Li Yifeng and Yang Mi were affected! Yang Zi’s company has been in financial fraud for four consecutive years, and the CSRC issued a heavy ticket.

HuairuiFilmandTelevision HuanruiCentury

meirijingjixinwen· 2019-11-07 11:45:10

Listing can make wealth, and it will bring out the dirt hidden in the shadows.

Hangrui Century (000892.SZ), which has been staring at Yang Ming, Li Yifeng, Yang Zi, Jia Nailiang and many other stars, in order to successfully complete the backdoor listing, it has been inflated for four consecutive years since 2013. Revenue, fictitious collection of receivables and other means to flood the profit data, now receiving the punishment of the Securities and Futures Commission.

Image Source: Huanrui Century Official Website

On the evening of November 4, Huanrui Century issued an announcement, according to the “Administrative Punishment Decision” of the CSRC: Huanrui Films failed to provide true, accurate and complete 2013, 2014, 2015 and 2016 The financial data of the semi-annual period has led to false records and major omissions in the major asset restructuring documents publicly disclosed by Huanrui Century. According to the punishment of the CSRC, the reporter calculated that Huanrui Century will face a fine of 4.52 million yuan. In this regard, every film and television (meijingyingshi) reporter sent an interview outline to Huanrui Century, but as of press time, no reply has been received.

At the peak of the bubble of film and television asset valuation, the 7 billion successful backdoor listing of the Huairui Century, compared with the past, with the core artists frequently run away, performance is not satisfactory, financial mines A series of problems, such as frequent occurrences, stock price pledges, and increased risk, are now in the quagmire.

Who can save the Joyful Century?

Huan Rui Century "Four sins" spread Yang Mi, Li Yifeng

On the evening of November 4, 2019, Huanrui Century announced On November 4, 2019, the company received the “Administrative Punishment Decision of the Chongqing Securities Regulatory Commission of the China Securities Regulatory Commission” issued by the Chongqing Regulatory Bureau of the China Securities Regulatory Commission.

According to the "Administrative Punishment Decision" of the Securities and Futures Commission, Huairui Film and Television failed to provide true, accurate and complete financial data for 2013, 2014, 2015 and 2016 semi-annual, resulting in Huanhuan There are false records and major omissions in the major asset restructuring documents publicly disclosed by Rui Century.

For a series of violations in the penalty decision, the CSRC ordered Huanrui Films, Huanrui Century, and related personnel to correct, give warnings and be fined. According to the fines of the fines, every time the film and television reporters calculated, the total number of Huanrui Century was severely fined 4.52 million yuan.

The reporter noted that in the penalties announced this time, Yang Mi and Li Yifeng, who were the signing artists of Huanrui Century, were all affected.

Image Source: Amazing Stars Stills Screenshot

In the case of "fictional withdrawal of receivables with less provision for bad debts", mentioned the subject of the case "Shanghai Xuanxu", was a company owned by Yang Mi, who once held Shanghai Xuanxu's 30% share, Yang Mi exited Shanghai Xuanxu in 2016. The "Artist Li Moumou" mentioned in the possession of funds is Li Yifeng. Huanrui Century once said on the investor interaction platform that Li Yifeng did borrow 18 million from the film company in February 2015 to purchase real estate. Li Yifeng returned the loan to the film company in January 2017.

Specifically, there are the following items in the Huairui Century fraud:

(1) Confirming the revenue of multiple dramas in advance, 2013 and 2014 Inflated revenue of more than 97 million

1) In December 2013, Huairui Film and Television confirmed that the copyright transfer income of Gu Jianqi Tan was 49,056,600 yuan, and the issuance income was 1,41,700 yuan. The transfer cost was 25.7196 million yuan (including the adjustment of accounting errors in 2015 to increase the operating cost of 2013 by 72.0109 million yuan).

But in fact, the TV drama "Gu Jian Qi Tan" signed the "First China Broadcasting Right Transfer Agreement" signed by Huairui Film and Television and Hunan Radio and Television Satellite TV Channel took effect on February 17, 2014. Later, in December 2013, Huairui Film and Television confirmed the operating income of “Gu Jian Qi Tan”, and Huanrui Film and Television completed the handover of “Gu Jian Qi Tan” master tape with Hunan Radio and Television on June 27, 2014. The "Accounting Standards for Business Enterprises" and the regulations of Huairui Film and Television Accounting Policies.

