Li Yifeng 's top image of "male god" created for many years was destroyed in one "night".
At the same time, the butterfly effect has gradually been passed on to the capital market.
Li Yifeng's endorsement brands such as PARDA, Shushida, and Liufu Jewelry have quickly "drawn the line". This wave is a regular operation of the brand after the collapse of the reputation of celebrities in the entertainment industry. It is not surprising.
However, as the event fermented, the wind had blown to the stock market.
htmlOn September 13, on the first working day after the Mid-Autumn Festival holiday, the agency Huanrui Century , which had previously successfully discovered Li Yifeng, ushered in a wave of limit down.
In contrast, according to Wind data, in the same day, the stock prices of nearly half of the 104 companies in the Shanghai and Shenzhen markets that were doing cultural media business were on the same day, and the rest of the companies did not fall by more than 2%.
In other words, Huanrui Century's limit down was not the influence of the media sector, but purely the company itself, or the reason for the butterfly effect of the Li Yifeng incident.
iMedia Consulting CEO Zhang Yi once publicly stated to the media that Huanrui Century's stock price changes are likely to be affected by the Li Yifeng incident: "The large-scale exposure of the Li Yifeng incident during the Mid-Autumn Festival is probably just the beginning, and the related parties and businesses related to Li Yifeng may be affected in the future."
htmlOn September 14, after the stock price hit the limit the day before, the stock price of Huanrui Media continued to show a downward trend, with a market value of less than 4 billion yuan.
Huanrui Century's dilemma is more than that.
Yang Mi , Yang Zi and other top artists have gone one after another, financial fraud and continuous losses, the black swan of the Li Yifeng incident...
Hunrui Century, which once played a pivotal role in the TV drama industry, has lost its glory.
As a costume manufacturer that once "calls the wind and rain", what happened to Huanrui Century?
Time is turned back to the summer of 2014, and the TV series " Gu Jian Qi Tan " has been popular all over the country with the golden period of the summer vacation of Hunan Satellite TV . The starring Li Yifeng became a popular and popular young actor in the national level. Even the current "Beijing Circle Princess" has publicly stated that "only marry Li Yifeng", which shows how popular Li Yifeng was at that time.
Hunrui Century is the agency signed by Li Yifeng and is also the producer of "Gu Jian Qi Tan".
In addition to "The Legend of the Condor Heroes", Huanrui Century has also produced many nationally popular TV series such as " Palace Lock Heart Jade ", "Palace Lock Bead Curtain", " Tang Dynasty Glory ", " Qingyun Zhi ", " Sunny Day in the Midsummer" , " The Price of Winning Women ", etc. It can be said to be a veritable costume manufacturer, supporting half of the sky of costume dramas.
not only holds many popular TV series, but Huanrui Century has also made many well-known artists famous.
In its heyday, Huanrui Century had many top traffic stars such as Yang Mi, Liu Kaiwei , Yang Zi, Zhao Liying , Yang Yang , Li Yifeng, etc., and had a prominent position in the entertainment industry.
With the idea of entering the capital circle and further expanding its business territory, Huanrui Media has made a splash with many top stars and many popular TV series to sprint for A-share , hoping to continue another "legend" in the stock market.
In 2016, Huanrui Century was listed on the Shenzhen Stock Exchange by backdoor star and . It was once prosperous and officially became a member of the capital market.
However, although the company has added a wave of cash flow through the stock market, Huanrui Century, who thought that funds could be in place, did not expect that backdoor listing was not the beginning of further expansion, but the end of the heyday.
While sprinting to go public, the contracts of all the top artists under Huanrui Century have also expired.
First Yang Mi, after the contract with Huanrui Century expired in 2015, he turned to establish Yang Mi Studio , which is affiliated with Huanrui Century.
Then, at the end of 2016, Yang Mi and Liu Kaiwei Studio, which is also affiliated, terminated the contract with Huanrui Century and no longer cooperated.
Shortly afterwards, Yang Yang also chose to terminate the contract with Huanrui Century after filming "Grave Robbers' Chronicles".
even Li Yifeng, who has a deep binding relationship with Huanrui Century, will not renew his contract after the expiration of the 6-year contract.
For the carriage of Huanrui Century, capital or cash flow is more like the wheels that help the carriage drive quickly. The top stars who can create profits are the driving force that drives the carriage.
Hunrui Century Although this carriage has exchanged for a pair of glorious "big wheels" through backdoor listing, it has lost the "horse that pulls the cart", and no matter how gorgeous the carriage is, it will only end up breaking down halfway.
If the termination of the contract by top artists has cast a fog on the future of Huanrui Century, then the introduction of the "Ancient Limit Order" policy has made Huanrui Media, which is "not rich" worse.
Also in 2015, when the top stars of Huanrui Century left one after another, the State Administration of Radio, Film and Television issued new regulations to various TV stations, requiring that all TV stations play the total number of episodes of costume dramas played every year and every month in prime time.
