According to Zhihui news: June 9, 2017，Hubei Heyun Culture Tourism Development Co., Ltd. (hereinafter referred to as securities abbreviation: Heyun Culture，Stock code: 836358.OC) issued an announcement saying: due to development planning and overall strategic needs，Decided after careful study，The company plans to apply for the termination of listing of the company’s shares on the National Equities Exchange and Quotations (hereinafter referred to as: New Third Board)。

188bet online sports betting

Meanwhile，On the same day, Huachuang Securities Co., Ltd. (hereinafter referred to as "Huachuang Securities"), the sponsor of Heyun Culture,，Heyun Culture shares may be terminated from listing、There are two risk reminders for major changes in directors, supervisors and senior management:

(1) Risk of stocks being terminated from listing

Heyun Culture failed to disclose the 2016 annual report before April 30, 2017 (inclusive of April 30, 2017)，The company’s stock transfer has been suspended on May 2, 2017。June 8, 2017，The company held the ninth meeting of the second board of directors and reviewed and approved the "Proposal on Application for Termination of Listing of the Company's Stocks in the National Equities Exchange and Quotations" and other proposals，It is also planned to hold the 2017 Fourth Extraordinary General Meeting of Shareholders on June 23, 2017 for review。Therefore，Heyun Culture’s shares are at risk of being terminated from listing。

(2) Operational stability risks that may arise from major changes in directors, supervisors and senior management

June 7, 2017，The board of directors of Heyun Culture received the "Resignation Report" submitted by Zou Yishe respectively，Resigned as Financial Director；Received from Xu Hegui、Qin Zhiyuan、Wang Jinle、"Resignation Report" submitted by Zhang Huigang，Resigned as director；Received the "Resignation Report" submitted by Wang Jianjun，Resigned as supervisor。June 8, 2017，Heyun Culture held the ninth meeting of the second board of directors，Passed the "Proposal on Proposing Company Directors"，Propose Wang Chunling、Wang Jianxin、Huang Xiuquan、Wu Xiao、Xin Xuening is the director of the company。188bet app download It is also planned to hold the 2017 Fourth Extraordinary General Meeting of Shareholders on June 23, 2017 for review。Significant changes have occurred in the directors, supervisors and senior management of Heyun Culture，May cause risks to the company’s operational stability。

Also，According to Zhihui’s understanding，Back on July 25, 2016，The board of directors of Heyun Culture received director Ding Shenghua、Hu Zhengqiang、Zhang Puhua，Supervisor Wang Liyuan、Resignation reports submitted by Li Yu and general manager Qi Yanwen and others。According to interviews and reports from relevant media and expressions of Heyun Culture，This personnel change is due to the entry of new investors。As of now，Not clear yet，Is this change in Heyun Culture’s personnel also due to the entry of new investors？

According to Zhihui’s understanding，This has been Huachuang Securities since April 25, 2017，Risk warning for the fourth stock termination issued by Heyun Culture。Back on May 9, 2017，Heyun Culture announcement，The sponsoring securities firm of Heyun Culture discovered during the continuous supervision process that the company and its actual controller were included in the list of dishonest persons subject to enforcement，Immediately inform the company’s board of directors and require fulfillment of disclosure obligations。

2.Planning to apply for termination of listing，Perhaps due to the change of management rights of the repertoire renovation theater in 2016

Even earlier on August 25, 2016，Huachuang Securities issued a "Risk Warning Announcement" stating: In the process of carrying out continuous supervision work and urging the company to prepare the 2016 semi-annual report，The sponsoring securities firm discovered that the company had funds borrowed from original related parties、Irregular situations such as capital increase procedures and capital increase objects violating laws and regulations，There is great uncertainty in the ability to continue operating。

