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Beijing Culture: It took seven years to hollow out oneself

Release Time:2022-04-28 Topic:Beijing Culture Stock Reading:26 Navigation:Stock Liao information > Entertainment > Movie > Beijing Culture: It took seven years to hollow out oneself phone-reading

Original title: Beijing Culture: It took seven years to empty myself Source: Rhino Entertainment

Author: Xiaofu, Editor: Pu Fang, Original Title: "Seven years of ups and downs, the two layers of ice and fire in Beijing culture", the title picture comes from: "Hello, Li Huanying" stills

It collapsed overnight.

Zheng Shuang's 160 million sky-high remuneration led to a yin and yang contract, and once again made the troubled Beijing culture the focus of both inside and outside the industry.

Beijing Culture lost another 26.89 million yuan in the first quarter of this year after losing 767 million yuan last year. The market opened on May 6, and the "capped" ST Beiwen opened with a limit down, and the outflow on the same day It is reported that the 9.6669 million shares of ST Beiwen held by China Huali Holding Group Co., Ltd. will be auctioned on May 17.

On May 7th, ST Beiwen opened again with a lower limit, the stock price reported 4.94 yuan, and the company's market value was only 3.537 billion yuan. The storm is about to come, and the difficulties of Beijing culture are far from over.

From the transformation of a film and television company, it has made great strides and has become an explosion in the industry Manufacturing machines, until now, internal and external troubles have come one after another, and it is difficult to return. It took Beijing Culture seven years to hollow itself out.

I. Turn around in a high profile

Before getting involved in film and television, Beijing culture was an orthodox company. A travel company owned by the whole people - Beijing Jingxi Cultural Tourism Co., Ltd.

In 1994, the company won the management right of "Three Mountains and Two Temples (Miaofeng Mountain, Lingshan Mountain, Baihua Mountain, Tanzhe Temple, Jietai Temple)" in Beijing , and was listed on the Shenzhen Stock Exchange in 1998.

However, due to the downturn in tourism business, Jingxi Tourism was on the verge of delisting after listing. In 2005, Jingxi Tourism and Kunlun Kun completed the reorganization, and changed their name to "Beijing Tourism". In 2010, Huali Holdings, which was actually controlled by Ding Mingshan, entered the game strongly and acquired a 26.67% stake in Beijing Tourism for 538 million yuan, and subsequently became the company's largest shareholder. Kunlun Kun, which holds 25.97% of the shares, becomes the second largest shareholder.

The arrival of Ding Mingshan did not fundamentally reverse the decline of Beijing tourism. In view of the limitations of the company's main business before, in the following three years, under the operation of Ding Mingshan, the performance of Beijing Tourism continued to decline year by year, and Kunlun Kun also transferred all the shares to exit the company.

It wasn't until the end of 2013 that the real turnaround came.

This year, Beijing Tourism acquired Song Ge's Light and Shadow Rising Star, later known as Beijing Ferris Wheel Film and Television, for 150 million yuan, and announced Song Ge as the deputy director of Beijing Tourism. Chairman.

After the acquisition of the Ferris Wheel, Beijing Tourism followed the trend of film and television mergers and acquisitions, and officially transformed into the film and television entertainment industry. After just over half a year, Beijing Tourism announced that it planned to raise funds to acquire 100% equity of Century Partners, Zhejiang Galaxy and Lhasa Group. The main business scope of these three companies includes the production, distribution and derivative business of TV series and movies, brokerage agency services, movie and network drama production and overall marketing business.

After three revisions to the plan, Beijing Tourism finally issued 320 million shares at a price of 8.92 yuan per share, raising 2.894 billion yuan. Among them, Life Insurance, which was actually controlled by Zhang Jun, invested 1 billion yuan to subscribe for 110 million shares, holding 15.66% of the shares, second only to Ding Mingshan, the largest shareholder at that time.

And through this successful fundraising, Beijing Tourism was able to acquire Century Partners and Zhejiang Galaxy with RMB 1.35 billion and RMB 750 million respectively (the Lhasa group images were not approved), and Capital increased to Emmy (Beijing) Cinema Investment Co., Ltd. (Amy Cinema), a wholly-owned subsidiary.

Not long after that, Ding Mingshan resigned as chairman, Song Ge was appointed chairman of the company, and Beijing Tourism changed its name to "Beijing Culture" that year.

In July 2015, Beijing Culture announced the appointment of Xia Chenan, the former director of Zhejiang Satellite TV, as the new president of the company.

At this point, led by Song Ge, Xia Chenan, Lou Xiaoxi, and Wang Jinghua, covering four major sections of movies, variety shows, TV dramas and online dramas, and artists, it has transformed itself into the whole industry chain of film and television. The company's Beijing culture has officially entered the stage of the film and television industry.

