Holdings intends to transfer the company shares directly held by Huali Holdings to the investment M & A platform or a designated third party led by Beijing Wenke Investment Consulting Co., Ltd.0.9 billion shares, accounting for 15 of the company’s total share capital.16%.Beijing Cultural Technology Financial Leasing Co., Ltd. holds 100% equity interest in liberal arts investment.But to this day, the state-owned shares are still pending.Reporter Zhang Yanyi Bai Jinlei Editor Zhao Ze proofreading Liu Baoqing