Zhao Wei and his wife were one of the parties that were prohibited from entering the market by the China Securities Regulatory Commission. Once the Wanjia culture, the current Xiangyuan culture has “God operation”!
March 14th, Xiangyuan CultureannouncementSaid,The company plans to acquire a 41.2% stake in Beijing Xinxin Digital Technology Co., Ltd. (hereinafter referred to as “their cartoon”) at a price of 1 yuan.At the same time, the company will receive 51% of its cartoons. The announcement shows that the transaction does not constitute a connected transaction.
1 yuan acquisition
It is understood that the target party - its cartoon was founded in Beijing in 2002, the registered trademark is "its cartoon."
Its cartoon has the main creation of "The Return of the Great Saints", Qiu Shuai, "Goodbye Monster" art director Linton, "Cockchafer" director Ding Shi, "Mystery World Adventures 4" joint screenwriter / director Zhang Linxu and many other top industry creatives, its cartoon Wang Yunfei, the CEO of China, is a well-known Chinese animation director and screenwriter. He has won many awards such as the Best Art Film Award in China, the Gold Award in China's Excellent Animation Talents, and the Gold Award in the China Animation Competition.
At the same time, his cartoon creation animation works have won numerous domestic animation awards, and "Mystery World Adventures" has won the China Watch Award and the Golden Monkey Award.
However its cartoonPerformanceThe performance is not satisfactory.
The data shows that as of January 31, 2019,The cartoon's net assets are -25,555,900 yuan, and the assets are insolvent.. In 2018 and January 2019, its cartoon was realized.Operating incomeThey are 24,744,900 yuan and 12,500,000 yuan respectively.Net profitThey were -633.26 million yuan and -178.28 million yuan respectively.
The cartoon’s loss in the first month of 2019 has reached 28.15% last year.
Perhaps this is one of the reasons why his cartoon was sold for 1 yuan.
But why is Xiangyuan Culture willing to acquire an insolvent company?
Three major questions
It is strange that this time will be its cartoonEquity transferTo Xiangyuan Culture is Beijing Xindan Film and Television Culture Communication Co., Ltd. (hereinafter referred to as “the company is happy to film and television”). Founded in 2001, its film has held 51% of its cartoons before the acquisition, mainly engaged in film and television, The media management of animation has produced many films such as "Aunt's Postmodern Life", "Children of Yellowstone", "Golden Age" and so on.
The announcement shows that in 2018, its film and television industry realized a business income of 2,231,740 yuan and a net profit of 526,500 yuan.
"International Finance News" reporter found that in the same period of 2018,The parent company’s business income of the film and television is less than the subsidiary’s cartoon, which is 242,400 yuan less..
In this regard, a person who does not want to be a famous financial person told the International Finance News that, first of all,It is necessary to judge whether the income of the parent company's happy film and television disclosure is single report data or consolidated report data.The single report is well understood. If it is a consolidated report,One possible explanation is thatThe subsidiary has some income from the parent company. When the merger, the internal related party transactions will be offset..
Is it happy that the film and television will include its cartoon earnings report in the consolidated statement?
In this regard, Xiangyuan Culture told reporters that the financial data of its happy film and television 2018 disclosed in the announcement is a non-consolidated calibre.
At the same time, "International Finance News" found that the transaction only involved 41.2% of its cartoon equity, after the completion of the acquisition, its happy film also holds 9.8% of its cartoon.
Why is it that the film and television intends to sell the equity and control rights of its cartoons at an "ultra-low price", but it does not intend to clear it, still leaving a 9.8% stake?
Why is Xiangyuan Culture able to win its cartoon control right in 1 yuan?
On the above issues, Xiangyuan Culture told reporters that the equity transfer ratio and consideration under the transaction are all based on the comprehensive consideration of their respective business development and strategy, and based on the audit of the underlying assets. Agreement was reached after friendly consultations. In addition, both parties are optimistic about the development prospects of their cartoon and Xiangyuan culture.
(Article source: International Finance News)