2) Confirm the business income of "Love in the Micro Age" in advance, and the "authorization contract" has the risk of lifting and refunding

Huarui Film and Television signed with Shenzhen Tencent Computer System Co., Ltd. The "Exhibition Contract for Film and Television Programs" (hereinafter referred to as "Authorization Contract") and the "Supplemental Agreement" came into effect on February 10, 2014, and the sales revenue of "Love in the Micro-era" was confirmed in December 2013 by Huanrui Films. Time, and the risk of termination and refund of the “authorization contract” does not meet the requirements of the “Accounting Standards for Business Enterprises” and the accounting policies of Huairui Film and Television. In addition, Huairui Films and Television cannot provide information on the completion of the mastering of the mastering in December 2013. It cannot be proved that the mastering of the mastering has been completed in December 2013. The copyright transfer income of "Love of the Micro-era" was 18.86 million yuan, and the carry-over cost of the same period was 8.641 million yuan.

3) Confirm the business income of "Four Young Names" in advance

The TV series "Youth Four Famous Hunts" signed by Huairui Film and Television and Hunan Radio and Television Taiwan TV Channel The Broadcasting Right Transfer Agreement will take effect on February 26, 2015, and will be recognized later in December 2014 by Huairui Film and Television Co., Ltd. in December 2014, and Huairui Film and Television will only broadcast with Hunan Broadcasting on March 13, 2015. The TV station completed the transfer of the master tape of the "Four Young Boys", which did not meet the requirements of the "Accounting Standards for Business Enterprises" and the accounting policies of Huairui Film and Television. The copyright transfer income of "Four Young Famous Persons" was 24,905,700 yuan, the issuance income was 2,889,700 yuan, and the carry-over cost was 15.3757 million yuan in the same period.

In summary, Huairui Film and Television in 2013 confirmed the revenue by inflating the business income in advance. In 10,000 yuan; in 2014, due to the early recognition of income, the operating income was increased by RMB 27,494,300.

(2) Huairui Film and Television fictitiously recovered 25.5 million yuan of receivables

1) Huanrui Film and Television Corporation fictionally recovered Shanghai Xuanxu cultural exchange in 2015 The Center (Ordinary Partnership) (formerly known as Shanghai Jiaxing Cultural Exchange Center (Ordinary Partnership), hereinafter referred to as Shanghai Xuanxu) accounts for 8.5 million accounts receivable, resulting in a provision for bad debts of RMB 4.25 million in the 2015 annual report.

Hai Rui Film and Shanghai Xuan Xu signed the "Activities Entrustment Agency Agreement" signed in 2013, and Huairui Film and Television collected a fixed commission for the artist from Shanghai Xuanxu every year. The fixed commission agreed in 2013 was 1000. Ten thousand yuan. In June 2015, Huairui Film and Television confirmed that it had recovered RMB 8.5 million from Shanghai Xuanxu.

After investigation, the payment came from the bank account controlled by Wang Xianmin, and ultimately came from Chen Yuan and Zhong Junyan. Chen Yuan appointed Wang Xianmin to transfer the funds from the account of Zhejiang Yueshi Film and Television Co., Ltd. to Zeng’s account, and asked Zeng to transfer the funds back to Huairui Film and Television through Shanghai Xuanxu as a resumption of Shanghai’s 2013 A fixed commission of 8.5 million yuan.

