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Beijing Culture has fallen by the limit for 4 consecutive trading days, and over 70,000 shareholders are covered. Should Zheng Shuang take the blame?

Release Time:2022-04-28 Topic:Beijing Culture Stock Reading:121 Navigation:Stock Liao information > Entertainment > Beijing Culture has fallen by the limit for 4 consecutive trading days, and over 70,000 shareholders are covered. Should Zheng Shuang take the blame? phone-reading

Original title: Beijing Culture has fallen by the limit for 4 consecutive trading days, and over 70,000 shareholders are covered. Should Zheng Shuang take the blame? Source: Sohu.com

On April 29, the listed company Beijing Culture announced that the company's stock has been subject to "other risk warnings" since May 6, and has changed to "other risk warnings". ST Beiwen (rights protection)", because the accounting firm's "2020 internal control effectiveness "Issued an audit report with a negative opinion.

At that time, the "Zheng Shuang 160 million sky-high salary incident" was exposed and fermented, and the implicated party behind it was Beijing Century Partners, a subsidiary of Beijing Culture who sold it at a low price in 2020. Culture Media.

The stock market opened after the May Day, and Beijing Culture suffered four consecutive daily limit downs (due to being ST, the maximum daily decline was 5%), when will it stop falling Don't know yet. The closing price on May 11 was 4.46 yuan, and the total market value was less than 3.2 billion yuan. At its most brilliant in 2015, the total market value of Beijing Culture once reached 30 billion yuan, and now only about one-tenth of it remains.

Beijing Culture's stock price trend

Data shows that as of March 31, Beijing Culture has a total of There are 71,600 shareholders (of which, the top ten shareholders hold 53.11% of the total shares), and the per capita shareholding amount is 54,000 yuan.

The number of shareholders of Beijing Culture

The century partner behind Zheng Shuang's 160 million sky-high salary

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Beijing culture continued to fall. Some people felt that Zheng Shuang should not take the blame, which was caused by the company's own problems. But in fact, Zheng Shuang, who received a salary of 160 million in the form of a "yin-yang contract", is inseparable from the relationship.

"A Chinese Ghost Story" (now renamed "Just Ask This Life to Love Cangming") is a project controlled by producer Lou Xiaoxi's Century Partner, who once worked in In 2014, it signed an equity purchase agreement with Beijing Culture, and in 2016, it was acquired by Beijing Culture for 1.35 billion 100%.

A Chinese Ghost Story Distribution License

Century Partners promises the net profit for 2014-2017 Not less than 90 million yuan, 110 million yuan, 130 million yuan, and 150 million yuan. In fact, the net profits of Century Partners from 2014 to 2017 were 95 million yuan, 114 million yuan, 135 million yuan, and 150 million yuan, all of which were slightly exceeded or "accurately" completed the performance bet.

After the commitment period, from 2018, Century Partners' performance began to change dramatically, with a net profit loss of 46 million yuan in 2018 and a loss of 630 million yuan in 2019.

April 28, 2020, the release date of the annual report, Beijing Culture announced on the same day that it plans to transfer 100% equity of Century Partners to Beijing Fuyi Xingda Culture Development Co., Ltd. , the price is 48 million yuan, which is less than a fraction of the 1.35 billion acquisition money that was spent. At this time, the total assets of Century Partners are 608 million yuan, the total liabilities are 560 million yuan, and the net assets are 47.7 million yuan.

Century Partner Financial Data

The acquirer Beijing Fuyi Xingda was establishedIn 2005, the registered capital was only 1.01 million yuan. In 2019, the revenue was zero, and the net profit was -10,000 yuan. The total assets are 1.16 million yuan and the liabilities are 12,000 yuan.

Reporting financial fraud VS suspected embezzlement of funds to flee

Next, on the evening of April 29, 2020 , Lou Xiaoxi reported Beijing Culture’s systematic financial fraud through his real name on Weibo, and said that senior executives Song Ge and Zhang Yunlong were suspected of breaching trust and harming the interests of listed companies, fraudulent issuance of bonds, violations of disclosure and non-disclosure of important information, and job embezzlement.

