Dreaming Of "Oriental Disney": The Collapse Of A Capital System

Nanzhi think tank, twenty-first Century economic report, southern responsibility investment action research team launched the ESG survey of listed companies. Based on the three dimensions of environment, social responsibility and corporate governance, the evaluation system of A share listed companies was formulated respectively.

This period focuses on the negative sample of listed company governance: the "the Great Wall Department" controlled by the national first class writer and well-known screenwriter Zhao Yong Yong, which includes 3 A share listing platforms, the Great Wall film and television (002071.SZ), the Great Wall anime (000835.SZ) and Tianmu Pharmaceutical (600671.SH).

Zhao Ruiyong, who has literary talent, is a bit of an acclimatized capital market. Zhao Ruiyong, a former director of Zhuji TV station, director of Zhejiang Writers Association, vice chairman of Shaoxing Writers Association, editor in chief of the East China Sea magazine and editor in chief of documentary magazine, was praised by the court at the end of 2019, and became a "Lai Lai".

In the negative observation list of A share listed company governance indicators released by the research group in April 4th, the Great Wall films and TV series are listed.

Just a week later, on suspicion of illegal disclosure of information, the Great Wall film and television received the notice filed by the securities and Futures Commission.

The Great Wall animation is in a loan lawsuit, and the latest announcement of Tianmu pharmaceutical shows that it will auction 25 million controlling shareholders of the the Great Wall group.

Invalid ATM

From 2013 to 2015, Zhao Ruiyong led the "the Great Wall Department" to acquire 3 A share listed companies platform through backdoor and equity acquisition.

However, combing reporters found that since the three companies listed, the financing path is rough.

The Great Wall film and television, known as the A share market, "the first share of film and television backdoor".

In August 2013, during the eighth IPO suspension in the history of A shares, Zhao Ruiyong took the the Great Wall film and television that was originally lined up on the IPO site to bypass Jiangsu Hongbao. The backdoor scheme eventually abolished 500 million matching fundraising and was approved by the SFC in April 23, 2014.

At the end of June 2014, after two months of backdoor listing, the Great Wall film and TV company could not wait to announce that 324 million yuan raised its own cash to buy two advertising companies: Shanghai Sheng Meng's 100% stake (140 million yuan) and Zhejiang light 80% equity (184 million yuan).

Coincidentally, a week later, the Great Wall film and television immediately threw a nearly 800 million yuan increase plan, mainly to the main business projects, and has nothing to do with acquisitions. However, it took 15 months later, coinciding with the extreme market in 2015, and the share price quickly dropped below the issuance price.

On the other hand, the acquisition of the company will increase its financing and play a role in the Great Wall animation.

Two months after the Great Wall film and television backdoor listing, real controller Zhao Ruiyong rushed to Sichuan Shengda with 300 million yuan in cash.

In July 2014, the the Great Wall group, which was controlled by Zhao Ruiyong, won 8.54% stake in Shengda Group, the largest shareholder of Shengda Group in Sichuan, with 300 million yuan. After this transaction, the Great Wall group became the largest shareholder of the listed company, and later changed its name to the Great Wall animation.

In November 2014, the Great Wall animation, which wanted to create "Oriental Disney", was going to buy 7 companies with a corresponding stake of 1 billion 16 million yuan, including Hangzhou the Great Wall, Chuzhou Creative Park, Xuan Cheng technology and so on.

Almost at the same time, the Great Wall animation announced that it would raise funds not more than 2 billion 130 million yuan. Among the 10 non-public offering objects, apart from the the Great Wall group itself, there are many well-known local enterprises in Zhuji, Zhejiang, 600070.SH and Xiangsheng industries. Besides, there are also 600208.SH and so on. Raising investment projects include increasing investment in various sectors of the animation industry, acquiring high-quality assets such as animation and games.