2) Huairui Film and Television In 2016, the fictitious recovery of Shanghai Xuanxu’s accounts receivable was 17 million yuan, resulting in a small provision for bad debts of 4.675 million yuan in 2016. Huanrui Films and Shanghai Xuanxu signed the “Supplemental Agreement for the Performing Artists Entrustment Agreement” signed in 2014, which stipulates that Huairui Film and Television will charge a fixed commission for performing artists every year to Shanghai Xuanxu. The fixed commission agreed in 2014 is 17 million yuan. . In January 2016, Huairui Film and Television confirmed the recovery of Shanghai Xuanxu's accounts receivable of RMB 17 million. After investigation, the payment was ultimately derived from the company controlled by Chen Yuan and Zhong Junyan. Chen Yuan arranged for his control of Huairui Culture and Huairui Century Investment (Beijing) Co., Ltd. to transfer 17 million yuan into the bank account controlled by Wang Xianmin, and asked Wang Xianmin to arrange for the transfer of the 17 million yuan into Zeng’s bank account, and I asked Zeng to transfer funds back to Huairui Film and Television through Shanghai Xuanxu as a fixed commission of RMB 17 million for the recovery of Shanghai Xuan Xuan in 2014.

In summary, Huairui film and television fictitiously recovers receivables The project amounted to RMB 25.5 million, resulting in a provision for bad debts of RMB 4.25 million in the 2015 annual report and a provision for bad debts of RMB 4.475 million in the 2016 semi-annual report.

(3) Less than 2.6 million bad debts for three years

According to March 7, 2012, Huairui Film and Television and Zhejiang Tianguang Land Video Production Co., Ltd. The company signed the "TV series "Cannot cover the sunshine" investment cooperation film contract" and the actual payment of investment funds, in December 2013, Huairui Film and Television should pay 5.2 million yuan in December 2012 from prepayments Transferred to other receivables and provision for bad debts, but Huan Rui Film and Television did not adjust the relevant funds and make provision for bad debts until December 2014. Huairui Film and Television pushed back the provision for bad debts of receivables, resulting in a provision for bad debts of 52,000 yuan in 2013. In 2014, less bad debt provision was 208,000 yuan, and in 2015, less bad debt provision was 2.34 million yuan.

(4) Undisclosed funds occupied by related parties for over four years, over 74 million artists Li Yifeng borrowed 18 million

Huarui culture from March 2013 to March 2013 In February 2017, it took up 12 million yuan of Huairui Film and Television.

Zhong Junyan and Huanrui Culture used the loan from their artist Li Moumou to occupy 18 million yuan from Huanrui Film and Television from June 2015 to March 2017.

The above matters caused the unannounced report of Huanrui Film and Television 2013 Annual Report The related party occupies a related transaction with a capital of 7 million yuan. The 2014 annual report did not disclose the related party transaction with a balance of funds of 7 million yuan. The 2015 annual report did not disclose the related party transaction with a balance of RMB 30 million. The 2016 semi-annual report did not. A related party transaction in which the balance of funds occupied by related parties is 30 million yuan is disclosed.

3 billion backdoor listing

Deep binding of celebrity artists

as domestic A well-known artist brokerage company, the predecessor of Huanrui Century was Sanhe Film and Television, which was established in 2006. The main business is divided into TV dramas, movies, games and artist brokers, of which TV drama business accounts for half of the company's business.

At that time, Zhongjun Yan and Chen Yuan, the chairman of Huanrui Century, invested RMB 2.55 million and RMB 2.45 million respectively in the company's 51% and 49% equity ratio. Subsequently, the company carried out several equity transfers and capital increase. In 2011, Sanhe Film was reorganized into a joint stock limited company and renamed as "Yunrui Century Film and Television Media Co., Ltd.". Five years later, Huanrui Century 3 billion was successfully listed on the United States and officially landed in the A-share market.

Source: Photograph Network

< In fact, as early as the second half of 2011, Huanrui set about launching the listing plan. Like most film and television companies, in order to better retain star artists, Huanrui Century has also adopted equity binding. Yang Mi, Li Yifeng, Jia Nailiang, etc. were once the star shareholders of Huanrui Century. At that time, Du Fu and He Yuming invested 400,000 shares and 1 million shares at a price of 1.2 yuan per share.

Afterwards, in 2012, Huanrui Century introduced institutional investors such as Light Media and China Cultural Industry Investment Fund to prepare for the listing.

Every time the reporter noticed, Yang Mi appeared for the first time in the list of shareholders of Huanrui Century, also in 2011. In that year, Yang Mi bought 300,000 shares of Huanrui at a price of 1.2 yuan per share. In 2014, Yang Mi acquired 200,000 shares at 25.35 yuan per share. However, Yang Mi did not catch up with the surge in wealth brought about by the listing of Huanrui Century. In July 2015, Yang Mi left Huan Rui Century to join Jiaxing Media and sold the above shares to Huanrui Century at the original price.

