Red Star Capital Bureau reported on April 13 that the former film and entertainment giant Yinji Entertainment Media Co., Ltd. (referred to as "Yinji Media") was ruled bankrupt by the court. The former A-share film and entertainment giant now has only a balance in the company's bank account. 371 yuan. In fact, the controller Xiao Wenge once reached the top and became the "richest man in Sichuan".
The court ruled to declare bankruptcy
The company's bank account balance was only 371 yuan
On April 3, 2024, the Beijing No. 1 Intermediate People's Court issued "(2022) Beijing 01 Po No. 25 One" on the National Enterprise Bankruptcy and Reorganization Case Information Network Announcement", ruling on April 3 to declare Yinji Media Company bankrupt.
According to the announcement, the Beijing No. 1 Intermediate People's Court ruled to confirm that 16 creditors including Industrial Bank Co., Ltd. Chengdu Branch have ordinary claims of 1.767 billion yuan against Yinji Entertainment Media Co., Ltd. (hereinafter referred to as Yinji Media Company). According to the manager's investigation, the bank account balance of Yinji Media Company is 371.07 yuan. It is difficult to dispose of the registered trademarks and long-term equity investments held under its name, and the actual value of the disposal is low. The debtor was unable to pay off its due debts, and its assets were insufficient to pay off all debts, and there was no reorganization or reconciliation. Therefore, the administrator applied to the court to declare Yinji Media Company bankrupt. This court believes that in accordance with the provisions of Article 2, Paragraph 1 and Article 107 of the Enterprise Bankruptcy Law of the People's Republic of China, this court ruled to declare Yinji Media Company bankrupt on April 3, 2024.
In the past, the stock price exceeded 40 billion yuan
Public information shows that Yinji Media successfully listed a backdoor pork processing company in 2014. In the first three years after
was listed on the backdoor market, Yinji Media achieved revenue of 2.46 billion yuan and net profit of 436 million yuan in 2014, excluding non-net profit of 395 million yuan; in 2015, it achieved revenue of 1.882 billion yuan and net profit of 574 million yuan. , deducting non-net profit of 505 million yuan; in 2016, it achieved revenue of 2.506 billion yuan, net profit of 731 million yuan, and deducting non-net profit of 676 million yuan.
During this period, Yinji Media, known as "the only global high-concept entertainment brand IP trader in A-shares", also relied on Wu Bing and Dan Mitz's connections in Hollywood to successfully introduce some American blockbusters, including "Iron Man 3" ""Loop Messenger" and so on. It also claimed to have purchased a series of IPs, including the Warrior Universe series, the high-octane fantasy "Three Worlds" brand IP system, the "Terminator 2: Judgment Day" classic film and television IP brand, and the "Transformers" live entertainment brand IP, etc.
Along with this, Yinji Media's stock price has been rising. On June 4, 2015, Yinji Media's market value exceeded 40 billion yuan. In 2016, the company's development reached a peak, with operating income of 2.506 billion yuan that year, a year-on-year increase of 33.16%; achieved Net profit attributable to parent companies was 731 million yuan, a year-on-year increase of 27.27%. As the actual controller of
, Xiao Wenge, as the stock price has been rising, has occupied the top position on the rich list of listed companies in Sichuan for two consecutive years in 2015 and 2016, and is regarded as the richest man in Sichuan. At its highest, his net worth exceeded 30 billion yuan (based on stock market value) count).
’s performance collapsed and its listing was terminated.
However, since 2017, Imprint Media has faced the failure of major asset restructuring, freezing of controlling shareholders’ shares, and declining operating performance.
In September 2018, "17 Yinji Entertainment cp001" failed to pay the principal and interest on time, resulting in a substantial breach of contract for the first time. In the first three quarters of 2019, the company achieved operating income of 59.8 million yuan, a year-on-year decrease of 80.19%; net profit loss attributable to the parent company was 103 million yuan, a year-on-year decrease of 83.19%. In November 2019, Yinji Media's stock was terminated from listing because its daily closing price was lower than the face value of the stock by 1 yuan for 20 consecutive trading days.
Currently, Yinji Media still has two defaulted bonds, "17 Yinji Entertainment cp001" and "17 Yinji Entertainment mtn001" that have not been paid off, with a total amount of 874 million yuan involved.
In fact, during the collapse of its performance, the actual controller Xiao Wenge began to cash out many times. According to The Paper, since 2018, the actual controller Xiao Wenge has reduced his stake in Yinji Media twice, cashing out a total of 2.4 billion yuan.
On January 30, 2018, Yinji Media issued the "Informative Announcement on Equity Changes". The announcement stated that the actual controller Xiao Wenge transferred 6.03% of the shares of the listed company he held to Anxin Trust through an agreement transfer. The transfer price was 12.74 yuan/share, and a total of 106,716,800 shares were transferred. Based on this calculation, Xiao Wenge cashed out 1.36 billion yuan in this transaction.
On May 8, 2018, Xiao Wenge and his wholly-owned subsidiary Yinji Huacheng collectively agreed to transfer 5% of the shares to natural person Yu Xiaofei. The transfer price was set at 11.80 yuan/share. In this transaction, Xiao Wenge succeeded again Cashed out 1.04 billion yuan.
Editor Yang Cheng Comprehensive from the Financial Associated Press, The Paper