From November 2014 to the first time in December 8, 2015, the Great Wall animation was published. The third revision plan, raising funds from less than 2 billion 134 million yuan, to no more than 120 million yuan, is only 5% of the original plan, 10 non-public offering objects, only the the Great Wall group itself.

"The Great Wall Department" another A share platform Tianmu pharmaceutical industry, the only fixed increase in 27 years listed in 1993, stopped at shareholders' meeting.

In January 2015, the Tianmu pharmaceutical company, the first unit of Chinese medicine, announced that it would raise no more than 1 billion 840 million yuan and invest in the main industry.

Although the plan was approved by the board of directors, it was rejected at the shareholders' meeting in December 2015.

In the 8 months after the failure of the fixed increase, in October 12, 2015, 4 partners of Tianmu pharmaceutical shareholder, Shenzhen Long Hui investment enterprise and so on, transferred 20 million 420 thousand shares to the Great Wall group for 500 million yuan. At this point, "the Great Wall Department" took the Tianmu pharmaceutical company from the original real controller Yang Zongchang, holding a ratio of 16.77%.

In April 17th, in twenty-first Century, the economic report reporters telephoned the the Great Wall securities and Television Department, the Great Wall anime two companies' securities affairs department, the telephone was not connected.

Impressing M & a impulse

"A big manifestation of the problem of corporate governance is the loss of error correction capability." An investment bank member of Guotai Junan admitted when interviewed.

The real controller wants to make the volume bigger. "Blood transfusion" can not be refinancing through capital market, but the acquisition plan of "the Great Wall Department" is still continuing.

In 2014, the monetary fund of the Great Wall film and television accounts was only 91 million 940 thousand yuan, but in 2015, 2016 and 2017, the money of the Great Wall film and television increased to 184 million yuan, 223 million yuan, and 198 million yuan.

"Self financing and financial institutions credit support" has become the choice of the Great Wall film and television.

According to incomplete statistics from reporters, in February 2015, the Great Wall film and Television Board agreed that a listed company should apply to the bank for a total credit limit of not more than 1 billion 230 million yuan (RMB).

In June 2017, the Great Wall film and television bank applied to Hua Mei bank for no more than 40 million yuan (including) credit line, and the total amount of application credit reached 1 billion 540 million yuan. By December 2017, Suzhou branch of Everbright Bank agreed to provide the highest level of credit for the Great Wall film and television 100 million yuan.

Coincidentally, in July 28, 2017, the Great Wall animation applied to the Bank of Bohai for a 20 million yuan credit line.

Besides borrowing, Zhao Ruiyong also raised large scale equity pledge financing through the "the Great Wall Department" listed companies.

Taking the Great Wall film and television as an example, in 2014, the the Great Wall group conducted a total of 4 shares of 99 million 300 thousand shares of the pledge, according to the closing price at that time roughly calculated, the market value of the mortgage is close to 2 billion yuan.

Coincidentally, after the the Great Wall animation listed, the Great Wall group will also hold 26 million shares of pledge, financing close to 200 million yuan; after entering the Tianmu pharmaceutical industry, the Great Wall group will also pledge 20 million shares.

In this process, Zhao Ruiyong even hesitate to make use of his listed companies to make capital move.

In January 2019, the the Great Wall group's "war" Hengqin three Yuan Qin de Asset Management Co., Ltd. sued the Great Wall film and television, asked it to bear the the Great Wall group's 350 million yuan loan principal and interest, joint and several liability for liquidated damages. It originated from a letter of guarantee issued by the controlling shareholder of the the Great Wall group.

However, this guarantee letter is issued by Zhao Ruiyong, a real movie controller of the the Great Wall, who embezzled the company's official seal in the name of the Great Wall film and television.

Similarly, in January this year, Tianmu pharmaceutical industry was exposed. The the Great Wall group's illegal occupation of Tianmu pharmaceutical 24 million 600 thousand yuan fund has not yet been returned. Tianmu pharmaceutical company has 14 million 300 thousand yuan unsecured for the related party of the Great Wall group.