Second, consecutive explosions

Who is Song Song?

Since entering the film industry, Song Ge has selected many high-quality projects with his vicious eyes. In 2005, Song Ge, who invested in the film for the first time, bet on the box office champion film "Seven Swords". In 2008, Song Ge established Perfect Time and Space Film and Television Company, which filmed the first domestic "Chicken Movie" "Perfect", and then led the development of the hit love movie "33 Days of Broken Love" released in 2011.

After leaving Perfect World, Song Ge took up the post of general manager of Wanda Film and Television. During this period, Wanda released "Beijing Love Story", "Police Story 2013", "Looking for the Dragon", etc. A movie that performed well in the market.

After that, it is the story of him and Beijing culture. In 2014, Song Ge's Ferris Wheel Films made the Beijing culture famous at that time with two films, "You at the Same Table" and "Heart Flower Road". "You at the Same Table" directed by Guo Fan smashed the box office of more than 400 million yuan, and "The Flower of the Heart" became the box office champion of Chinese movies in 2014 with a box office of 1.167 billion yuan.

In 2017, "Wolf Warrior 2", a Chinese film history champion film with a box office of more than 5.6 billion, made more people remember the name of Beijing culture.

In 2018, "I'm Not the God of Medicine" swept the summer archives with a box office of 3.1 billion yuan, and the low-cost dark horse "The Unknown" also has Beijing culture behind it .

In the Spring Festival of 2019, "The Wandering Earth", which was not optimistic beforehand, became the biggest dark horse of the Spring Festival with 4.686 billion yuan at the box office, and single-handedly opened up Chinese science fiction Movie year.

Beijing culture, which has been betting on all these one after another, also has the reputation of "explosive machine" in the film industry.

This year's Spring Festival, "Hello, Li Huanying" produced by Beijing Culture has once again succeeded in betting. Up to now, the cumulative box office has exceeded 5.412 billion yuan, ranking The second place in the box office chart of Chinese film history.

A funny data is that in Chinese moviesIn the top 5 of the total box office list, Beijing Culture participated in three seats, and in the TOP 12, it accounted for four seats. It is hard to believe that the "co-producers" of these recognized national blockbusters have been put on ST.

Three, laying mines everywhere

Looking back and sorting it out, there are clues to everything today .

First of all, these well-known blockbuster movies have not actually brought much benefit to Beijing culture.

In 2014, Ferris Wheel released "Heart Flower Road Fang" with a guarantee of 500 million yuan and brought 191 million yuan to Beiwen with a box office of 1.167 billion yuan Income, this movie alone accounted for 45.37% of Beiwen's total income for the year, and Beiwen also received about 50 million yuan in revenue. Beiwen, who tasted the sweetness of the bottom line, then began to fully promote this model.

However, the guarantee is more like a gamble. It is not easy to bet on a hit and outperform the market.

In 2016, "I Am Not Pan Jinlian", co-produced by Ferris Wheel and issued by Feng Xiaogang's company with a guaranteed minimum of 500 million yuan, grossed 483 million yuan at the box office, and the minimum guarantee was not completed; 2017 In 2019, "Wolf Warrior 2", which was co-produced by Beijing Culture and released with a guaranteed minimum of 800 million yuan, won a box office of 5.683 billion yuan. However, due to the low proportion of the agreed share, Beiwen only received 300 million yuan in revenue from the film, and the actual income was about 1.6 In the same year, "Second Generation Fairy", which was issued by Beiwen with a guaranteed minimum of 500 million yuan, finally received only 292 million yuan at the box office, and the minimum guarantee was not completed.

This year's Spring Festival file "Hello, Li Huanying" is hosted by Beiwen, It was also guaranteed to be 1.5 billion early before the release. Since the film has not yet been released, the final revenue has not been disclosed. However, according to the current amount announced by Beiwen, the income that may be brought to Beiwen is only about 100 million yuan.

Among the projects that did not participate in the guaranteed release, "I Am Not a Medicine God" contributed 255 million yuan in revenue to Beijing Culture. According to public data, Beijing Culture will eventually bring The revenue is about 180 million yuan. "The Wandering Earth" brought 632 million yuan in revenue to Beijing Culture, and the actual income was about 260 million yuan.

And more often, Beijing Culture is no different from other film companies - after all, only a few have outstanding box office performance. Losing money is the normal state of film projects. . In addition, Beijing Culture's guaranteed release gambling, although the bet hit a hit, but it did not make a considerable profit. The beauty is the explosion, not the income of Beijing culture.

However, what really accelerated the collapse of Beijing culture was the capital game that never stopped.

In fact, Beijing Culture agreed on a corresponding gambling contract as early as when it transformed and acquired the three companies, Ferris Wheel, Century Partners and Galaxy Culture.

