was caught off guard when it was revealed that the well-known Jiaxing Media owed 100 million. The whistleblower posted multiple contract documents and repeatedly mentioned the top female Yang Mi in the industry, which immediately set off a whirlpool of public opinion.
After it was revealed that Jiaxing owed RMB 100 million, Yang Mi's fans were the first to arrive, and they immediately cleared the air for her, speaking clearly and rationally.
Does this really have nothing to do with Yang Mi? The contract
broke the news was signed around November 2017. A month later, Yang Mi did indeed support a real estate project owned by Party B in the contract. The background board stated that she was the "special guest of the event."
It seems that Yang Mi participated in the cooperation between the two parties, but it is not clear how the agreement was specifically agreed.
According to the whistleblower, the story goes something like this: a real estate company in Guangzhou provided a loan of 1.625 billion to Jiaxing. In exchange, Jiaxing would transfer 25% of shares to the real estate company. The whistleblower said that 90 million has been paid to Jiaxing, but Jiaxing did not transfer the equity of to , so public debt collection came.
A few hours later, Jiaxing Media finally responded forcefully, saying that there was no default in payment and that the contract between the two parties had been terminated due to the other party's breach of contract.
What is the truth?
For Jiaxing Media or Yang Mi, one hundred million is really not a big deal. After all, Jiaxing Media is one of the top giants in the industry. Its artists include Yang Mi, Di Lieba, Zhang Yunlong, Gao Weiguang, Wang Xiao, Huang Mengying, Liu Ruilin, etc., and has produced more than 30 film and television dramas.
And Yang Mi is not only a popular female star, she has been one of the three major shareholders of Jiaxing for many years, accounting for 15.19% of the shares, and her net worth is conservatively estimated to be more than one billion.
Moreover, judging from the whistleblower’s demands and the contract provided, the dispute between the two parties does not have much to do with Yang Mi. The other party only asked Jiaxing’s two major shareholders Zeng Jia and Zhao Ruoyao to pay back the money. It also emphasized that Yang Mi may have been cheated by other major shareholders.
In the contract, the payees of the loan are not Yang Mi, but Zeng Jia, Zhao Ruoyao and Li Juan (former shareholders of Jiaxing, who later withdrew).
Yang Mi did sign the contract. She is one of the four parties C in the "Share Transfer Agreement". In March 2020, she also signed the cancellation document of the company represented by "Party A 1" in the "Share Transfer Agreement". Obviously, Yang Mi signed as a major shareholder of Jiaxing.
Moreover, the contract provided by the whistleblower did not clarify the responsibilities of the four parties C. It is not yet known whether Yang Mi really has to guarantee the responsibilities of .
In fact, judging from the performance of both the whistleblower and Jiaxing, Jiaxing should be the reasonable party.
First of all, Party B in the contract is a real estate company, but the whistleblower did not speak in an official name, but only used an unknown account to collect debts. Obviously, he wanted to put public pressure on Jiaxing, but this also exposed his guilty conscience. The two parties already have a contract in black and white. If Jiaxing really breaches the contract, Party B can win by going through the litigation process to defend its rights and collect debts. Since Jiaxing has not gone bankrupt, it will be easy for Party B to recover the money.
Secondly, the loan agreed in the contract between the two parties was as high as 1.625 billion, but the whistleblower only emphasized that the first payment of 90 million was remitted to Jiaxing, and only 18.7 million of the money and interest were recovered. If Party B really fulfilled its obligations in full, and Jiaxing did not transfer the shares to the other party, then the debt recovered should be far more than 100 million, right?
Judging from the current information, it seems that Party B did not pay the loan as agreed, causing a breach of contract. Jiaxing has the right to terminate the contract. If there is a high compensation agreement in the contract, Jiaxing does not even have to return the 90 million it has received.
According to the contract, if everything goes well, the two parties would have completed the transaction as early as the end of 2017. Why did Party B only publicly collect the debt today? Moreover, if there is a dispute over a contract, the court should decide what is right and what is wrong. Public opinion cannot solve the problem.
To sum up, although Jiaxing has a bad reputation in the film and television industry, and although Yang Mi has had many unpopular behaviors, in this round of disputes, Jiaxing and Yang Mi should be the reasonable party.