Lou Xiaoxi reported Weibo

Although Lou Xiaoxi had resigned in August 2019, she is from Beijing Former vice chairman of Wenhua, but also a major shareholder. He holds 100% of the equity of Tibet Jinbao, the third largest shareholder of Beijing Culture, and is the executive partner of Xinjiang Jiameng, the fourth largest shareholder. The two institutions together hold 11.75% of Beijing Culture shares.

The major shareholder of Beijing Culture

The "Ghost Story" project was mentioned in the report letter. The specific operation is that Beijing Culture invested and established Zhoushan Jiawen Xile Equity Investment Partnership in July 2018. In 2018 and 2019, the funds of the listed company were misappropriated to the outside world through the fund, and the listed company was transferred to the listed company through "The Song Dynasty" and "A Chinese Ghost Story". The delivery performance is 78 million yuan.

Subsequently, Beijing Culture responded that Lou Xiaoxi had fled overseas on suspicion of misappropriation of funds. On January 19, 2020, the Chaoyang Branch of the Beijing Public Security Bureau has officially filed a case for this and is under investigation.

Beijing Culture responded to being reported

Changed financial statements on the grounds of "accounting errors"

On the same day as the release of the annual report and the announcement of the sale of Century Partners, Beijing Culture also made an announcement to significantly correct its 2018 financial statements on the grounds of “accounting errors” , after the correction, the operating income plummeted by 463 million, and the net profit plummeted by 202 million.

In response, the China Securities Regulatory Commission issued an inquiry letter. According to the company's later reply, the "accounting error" involved the investment in "A Chinese Ghost Story" and "The Song Dynasty" Revenue recognized from the transfer of the right to benefit.

Beijing Culture believes that the main reason for the accounting error is that Century Partners, a wholly-owned subsidiary of the implementer, did not put "Qian Nu" in the actual execution process of the contract. The main risks and rewards of ownership of the two dramas "Ghost Soul" and "Grand Song Palace Ci" are transferred to each other, and it is very likely that the funds from the two dramas will not flow into the company.

Specifically, Century Partners will hold 60% of "A Chinese Ghost Story" The investment share income right was transferred to Yagete International Culture Media at a price of 380 million yuan (tax included). In addition, Century Partners transferred the 15% investment share income right of "Grand Song Palace Ci" to Haining Borun Film and Television at a price of 108 million yuan. Yuan balance is overdue.

The transaction situation of A Chinese Ghost Story

Based on this, Century Partners has an opinion on the above two TV series in production. The recognition of the transfer income of the investment share income right does not meet the conditions stipulated in the "Accounting Standards for Business Enterprises - Income", the company recognized it as the income in 2018 was not prudent enough, and corrected it as a previous accounting error.

Audit organization changed, CFO resigned

Beginning in 2006, the accountant hired by Beijing Culture The firm has always been Zhongxi, and the cooperation period has been as long as 13 years, but from December 2019, it will not renew the employment, but has hired a new accounting firm, Zhongxinghua.

For the changes in the annual report data, Zhongxi said that the annual auditing accountants reviewed all the contracts, documents and documents that were reviewed during the 2018 annual audit.According to the report, it has performed appropriate audit procedures and obtained sufficient and legitimate audit evidence, so the audit opinion expressed in the 2018 financial report is appropriate, and there is no need to correct the audit opinion. It is the newly appointed auditor ZTE Hua that issued the audit statement for the correction of accounting errors in the 2018 annual report.

On April 28, 2020, Beijing Culture also issued an announcement to purchase liability insurance for the company and its directors, supervisors, senior management and employees, The compensation limit is 50 million yuan, the insurance fee is not more than 500,000 yuan per year, and the insurance period is 12 months.

The 2020 annual report disclosed at the end of March this year shows that Beijing Culture Chief Financial Officer Zhang Yaping resigned on June 11, and Jia Yuanbo was appointed as the new Chief Financial Officer on the same day. On December 23, Jia Yuanbo was dismissed due to his willingness to adjust his work, and Zhang Xue took over as the new chief financial officer. On May 29, Chen Chen, the secretary of the board of directors and vice president, resigned. On June 11, Jiang Yang was appointed as the secretary of the board of directors, and he was dismissed on December 23 due to work adjustment. In addition, independent director Li Huabin resigned on July 15.

