Recently, Huayi Brothers Media Co., Ltd. (hereinafter referred to as "Huayi Brothers") announced that it is expected to transfer 70% of the equity of Zhejiang Dongyang Meila Media Co., Ltd. (hereinafter referred to as "Dongyang Meila") held by the company to Alibaba Film Industry, the equity transfer amount was 350 million yuan. Since then, Huayi Brothers no longer holds equity in Dongyang Mera. Nine years ago, Huayi Brothers acquired 70% of Dongyang Meila's equity for 1.05 billion yuan. It is worth noting that the transfer of 350 million yuan was mainly to repay Huayi Brothers’ loan to Alibaba Pictures in 2019.
Transfer equity to repay Alibaba Pictures' 700 million loan
According to the announcement, Huayi Brothers plans to sign a "Settlement Agreement" with companies controlled by Alibaba Pictures and other parties. The parties to the agreement are expected to agree on the remaining interest and payment arrangements for related film and television works receivables stipulated in the loan agreement signed on January 23, 2019. At the same time, the three sets of self-owned properties and the company's property will continue to be held by the company. A set of self-owned properties held by Huayi Interactive Entertainment, a wholly-owned subsidiary of the company, provides mortgage guarantee. Huayi Film, a wholly-owned subsidiary of the company, provides joint liability guarantee. Wang Zhongjun, Wang Zhonglei, Liu Xiaomei and Wang Xiaorong provide personal joint liability guarantee. The "loan agreement" mentioned in the
announcement involves Alibaba Pictures providing a loan of 700 million yuan to Huayi Brothers, with a loan term of 5 years. At that time, 70% of the equity of Dongyang Meila held by Huayi Brothers and its own real estate and state-owned land use rights held by the company's wholly-owned subsidiary Beijing Huayi Brothers Jiali Cultural Development Co., Ltd. provided mortgage guarantees, and Huayi The brothers used three sets of their own properties held by the brothers and one set of self-owned properties held by the company's wholly-owned subsidiary Huayi Brothers Interactive Entertainment (Tianjin) Investment Co., Ltd. (hereinafter referred to as "Huayi Interactive Entertainment") to provide collateral for the above loans. guarantee. This time, Huayi Brothers transferred 70% of the equity of Dongyang Meila for 350 million yuan to offset the unpaid part of the above 700 million debt.
Huayi Brothers continues to suffer losses , uses assets to pay off debts
It is reported that Huayi Brothers acquired 70% of the equity of Dongyang Mera for 1.05 billion yuan in 2015. At that time, Dongyang Mera was only established for 2 months, and the assets The total amount is 13,600 yuan, and the debt is 19,100 yuan. At that time, Huayi Brothers was interested in Feng Xiaogang, the man behind Dongyang Mera, and hoped to tie Feng Xiaogang in depth through the acquisition. The projects disclosed by Dongyang Mira during the acquisition include the movies "Mobile Phone 2", "If You Are the One 3", "Never Forget", "Beautiful People", etc., and later produced popular commercial films such as "I'm Not Pan Jinlian" and "Youth". At that time, the two parties made a gambling agreement. From 2016 to 2020, Meila Media promised that the annual after-tax net profit would be no less than 100 million yuan and grow by 15% annually. If the target cannot be achieved, Feng Xiaogang will make up the difference in cash.
In the past two years, Dongyang Mira has completed its gambling performance, but in 2018, Dongyang Mira only achieved a net profit of 65.015 million yuan, failed to complete the performance commitment of 132 million yuan, and the compensation was 68.2115 million yuan; in 2020, affected by the new crown epidemic Due to the impact of the epidemic, Dongyang Meila only achieved a net profit of 5.5238 million yuan, far lower than the previously promised 174.9 million yuan. Feng Xiaogang failed in the bet again and needed to compensate Huayi Brothers 168 million yuan according to the agreement. The total compensation for the two times was 236 million yuan. Yuan. But even including the compensation paid for failed gambling, Feng Xiaogang still made a net profit of 814 million yuan from the 1 billion yuan acquisition.
As the acquirer who originally hoped to leverage Feng Xiaogang, Huayi Brothers did not have an easy time during this period. When Huayi Brothers failed in its first bet in 2018, the loss exceeded 1.1 billion yuan. This year also started a situation where the performance turned from profit to loss. In the following five years, both net profit attributable to the parent company and operating profit , Huayi Brothers all showed negative values, and the latest net profit attributable to the parent company in 2023 was -539 million yuan. This operating situation is also the reason why Huayi Brothers now has to use its assets to pay off debts from Alibaba Pictures. It is reported that in November last year, Huayi Brothers also transferred 100% of the equity of Jiali Culture and all the claims of its wholly-owned subsidiary Huayi Entertainment Investment on Jiali Culture for 130 million yuan to an indirect subsidiary of Alibaba Pictures The company Zhonglian Shengshi, the transaction consideration is also 350 million yuan.
Huayi Brothers' latest financial report for the first quarter of 2024 shows that the net profit loss attributable to the parent company reached 18.56 million yuan, revenue decreased by 59.2% year-on-year to 95.22 million yuan, and the asset-liability ratio reached nearly 80%. Currently, according to Tianyancha, Feng Xiaogang still holds 30% of the equity structure of Dongyang Meila.
Written by: Nandu reporter Xu Bingqian
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