Among them, Songge's Beijing Ferris Wheel needs to achieve net profit of 15.37 million, 24.41 million, 30.43 million and 40.22 million yuan respectively from 2014 to 2017 , a total of 110 million yuan. Wang Jinghua's four-year performance bet must not be less than 49.7 million, 65.3 million, 84.3 million and 100 million yuan, a total of 299 million yuan. Lou Xiaoxi needs to complete 90 million, 110 million, 130 million and 150 million yuan respectively, a total of 480 million yuan in gambling performance.

Beijing Culture and its three subordinate companies performed well in the first two years of gambling.

Until February 2016, Zhang Jun of Life Insurance, which had invested the most in fundraising and acquisitions that year, was taken away by relevant departments to assist in the investigation. According to Lou Xiaoxi, the former vice chairman of Beiwen and the founder of Century Partners, "As soon as Zhang Jun leaves, the funds will be gone. It is up to you to complete the gambling."

In the next two years, the three subsidiaries still “pressed the line” to complete the betting performance every year, but at the same time, many executives reduced their holdings at the high point of the stock price and the departure of Xia Chenan led the variety show team. It hints at the direction of Beijing culture.

In 2018, due to the "Fan Bingbing Incident", the film and television winter swept the entire industry, and the performance of film and television companies generally declined. In the same year, or due to investment failure, Huali Holdings and Ding Mingshan fell into a debt crisis, resulting in the judicial freezing of most of Huali Holdings' holdings in Beijing Culture.

Surprisingly, Beijing Culture announced on the day of its 2018 annual report that it would issue 2 billion yuan of convertible bonds. As we all know, this premise is Beijing Culture. Results for fiscal 2018 outperformed the previous year.

Beijing Culture did it.

Beijing Culture voluntarily announced the termination of the convertible bond project soon after. It fueled the subsequent report of fraudulent performance.

Four. Chicken feathers in one place

2020 On April 29, 2018, Lou Xiaoxi, the former vice chairman of Beiwen, revealed on Weibo that Song Ge, the current chairman of Beiwen, and Zhang Yunlong, director of the board of directors, were suspected of breaching trust and harming the interests of listed companies, fraudulent issuance of bonds, and illegal disclosure and non-disclosure of important information crimes. , the crime of occupational embezzlement. A day ago, Beiwen just announced that it would transfer 100% equity of Century Partners at a low price of 48 million yuan.

Subsequently, the Shenzhen Stock Exchange announced The company's management department issued a "Letter of Concern" to Beijing Culture. On the evening of May 16, Beijing Culture, independent directors and accountants announced their reply to the "Letter of Concern", all denying all the fraudulent acts reported by Lou Xiaoxi.

However, in July, Beijing Culture issued another announcement acknowledging that there were accounting errors, revealing that the 2018 annual report inflated revenue by 460 million yuan. "The income disclosed is consistent. Both of these two TV series are from Lou Xiaoxi's partner of the century, which indirectly admits the fact of fraud.

On January 4, 2021, Beijing Culture was officially approved by the China Securities Regulatory Commission. A case will be filed for investigation.

After investigation, Beijing Culture has the following violations: the income of some projects in 2018 did not meet the requirements of "Accounting Standards for Business Enterprises No. 14 - Income" Confirming the conditions led to the company's overstated operating income of about 460 million yuan and overstated net profit of about 191 million yuan in 2018. This not only includes the "Ghost Story" project, but also the "mystery of performance growth" that year seems to have an answer.

Until April 26, Zheng Shuang's ex-boyfriend Zhang Heng reported on Weibo that Zheng Shuang's 160 million high salary for the TV series "A Chinese Ghost Story" and the use of yin and yang contracts to evade tax , and directly pointed out the brand's Beijing Culture and Century Partners.

Online public outrage was overwhelming, and relevant agencies quickly intervened a few days later. In addition to overstating his income, Wen has also been charged with a "yin-yang contract", which can be described as worse.

During this period of turmoil, Beijing Culture's funds The shortage problem has also become more serious. 500 million yuan in overdue loans, the sale of "Hello, Li Huanying" is guaranteed, and even the 25% share of the trump card "Fengshen" trilogy has been sold to Tibet Huipuhua for 600 million yuan. also , the core film team of Beiwen has also left one after another last year.

Looking back at the end of 2015, the stock of Beijing Culture once rose to 43.17 yuan per share, with a market value of more than 30 billion yuan, but now it has about one tenth left (currently The market value is about 22 cool).

Yesterday was brilliant, today is bleak. Can the state-owned assets of Qingdao West Coast, which has already invested in, finally take over the offer? Where did all the money in Beiwen go? Not many people can answer this question. But what is certain is that playing with capital will eventually fall.

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