(1) Fund lending from original related parties

Shiyan Heyun Real Estate Co., Ltd. (hereinafter referred to as "Heyun Real Estate") was originally a company 100% owned by Xu Hegui, the actual controller of the company，January 13, 2016，Xu Hegui transferred 100% of his equity in Heyun Real Estate to Zhou Zhongyun and completed the industrial and commercial change registration。The company obtained the listing approval letter on February 18, 2016，On March 20, 2016, the company signed a "Loan Agreement" with Heyun Real Estate，Agreement，The company will borrow funds within 100 million yuan with annual interest 4.Lending to Heyun Real Estate at an interest 188bet sports betting app download rate of 75%，The loan period is from March 22, 2016 to September 21, 2017。As of June 30, 2016，The balance of the company’s other receivables from Heyun Real Estate is 9,949.780,000 yuan。As of July 31, 2016，The company has recovered all the loans from Heyun Real Estate。Signing and execution of the "Loan Agreement"，Failed to convene the board of directors in accordance with the legal procedures stipulated in the company system、Shareholders Meeting，Failed to promptly notify and report to the sponsoring brokerage，Failed to fulfill information disclosure obligations。The above behavior violates the relevant provisions of the "Information Disclosure Rules for Companies Listed on the National Equities Exchange and Quotations (Trial)"。

(2) Capital increase procedures and capital increase objects are illegal and illegal

Period from March 24, 2016 to June 30, 2016，The company received 3 million yuan from Chongqing Red Lantern Network Technology Co., Ltd.、Zhang Bolin and 8 others 2.6 million yuan。The company and Chongqing Red Lantern Network Technology Co., Ltd.、Zhang Bolin and other 8 people have not signed a formal agreement，But it is mutually agreed that this amount is the amount for subscribing for new shares of the company。The company failed to notify the sponsoring securities company in time，The company has not held a board of directors or shareholders meeting regarding the capital increase，Violation of the Company Law、《Articles of Association》、"Detailed Rules for the Stock Issuance Business of the National Equities Exchange and Quotations (Trial)" and "Detailed Rules for Information Disclosure of Companies Listed on the National Equities Exchange and Quotations (Trial)" and other relevant regulations。At the same time，The subscription targets for the company's shares do not comply with the "Measures for the Supervision and Administration of Unlisted Public Companies"、"Investor Suitability Management Rules" and other requirements on investor suitability。As of August 8, 2016，The company has returned the 3 million yuan investment from Chongqing Red Lantern Network Technology Co., Ltd.，The investment funds of Zhang Bolin and other 8 people have not been returned yet。

(3) There is significant uncertainty in the ability to continue operating

The company began to revamp the repertoire in May 2016，Adaptation period，The theater contract management agreement between the company and the government is terminated，The specific operation and management rights are borne by the government。During the adaptation of the company’s plays，The company has no operating income。The adaptation of theater plays has substantially affected the company’s ability to continue operating，The company’s board of directors did not conduct detailed discussion and analysis on this matter and the company’s future business plan。If the time limit for adapting a new play is longer，Or the market effect of adapting new dramas is poor，The company’s ability to continue operating will face significant risks of uncertainty。

3.Revenue and net profit almost plummeted，The market value of 2 billion is almost halved

Also，Heyun Culture was officially listed on the National Equities Exchange and Quotations System for public transfer through agreement transfer on April 14, 2016。According to the disclosure in the "Public Transfer Statement" issued on February 29, 2016: the company's main business is the operation and management of Wudang Tai Chi Theater，Including but not limited to ticket sales、Operation and management of performance arrangements and other aspects。