. The introduction of this policy is undoubtedly a bolt from the blue for Huanrui Media, a "big costume manufacturer" who is good at costume design and has many unspread costume dramas.
already has lost its ace stars, and it is difficult to create new stars through new costume IPs under the "Ancient Limit Order". It is not surprising that Huanrui Century, which was once prosperous, is gradually declining.
However, even though it was limited by the ancient restrictions in 2015, Huanrui Century still held many aces such as Li Yifeng and Yang Zi at the beginning of its listing.
"A lean camel is bigger than a horse", why is Huanrui Media "cold" so fast?
succeeded and failed, and “Aujian Qitan”. “Aujian Qitan” allowed Li Yifeng and Huanrui Century to gain an important position in the entertainment industry, and also caused Huanrui Century to fall into the storm of financial fraud.
Shortly after Huanrui Century went public through a backdoor listing, Huanrui Century's large-scale fictitious revenue in "The Legend of the Condor Heroes" was exposed.
At the end of 2013, Huanrui Media confirmed a total of nearly 50 million yuan in revenue due to the copyright transfer and distribution of "Gu Jian Qi Tan". However, in fact, the exclusive first-round broadcast rights transfer agreement signed by "Gu Jian Qi Tan" and Hunan Satellite TV did not take effect until February 2014, and Hunan Satellite TV was not broadcast in July 2014.
The same method, Huanrui Media will inflate the copyright transfer fee of nearly 20 million yuan for " Micro-Era Love " signed with Tencent, which should have been confirmed in February 2014, in 2013.
In addition, the first-round broadcast rights transfer agreement that took effect in February 2015 was confirmed as its operating income in December 2014.
If it is just an accounting error in accounting accounting in "Gu Jian Qi Tan" and can barely be explained as an accounting mistake, then Huanrui Media's similar operations in the other dramas "Love in the Micro Era" and "The Four Famous Guards of the Young" are once again proved that Huanrui Media's fictional revenue is likely to be intentional.
In other words, Huanrui Century increased the company's book revenue that year and made both revenue and profit look better.
Huanrui Century also carried out financial fraud on accounts receivable, effectively increasing the profits of that year by fictitiously receivable. This part of the fraud involves another starring actor in "The Legend of Gu Jian" - Yang Mi.
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In 2015, Yang Mi's agency Shanghai Xuanxu should have paid Huanrui Media a commission of 8.5 million yuan.
However, in the end, Chen Yuan, the actual controller of Huanrui Century, and Zhong Junyan and his wife faked the money in their personal accounts into accounts collected by Huanrui Media from Yang Mi's brokerage company. This receivable should have been 34.25 million yuan of bad debt reserves for that year.
In other words, Chen Yuan and Zhong Junyan reduced their bad debt reserves of 4.25 million yuan in 2015 by "left hand and right hand", thereby increasing the profit of more than 4 million yuan that year.
Huanrui Century's financial problems are not only before listing, but Huanrui Century also had a large number of illegal occupation of funds from listed companies after listing.
You should know that a company listing means selling part of its equity to the public, and the source and use of the corresponding funds must also be disclosed truthfully.
html.
According to the "Administrative Penalty Decision on Huanrui Century" issued by the Chongqing Regulatory Bureau of the China Securities Regulatory Commission, Huanrui Century has illegally occupied more than 70 million yuan of funds from listed companies in the name of a TV series filmed in cooperation and its artist Li Moumou borrowed money to buy a house.
That's right, this artist Li Moumou is Li Yifeng.
Before listing, the "left hand turned right hand" inflated profits, and after listing, the "right hand turned left hand" occupied the assets of the listed company. Chen Yuan and Zhong Junyan are undoubtedly veterans in the "great shift of the world" of capital.
Since financial fraud has been discovered, it is "generously admitted".
In February 2020, just about 3 months after the Chongqing Regulatory Bureau of the China Securities Regulatory Commission issued the penalty decision, Huanrui Century issued 8 announcements in a row, publicly disclosed the relevant "accounting errors" in the past six years, and reduced the net profit of nearly 40 million yuan.
From financial fraud to "accounting error", Huanrui Century is also a bit "thing".
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has already lost its strength in the front, and the "Ancient Counter-Limiting Order" policy has not continued, and the financial fraud storm has become a foregone conclusion.
According to the financial report published by Huanrui Century, from 2019 to 2021, Huanrui Century has suffered losses for three consecutive years, with net profits attributable to shareholders of -550 million yuan, -790 million yuan and -330 million yuan respectively, with a total loss of more than 1.6 billion yuan in three years.
If the losses in succession are more just "past times", then the backlog of a large number of unbroadcast TV series in Huanrui Century's hands will also cast a shadow on Huanrui Century's future income.