In fact, since the second half of 2018, the the Great Wall group has broken out the capital chain crisis. In October 2019, the Great Wall film and television, the Great Wall anime double announcement, the multi group stock ownership of the group has default risk.

By December 22, 2019, the the Great Wall group's capital crisis was further open. The Hangzhou intermediate people's Court issued a reward order to collect the property clues of Zhao Ruiyong and Zhao Feifan's sons and daughters of the "the Great Wall Department" real estate owner, with a huge reward of about 13000000 yuan.

A dish full of people

The Great Wall movie, the Great Wall animation big acquisitions, many of the performance of the target company first lit a red light.

At the end of -2017 in 2014, the Great Wall film and television spent 2 billion 879 million yuan on the acquisition of 18 companies, including 6 advertising agencies, 9 travel agencies and 3 real entertainment companies. For example, in 2019, 7 travel agencies such as Nanjing four seas one travel agency Limited, Hangzhou Chun Zhi sound Travel Agency Co., Ltd., Nanjing Phoenix Holiday Tourism Co., Ltd. did not fulfill their performance commitments.

The Great Wall animation is also similar, in 2016, the Great Wall animation company Tianrui economic and trade, Dongfang dragon, Xuan Cheng technology, Zhuji Mermaid failed to complete performance commitments, "deeply regret" and "sincere apology".

In April 17th, a senior animation company in Hangzhou told reporters that "several companies in the Great Wall animation acquisition, obviously have capital operation components, and look at its share price. The price is up. There is no need to support performance now."

Another data shows the beneficiaries behind the series of operations of the the Great Wall system.

For example, after the listing of Hongbao, Jiangsu's film and television backdoor, the 12 stock markets rose, and the share price was more than 3 times higher than that of the Great Wall.

In the 61 trading partners of the backdoor scheme, the dragon horse technology invested 1 yuan in October 15, 2010, corresponding to the price of 1 yuan, and invested 197 thousand and 500 yuan in the Great Wall film and television. In addition, "Shield Security" such as mountain venture, "Hengdian Department" Hengdian holdings, and Shi LAN venture capital invested 3 yuan in October 21, 2010, and invested 10 million yuan, 5 million yuan and 5 million yuan respectively in the corresponding price of 6.905 yuan for each 1 yuan contribution.

Coincidentally, sawhor, morning star, Huifeng investment, Lanshan investment, and Finland investment (the Great Wall limited employee stock ownership) 4 institutions, in February 21, 2011, invested 1 yuan in the corresponding price of 15 yuan, and invested 29 million 914 thousand and 200 yuan, 9 million 971 thousand and 400 yuan, 9 million 971 thousand and 400 yuan and 7 million 151 thousand and 500 yuan respectively.

The above 8 venture capital institutions hold 49 million 6 thousand and 700 shares of Hongbao, Jiangsu, with a cost of only 66 million 160 thousand yuan.

A broker from Beijing told the twenty-first Century economic news reporter that "film and TV culture assets are popular in the past 2015-2016 years. With the strict supervision over the past two years, the popularity of capital has also been reduced."

Brilliant or past. Since the second half of 2018, the the Great Wall group has introduced "foreign aid" seven times, but all of them have done nothing.

In September 2018, the the Great Wall group and the second largest shareholder of Tianmu pharmaceutical company, the sole shareholder of huilze Investment Co., Ltd., Qingdao global Fortune Center, reached a cooperation intention. The latter promised 1 billion 350 million yuan of funds to support the Tianmu pharmaceutical industry, but the two sides broke up because the core provisions were not agreed.

Since then, including Hengqin three Yuan Qin De, Zhijiang new industrial, Xinhua holdings and so on, have been announced as "support", but for various reasons, they have not been listed below.

The latest progress is that in January 20th, the Great Wall film and television controlling shareholder the Great Wall group and real controller Zhao Ruiyong and Zhao Feifan signed a cooperation framework agreement with Huaiyuan group and Xinlong leasing.

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