During the reporting period，Its operating income and net profit have declined year by year since 2014，All its operating income comes from ticket sales of Wudang Tai Chi Theater，Single income structure，Higher operating risks。Also，According to the "Announcement": Heyun Culture's operation of Wudang Tai Chi Theater is mainly based on the company's cooperation with Shiyan Wudang Mountain Tourism Development Co., Ltd.、The "Wudang Tai Chi Theater Contracting and Operation Agreement" and the "Wudang Tai Chi Theater Purchase Framework Agreement" signed by the Wudang Mountain Tourism Special Economic Zone Management Committee。According to agreement，The company enjoys the right to operate the Tai Chi Theater from July 1, 2014 to July 31, 2023，Nine years in total。Before July 31, 2023，The company will purchase the Wudang Tai Chi Theater in accordance with the relevant regulations on the transfer of state-owned property rights，And as of October 2013, the company has paid 64.6 million yuan in advance to purchase Tai Chi Theater。But if before July 31, 2023，The company has not fully obtained the property rights of Wudang Tai Chi Theater or cannot renew the contract after the contract operation agreement expires，The company may lose the contracting and operating rights to Wudang Tai Chi Theater，May have an impact on the company’s operations。

Wudang Tai Chi Theater performed its first large-scale Tai Chi Kung Fu show "Fantasy Wudang" on October 1, 2013。"Fantasy Wu-Dang" is directed by the deputy director of the opening and closing ceremonies of the Beijing Olympic Games、General Director of Guangzhou Asian Games、Created by the team of famous director Chen Weiya，Chairman of China Music 188bet app download Association、Composed by the famous composer Zhao Jiping，16 world martial arts champions and representative inheritors of national Tai Chi lead more than 300 cast and crew members to perform。"Fantasy Wudang" begins with the prologue "Dream-seeking Tai Chi"，The following five chapters were released continuously: "Dream Jade"、"The Purple Sky Beyond the Clouds"、"Landscape and Freedom"、"Enlightenment Nanyan"、"The World is Harmony"，Duration 70 minutes。Using the mental journey of a dream chaser to pursue his dream of Tai Chi as the main line，Yishan、Water、People、Fist、Various cultural elements such as Tao are used throughout，Telling about an infatuated dream chaser，In order to pursue the supreme way in the heart，Traveling through mountains and rivers、Going through hardships、Suffering from vicissitudes of life，Looking for the road、Ask、Enlightenment，The story of finally becoming a great road。

Also，According to Zhihui’s understanding，Heyun Culture is one of the nearly 400 representative enterprises listed on the New OTC Market in Hubei，The market value was once as high as 20.6.4 billion yuan，Data display in March 2017，The market value of Heyun Culture reaches 17.8.5 billion yuan，Ranked seventh among Hubei New OTC Market companies。Deadline of publication (June 2017)，The market value of Heyun Culture is 9.1 billion yuan，Decreased by about 126 from the highest value.81%，Market value and net profit are almost in a straight line downward trend。

In short, the author analyzes that:Heyun Culture，On the surface, it is due to the change of management rights due to the adaptation of the play，It is estimated that it is actually a conflict of interest in the process of recycling state-owned assets。It has already appeared in 2016，Constant personnel changes，New shareholders enter，Eventually led to the current termination of listing，It may even lead to the bankruptcy of the entire company。Also，Heyun Culture serves as the second party contracting the "Wudang Tai Chi Theater"，This is a light asset management output，But considering the long-term risks，Construction of “Wudang Ancient Town” and other related supporting facilities，Completely turn yourself into a heavy asset，In other words，“The gamble is too great”，In the end, the current situation was formed that revenue and investment are not directly proportional，Comparing impression shares of the same type of listings、Colorful Guizhou and other cultural performing arts companies，Input and output are far apart。A little more，Private enterprise，There are irregularities in operation and management，Especially in the signing of foreign agreements and contracts，It is inevitable to leave loopholes，The risk is too great。

[Extra number]Want to capture the trend of the cultural tourism consumption industry？Want to know the most cutting-edge cross-border innovation in cultural tourism？Want to learn the latest information shared by industry leaders？Want to interact and have in-depth exchanges with industry elites？Come“2017 China Cultural Tourism Consumption Innovation Summit”Let’s go!June 13-14, Beijing·International Conference Center，A feast of top content for cultural tourism consumption is waiting for you！Learn more about the meeting&Please click to register:I want to register！(Discounts for early registration)