" Tingxue Tower ", " Tianxia Chang'an ", " Mountains, Rivers, Moonlight ", "Glass of the Blue Clouds"... Every backlog of inventory is an investment of over 100 million yuan, and whether each movie can be exchanged for income is a future that is unknown.
Although the policy of the ancient restriction order is not only a bad news company in Huanrui Century, compared with Huanrui Century, other peers had already defected to the state-owned capital side when they smelled the crisis and lived safely with a big tree.
For example, the Tangde Film and Television , which filmed and accumulated "Ba Qing Chuan ", introduced state-owned assets in mid-2020 and were "taken over" by Zhejiang Radio and Television .
Ciwen Media, which filmed " Mountains and Rivers ", held the thigh of Huazhang Investment, which is a wholly-owned subsidiary of Jiangxi Publishing Group Company, and the actual controller of Jiangxi Publishing Group Company is Jiangxi Provincial People's Government .
"Thunder" should be done as early as possible.
real estate companies like Evergrande that have crashed early can enjoy the treatment of national special teams to help with the aftermath.
also has late-breaking real estate companies with high debt, such as Country Garden and Sunac , but they can only fall into the quagmire of high debt and on the verge of collapse.
Similarly, Ciwen Media and Tangde Film and Television also "early thunder and early relief", and quickly found state-owned assets as the "takeover warrior" to survive with peace of mind. Although Huanrui Century, which "run late", is now troubled, it is difficult to find a buyer because state-owned assets are willing but not capable in the entertainment industry.
With years of continuous losses and massive inventory backlog, Huanrui Century can only save itself and transfer the actual control of the company by internally transferring equity to cut debt between the founder and the company.
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In mid-2020, Chen Yuan and Zhong Junyan transferred the shares they held to Ruijia Media and Zhujie Holdings for 930 million yuan. After the transfer of
, Ruijia Media became the executive partner of Huanrui United, and the actual controller of Ruijia Media is Zhao Zhicheng, vice chairman of Huanrui Century.
Then, Chen Yuan and his wife also transferred 97% of the shares of Tianjin Huanrui to Zhao Zhicheng's Ruijia Media. In addition to the shares transferred by Huanrui Jointly, Zhao Zhicheng held 17% of the shares in Huanrui Century, while Chen Yuan and his wife's shareholding ratio dropped to 13%, completing the change of Huanrui Century's actual controller.
At this point, Zhong Junyan and his wife, the founder of the traditional real estate industry background, gradually withdrew from Huanrui Century, while Zhao Zhicheng, who has a financial background, took over Huanrui Century and adjusted the company's business strategy and development direction.
has the "learning of the past" of leading artists' successive departures. Zhao Zhicheng began to develop digital virtual artists with Huanrui Century Ding. After all, virtual artists will not collapse their houses, and they can still take advantage of the popularity of the meta-universe.
021, Huanrui Century stated at the performance briefing that it will combine the company's advantages in content production and artist brokerage to carry out digital artist research and development and promotion, and further launch digital assets based on digital artists.
"The company will continue to explore C-end business based on the existing business, actively pay attention to new things, and steadily promote virtual artists, digital assets, MCNs, clothing factories and other related businesses."
However, the arrival of the meta-universe business model is still too early. Huanrui Century's digital artist research and development is successful, and even no waves have occurred.
Seeing him rise up a tall building, seeing him entertaining guests, and seeing him "collapsed".
capital circle has always been a move that affects the whole body.
Although the Li Yifeng incident itself has come to an end, the ups and downs of the relevant related parties are still continuing.
Tangde Film and Television and Ciwen Media, which had already "spent" early, had already hugged their thighs and "get ashore" safely, but Huanrui Century seemed to be still swimming naked.
Virtual artists are a direction worthy of attention in the wave of the meta-universe. However, under the current network conditions, it may still be too early to enter the market in the short term.
Huanrui Century is still waiting for the rise of virtual artists in the metaverse, but time may not give Huanrui Century a chance.
The author of this article: Fengshengjun on the seaside, published by Fengsheng Island exclusively authorized by Wan Xiaodao Toutiao account.
Write celebrities and gossip, which is based on evidence; the image is positive and the shadow is oblique, and it is all taken by oneself. Welcome to follow @Wan Xiaodao headline account.
Reference:
. Daily Economy: Li Yifeng collapsed his house, and the "old boss" suffered... Huanrui Century bets on "the artist who never collapsed the house" to make a comeback
. NetEase: Huanrui Century Entertainment Company faked 100 million yuan, and the accounting firm was fined 8.35 million
. Maoying Entertainment: Huazhang enters Ciwen’s entire process: We are different from the state-owned enterprises in everyone’s impression
6. Tencent: Artists and vice presidents have proposed to terminate the contract. Why can’t Huanrui behind Ren Jialun and Yang Zi keep people?