In contrast, Li Yifeng, Jia Nailiang, Du Fu And He Yuming is a big earner. In 2014, Li Yifeng and Jia Nailiang received 200,000 shares of Huanrui Century at a price of 2.5 yuan per share. After the successful reorganization of Huanrui Century, Xingmei United's October 2016 related transaction report (draft) showed that the total number of shares issued by the four star shareholders of He Yuming, Du Fu, Jia Nailiang and Li Yifeng was 6,528,300 shares, according to 2016. At the stock price high of 15.87 yuan per share on the 9th, the stock price of the above four stars has exceeded 100 million yuan.

Although the successful listing made a star shareholder make a big profit. However, Huanrui Century also made corresponding performance commitments. According to the announcement, the company's net profit attributable to the parent company in the 2015-2018 consolidated statement will be no less than 1.069 billion yuan, and the non-net profit will be no less than 988 million yuan. However, it is not difficult to see from this punishment that in order to fulfill the performance commitment, Huanrui Century has injected profits into its profits by inflating revenue and fictitiously recovering receivables.

Has included Yang Mi, Yang Yang, Li Yifeng, Zhao Liying, Tang Yi and other artists

Nowadays, only the traffic star is Yang Zi

The envelope of the star halo once brought great benefits to the Huanrui Century, but when the "Ace" in the hand turned away, Huanrui Century gradually fell into an embarrassing situation.

In the most prosperous period, Huanrui Century signed a cooperation agreement or acting agency agreement with Yang Mi, Yang Yang, Li Yifeng, Zhao Liying, Tang Yi, Yang Zi and many other first-line artists. With these "trump cards", Huanrui quickly became "popular" in the film and television circle, and he also earned a lot of money while Yang Mi and Li Yifeng were born.

In particular, Li Yifeng quickly became popular with a piece of "Gu Jian Qi Tan" produced by Huan Rui Century in 2014. In the same year, Li Yifeng also signed a five-year brokerage agreement with Huanrui Century. The relevant announcement of Huanrui Century shows that in the first year before the contract period, Huanrui Century received 30% of the income from Li Yifeng's acting brokerage contract as commission; in the next 4 years, Huanrui Century received 20% of Li Yifeng's contract revenue as commission. With the 2016 Forbes China Celebrity List, Li Yifeng’s personal income is 170 million yuan. It is not difficult to see that Li Yifeng has brought a lot of benefits to Huanrui Century as a brokerage company.

"Gu Jian Qi Tan" stills Photo source: Cat's eye The film

But from the beginning of Yang Mi’s departure from the Huanrui Century in 2015, the core artists of Huanrui Century have left, and the artist’s agent who has been proud of the Joyful Century has begun to fall.

In 2016, Yang Yang, who starred in The Tomb Notes, was dismissed from the Joyful Century. By this year, the contract between Li Yifeng and Huanrui Century expired on March 30. From Li Weifeng's and Wei Rui's vice president Jiang Lei's Weibo interaction on March 30, 2019, the two sides did not continue to renew their contracts, but chose to break up peacefully.

In this way, Currently, the core artist in the hands of Huanrui Century is only Yang Zi. In addition, the company also has more than 40 signing artists such as Ren Jialun, Qin Junjie, Mao Zijun, Ying Er and Wang Jinsong.

But relying only on a core artist of Yang Zi, can you hold up the artist’s agent of Huanrui Century for a long time? According to analysis by the insiders, as the most popular "90-year flow florets", Yang Zi set up a studio and set up a series of actions with his family to see the possibility of renewal of Yang Zi and Huan Rui Century after the contract expires. Sex is also very small.

Under the continuous loss of core artists, the performance of Huanrui Century is inevitably affected. Since 2016, the growth rate of Huanrui Century’s net profit has declined. According to the 2018 annual report, the net profit attributable to shareholders of listed companies in Huanrui World in 2018 was 325 million yuan, a decrease of 23.09% compared with the same period of the previous year.

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