Fukai Abstract: In the past three years, the decline in contemporary cultural and sports operations has been shown, and the controlling rights have had to change hands.
Author | Lanyue
After the third largest shareholder was forced to transfer its equity, Contemporary Culture and Sports once again encountered shareholder reductions, and Tianfeng Ruiyuan plans to reduce its holdings by 15.1 million shares. As the dual concept of film and television and sports, contemporary cultural and sports have continued to be weak in recent years and have suffered losses for two consecutive years. The company once soared more than three times in the bull market in 2015, and was a big bull stock, but then it was in a slump. The current stock price is less than 20% of the previous high.
shareholders successively reduced their holdings and transferred
Contemporary Culture and Sports announced on the evening of the 23rd that due to their own capital needs, shareholder Tianfeng Ruiyuan plans to hold no more than 15.101278 million shares through the methods allowed by the Shanghai Stock Exchange (including but not limited to centralized bidding and bulk transactions) within 6 months after 15 trading days from the date of the announcement of this share reduction plan, accounting for about 2.58% of the company's total share capital. As soon as the news came out, the stock fell by more than 5% on the 24th, approaching its low point for the year.
Just over a month ago, the 41.6436 million shares held by the company's shareholder Jiang Lizhang had just completed the judicial transfer and transfer procedures and had been transferred to Zhuxin Ruikang's name. According to the announcement, due to a contract dispute with Zhuxin Ruikang, the 41.6436 million shares held by the company's shareholder Jiang Lizhang were forced to be transferred to Zhuxin Ruikang's ownership, and the judicial transfer procedures were completed on January 10, and the proportion of this part of the shares accounted for 7.12% of the total share capital. After the completion of this share transfer, Jiang Lizhang only holds 7,300 shares of Contemporary Culture and Sports.
On June 23 last year, the company disclosed an announcement that Jiang Lizhang and Peng Zhangjin had terminated the joint action relationship originally formed by the husband-wife relationship due to the divorce procedures. According to Qichacha data, Jiang Lizhang has three pieces of information about the person subject to execution, and the filing date is all in 2021, with a total amount of execution of 677.8026 million yuan.
In addition to Jiang Lizhang's forced to transfer equity, the company has many shareholders reduced their holdings in the past year. Data shows that contemporary cultural and sports have reduced their holdings by 11 times in total, and shareholders who have reduced their holdings include You Jianming, Wuhan Rising Star Hanyi, Jiang Lizhang, etc.
data also shows that the cumulative pledge of shareholder Wuhan Contemporary Group accounts for 89.84% of its shareholding, and the cumulative pledge of shareholder Wuhan Xinxing Hanyi accounts for 86.88% of its shareholding.
Although the market strengthened in 2020, contemporary cultural and sports fell against the trend, falling 44% that year. The stock has fallen by about 20% this year. Against the backdrop of weakening stock prices, such a high pledge ratio means that there is a risk of pledge closing.
data shows that contemporary culture and sports landed on the Shanghai Stock Exchange on October 30, 1992. The company had previously used Mingdaobo Co., Ltd. and Contemporary Mingcheng. At present, the main business of contemporary culture and sports is film and television product production, sales and distribution, artist brokerage, program production, theater investment and management, entertainment marketing, sports marketing, sports copyright trade, sports brokerage, sports venue operation, sports training, and event operation.
The former major shareholder of contemporary culture and sport is the famous Wuhan "Contemporary System". However, with the fall of the Contemporary Group, its controlling stake has also changed hands.
In 2015, the company's former major shareholder, Rising Star Hanyi, signed a "Capital Increase Agreement" with Wuhan Contemporary Group. Contemporary Group plans to invest 300 million yuan to subscribe to Rising Star Hanyi's new registered capital. After the capital increase is completed, Contemporary Group will hold 51.28% of the equity of Rising Star Hanyi and indirectly hold 21.43% of the company. As a result, Ai Luming, the controlling shareholder of Contemporary Group, became the actual controller of the company, and the company also became a member of the "Contemporary Department".
performance is sluggish and controlling equity changes
After gradually turning the company's main business to cultural media, the company changed its stock name from Daobo Co., Ltd. to Contemporary Mingcheng in 2016. In May 2020, Contemporary Mingcheng was renamed "Contemporary Culture and Style". At that time, the company stated that the name "Sports and Sports" was renamed as a long-term strategic plan for contemporary cultural and sports based on the development of the dual main businesses of "film and television + sports". After the contemporary department took over, the performance of contemporary culture and sports was once boosted. Data shows that the company achieved a net profit attributable to shareholders of RMB 53.47 million in 2015, a 55-fold increase year-on-year; in 2016, a 122 million yuan in net profit attributable to shareholders of RMB 129 million, a 129% year-on-year increase. In 2018, the net profit attributable to Contemporary Culture and Sports was 178 million yuan, an increase of 39% year-on-year, reaching the peak of performance.
Subsequently, Contemporary Culture and Sports' net profit began to decline, with net profit of 100 million yuan in 2019, down more than 40% year-on-year. In 2020, the company's net profit lost 1.93 billion yuan, and last year the company expected to lose another 580 million yuan to 860 million yuan.
Regarding the performance losses last year, the company stated that it is expected that the inventory impairment will be set aside last year to -150 million yuan to -250 million yuan; affected by the new crown epidemic, although the company has increased its collection efforts, the recycling of related funds is still difficult to expect. It is expected that the credit impairment loss last year will be about -150 million yuan to -260 million yuan; due to the continuous impact of the new crown epidemic and the different epidemic control policies of various regions and countries, it is expected that the goodwill impairment provision of the company's controlling subsidiary BorgB.V. last year will be set aside last year to -150 million yuan to -280 million yuan; in addition, the goodwill impairment provision of the holding subsidiary China Film Jiahua Yuefang is about -15 million yuan to -25.3623 million yuan.
It is not difficult to see from this that contemporary cultural and cultural heritage has continued to be sluggish in the past three years.
Due to poor performance, the major shareholder of Zhongcontemporary Culture and Sports, Hanyi, and his joint actors of Contemporary Group, announced the transfer of their controlling rights last year.
According to the announcement at that time, Wuhan Guochuang Capital plans to acquire part of the equity of the company's former controlling shareholder Xinxing Hanyi through bulk transactions. At the same time, Xinxing Hanyi and its joint actor Contemporary Group intend to entrust all the voting rights of the equity held to Guochuang Capital. The two shareholders plan to reduce their holdings by 17.54 million shares in total, accounting for 4.69% of the total share capital.
As of August 24 last year, all the matters involved in the "Cooperation Agreement" and related agreements signed by Guochuang Capital, Xinxing Hanyi and its joint actors Contemporary Group and Tianfeng Ruiyuan have been completed. After the completion of this change, Guochuang Capital became the controlling shareholder of the company and the Wuhan State-owned Assets Supervision and Administration Commission became the actual controller of the company.
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