Guide: After was investigated by the China Securities Regulatory Commission for more than two years, Huanrui Century financial fraud was finally hammered.
On November 6, the Chongqing Securities Regulatory Bureau issued a three-paper administrative penalty decision, which confirmed that Huanrui Century had hundreds of millions of yuan in financial fraud, and the reorganization of the letter was illegal and illegal. The company and related responsible parties were fined 4.52 million yuan in total.
On November 4, Huanrui Century issued an announcement on the administrative penalty decision of the Chongqing Supervision Bureau of the China Securities Regulatory Commission. The
penalty letter shows that Huanrui Films failed to provide true, accurate and complete financial data for 2013, 2014, 2015 and 2016 semi-annual due to , resulting in the major asset restructuring documents publicly disclosed by Huanrui Century There were false records and major omissions, and and related responsible parties were fined 4.52 million yuan in total.
Specifically, the performance fraud of Huanrui Century mainly comes from four aspects: confirmed revenue in advance, inflated operating income, fictitious collection and response to receivables, less provision for bad debts, delayed provision for bad debts of accounts receivable, The controlling shareholder and its related parties occupy the funds of Huanrui Film and Television.
adds up these, and the amount of financial fraud exceeds 100 million yuan!
This is undoubtedly worse for the Huanrui century , who had a difficult time.
must know that an important part of the operating income of Huanrui Century , in addition to film and television dramas, must belong to artist agents.
As a result, the popular celebrities were gone before the financial fraud.
Even those celebrities who have made a fortune on the listing of Huanrui Century have not left.
so that only one Yang Zi is left to support the overall situation, the situation is very bleak...
has 4 consecutive years of financial fraud, and the amount is over 100 million! The penalty decision of
shows that Huanrui Century film and television "financial fraud" means includes four aspects:
1, early recognition of revenue inflated operating income. Specifically, in 2013, the copyright transfer income and distribution income of the Huanrui TV series "Gu Jian Qi Tan" and "The Love of the Micro Times" were recognized in advance, and the operating income in that year was 69,396,200 yuan; in 2014, Due to the same problem, an inflated operating income of 27.89 million yuan (involving the TV series "Four Famous Youth Arrests").
2. Fictitious collection and receivables are under-provisioned for bad debts. Huanrui Films made a fictitious collection of 25.5 million yuan, resulting in an under-provision of 4.25 million yuan for bad debts in the 2015 annual report. In 2016, Shanghai Xuanxu's accounts receivable was also recovered with a fictitious amount of 17 million yuan, resulting in an under-provision of 4.675 million yuan for bad debts in the 2016 semi-annual report.
3. Postpone the provision for bad debts of accounts receivable. resulted in an under-provision of 52,000 yuan in bad debt provision in 2013, an under-provision of 208,000 yuan in bad debt provision in 2014, and an under-provision of 2.34 million yuan in bad debt provision in 2015.
4. The company has occupied illegal funds for many years. The situation of Huanrui's controlling shareholder and its related parties' occupation of Huanrui's funds was not disclosed, involving tens of millions of yuan. The calculation of
shows that the financial fraud amount of Huanrui Century exceeds 100 million yuan.
It is worth mentioning that the above-mentioned letter of Huanrui illegal matters, star Yang Mi and Li Yifeng are also involved.
Huanrui Century ’s fictitious collection of payments involved Shanghai Xuanxu Company. Yang Mi was an important shareholder of the company and held 30% of the shares. During the aforementioned fictitious collection period, Yang Mi still belonged to Huanrui century artists.
In addition, in the case that the controlling shareholder of Huanrui Century and its related parties occupy the company's funds, the artist Li Yifeng under Huanrui Culture mentioned is Li Yifeng.
Huanrui Century previously responded to investors on the Shenzhen Stock Exchange, saying that Li Yifeng did indeed borrow 18 million from a film and television company in February 2015 to purchase real estate.
Li Yifeng has repaid the loan to the film and television company in January 2017.
three tickets
Huanrui and related responsible parties were fined a total of 4.52 million
Today, the China Securities Regulatory Commission Chongqing Supervision Bureau issued a total of three tickets to Huanrui .
In addition to Huanrui Film and Television, the original shareholder Huanrui Culture and Wang Xianmin, the actual controller of Huanrui Film and Television before the reorganization of Huanrui Film and Television, and Mrs. Zhong Junyan were all fined.
"Administrative Punishment Decision" ([2019] No. 5 shows:
1, order Huanrui Film and Television to make corrections, give a warning, and impose a fine of 600,000 yuan;
2, give a warning to Chen Yuan and impose a fine of 600,000 yuan, including: The person in charge who was directly responsible was fined 300,000 yuan and the actual controller was fined 300,000 yuan;
3. Zhong Junyan was given a warning and a fine of 600,000 yuan, of which the person directly in charge was fined 300,000 yuan as the actual controller 300,000 yuan;
4. Give a warning to Zhang Rui and impose a fine of 100,000;
5. Give a warning to Huanrui Culture and impose a fine of 300,000 yuan;
6. Give a warning to Wang Xianmin and impose a fine of 300,000 yuan.
"Administrative Punishment Decision" ([2019] No. 4 shows:
fined Huanrui Century 600,000 yuan; Zhong Junyan was fined 300,000 yuan; Zhao Zhicheng, Zhang Xinyi and other 9 people were fined 50,000 yuan respectively .