Beijing Culture resigned as Senior Supervisor Dong in 2020

Beijing Culture's number of employees has dropped sharply in the past three years , from 2018 to 2020, there were 671, 226, and 80 people, respectively, with an annual decrease of 66.32% and 64.60%, far exceeding the normal level of the industry. Under the impact of the epidemic in 2020, the average drop of employees of the 15 leading listed companies in the film and television industry was 19.37%.

Changes in the number of employees of listed film and television companies in 2020

"financial bathing" led to two years of huge changes Loss, the 2020 annual report is not fidelity

Beijing Culture was originally a tourism company. , Lou Xiaoxi's century partner, and Wang Jinghua's Zhejiang Galaxy Culture, which has fully entered the field of film, TV series, and artist brokerage. Popular movies such as "Generation", "The Wandering Earth", "My Hometown and Me", and "Hello, Li Huanying" are becoming more and more famous in the industry.

However, the company's performance is not good. It has declined year after year since 2017. The net profit from 2017 to 2020 is 310 million yuan and 125 million yuan respectively, - 2.306 billion yuan, -767 million yuan, and continued to lose 26.88 million yuan in the first quarter of this year.

Beijing Culture's net profit over the years

acquisition has generated high goodwill, plus The subsequent losses of various subsidiaries eventually exploded in the way of "financial bathing". In 2019, Beijing Culture’s net profit suffered a huge loss of 2.306 billion yuan, including the accrued 834 million yuan goodwill of Century Partners, 641 million yuan of goodwill of Galaxy Culture, and other asset impairments, totaling 2.247 billion yuan. The net profit in 2020 will be a huge loss of 767 million yuan, including the impact of asset impairment totaling 970 million yuan such as bad debt provision for receivables and inventory depreciation.

Beijing Culture's goodwill due to acquisitions

After the release of the 2020 annual report, the accounting affairs The firm issued an audit report with a negative opinion on its "effectiveness of internal control in 2020". This is a newly hired accounting firm named Su Ya Jincheng.

Accountants believe that Beijing Culture has two major deficiencies in its internal control: 1. Beijing Culture lacks effective management and control over the investment in some film and television drama projects, and fails to manage project contracts and budget execution. Effective supervision can be implemented, resulting in the recognition of large-scale film and television asset impairment losses in 2020. 2. Beijing Culture has not been able to determine the specific time of the impairment loss of other equity instrument investment in Zhoushan Jiawen Xile Equity Investment Partnership, which was transferred out in April 2020 with the disposal of subsidiary Century Partners. At the end of 2020, Beijing Culture made a full provision for bad debts of 326 million yuan of other receivables of Century Partner, and failed to consider the bad debt losses of this receivable in a timely manner during the equity transfer of Century Partner. The company's internal control related to the recognition of asset impairment losses Flawed.

At the same time, some directors stated that they could not guarantee the authenticity, accuracy and completeness of the 2020 annual report and the 2021 first quarter report, for the following reasons: the former vice chairman Lou Xiaoxi was suspected of embezzling funds, The company's suspected financial fraud was filed by the Beijing Securities Regulatory Bureau and the audit case has not yet been closed; the wholly-owned subsidiary Beijing Dongfang Shanshui Resort planning approval has major policy risks; the impairment matters have not been carefully discussed and resolved by the board of directors, and the internal control self-evaluation has not been made by the board of directors. Seriously discuss and form resolutions, and whether the substance of economic activities on important matters is true, accurate and complete is not reflected in the annual report.

Investigated by the Securities Regulatory Bureau, the Taxation Bureau, and the Radio, Film and Television Bureau

The original project of "A Chinese Ghost Story" The Beijing Securities Regulatory Bureau has already been investigating the violation of revenue recognition.

Now, coupled with Zheng Shuang's yin-yang contract incident, it has become more complicated.

According to CCTV news reports, the First Inspection Bureau of Shanghai Municipal Taxation Bureau has accepted the report of Zheng Shuang suspected of tax evasion and is investigating in accordance with tax laws and regulations verify. The Beijing Municipal Bureau of Radio, Film and Television has launched an investigation into the production costs of related plays and the proportion of actors' remuneration.

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