"Administrative Punishment Decision" ([2019] No. 3 shows:
imposed a fine of 300,000 yuan on Huanrui century ; imposed a fine of 100,000 yuan on Zhong Junyan; imposed a fine of 100,000 yuan on Zhao Zhicheng, Zhang Xinyi, Chen Songsheng, Zhuang Wei 9 people were fined 30,000 yuan respectively.
In summary, Huanrui Century and related responsible persons, companies, etc. were fined 4.52 million yuan in total.
Huanrui Century can be called a "star-making factory" in the entertainment industry
is a well-known artist brokerage company in China. The predecessor of Huanrui is Sanhe Film and Television established in 2006. The main business is subdivided into TV dramas, movies, games and artist brokerage. The TV drama business occupies half of the company's business.
Huanrui Century has produced many popular TV series such as "Palace Lock Heart Jade", "Palace Lock Bead Curtain", "Gu Jian Qi Tan" and so on, and quickly gained fame in the industry based on this.
It is worth noting that this one The company used to be very good at engaging with celebrities, and it can be called a "star-making factory" in the entertainment industry. When
successfully landed on the capital market with its backdoor SMI in 2016, the celebrity shareholders included He Shengming, Yang Lele, Du Chun and Jiang Hong, Liu Ying, Li Yifeng, Jia Nailiang, Sun Yaoqi and others.
There is another star that must be mentioned, that is Yang Mi.
, the actress who was popularized by Huanrui Century , was also an important star. Shareholders.
only went to July 2015, because it chose to establish itself, it sold back its shares to Huanrui Century at the original price.
In contrast, Li Yifeng, Jia Nailiang, Du Chun and He Shengming It’s a big profit.
In 2014, Li Yifeng and Jia Nailiang each received 2.5 yuan per share. Huanrui Century 20 million shares. After the successful reorganization of Huanrui Century , the relevant transaction report (draft) of SMI in October 2016 showed that the four star shareholders of He Shengming, Du Chun, Jia Nailiang, and Li Yifeng held a total of 6,528,300 shares. According to the stock price closing price of 15.87 yuan per share at the high point of the stock price on November 9, 2016, the stock market value of the above four celebrities of has exceeded 100 million yuan.
Unfortunately, the benefits of the capital market did not retain the hearts of these people, and they all chose to leave without exception. The departure of
also made the development of Huanrui Century difficult.
According to its semi-annual report, in the first half of 2019, about one-third of the income of this A-share listed company came from a star.
At the same time, the semi-annual report also mentioned that as of the end of the reporting period, the company owns Yang Zi, Ren Jialun, Qin Junjie, Mao Zijun, Ying Er, Yuan Bingyan, Zhao Yingzi, Cheng Yi, Han Dong, Zhang Rui and other 46 contracted artists. In comparison with
, it is obvious that only Yang Zi has this strength and can bring such a high brokerage income to the company.
From this perspective, Huanrui Century is lucky. When
was short of people, Yang Zi suddenly became popular. This made up for the impact of the loss of top stars such as Yang Mi and Li Yifeng on the company.
But this also means that Huanrui century is more risky in the future.
Because once Yang Zi chooses to close the contract or not renew his contract in a short period of time, the company
will face the embarrassment of not being able to pick the leading artists, and the brokerage income will also be greatly reduced.
This is really "a stage for iron and flowing artists." The share price of
dropped by nearly 80% at a higher point. Once the announcement of
was released, the share price of Huanrui Century fell continuously. As of yesterday's close, Huanrui Century closed at 5.16 yuan per share, and the latest market value was 5.062 billion yuan. The stock price dropped by nearly 80% from the 2015 high, and the market value fell from 23.4 billion to 5 billion. With the continuous loss of the core artists of
, the performance of Huanrui Century has also been significantly affected. After deduction, the net profit of the parent company showed signs of declining year-on-year growth in 2016. According to the latest annual report data of
, Huanrui Century achieved total operating income of 1.328 billion yuan in 2018, a year-on-year decrease of 15.23%, and realized net profit of 277 million yuan after deduction, a year-on-year decrease of 27.24%. In the first three quarters of 2019, the company achieved total operating income of 140 million yuan, a year-on-year decrease of 73.9%; net profit attributable to the parent after deducting non-recurring gains and losses was 3.826 million yuan, a year-on-year decrease of 97.6%. The star shareholder of
is unreliable and cannot be a guarantee for its continued profitability. The experience of
Huanrui , aside from financial fraud, will undoubtedly tell the public once again: the star shareholder of
is unreliable and cannot become its continued profitability. Guarantee. As you all know, the core asset of a film company is people.
Therefore, the blessing of star shareholders is indeed "icing on the cake" for listed film and television companies.
On the one hand, well-known movie stars have a strong appeal, which helps increase the strength of the movie company, enhance the brand value of related companies, and even increase the ratings of related movies.
In the capital market, the company’s stocks are also likely to be more easily recognized by retail investors because of the “star effect”.
On the other hand, the pay of many big-name celebrities is worth millions at every turn.
However, if the company and these celebrities achieve "bundling of interests", not only can they enjoy priority shooting rights for the celebrity, but also can reduce the cost of film remuneration. The problem with
is that this win-win situation is mostly temporary.
Because the star shareholders choose to buy shares before listing, they often do not really want to be tied up with the film and television company for a long time.
is to realize one's own fame in the capital market and realize the dream of "creating wealth overnight".
At the same time, most celebrities will "choose the best."
, especially popular stars, often have more ideas about their own positioning, direction, planning, etc. Therefore, once they feel that the resources of the film and television company are not conducive to their development, they will choose to leave completely.
all these have been confirmed in Huanrui Century .
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