June 21，Songcheng issued an announcement，The 11th meeting of the 7th Board of Directors reviewed and approved the "Proposal on Using Idle Own Funds to Invest in Securities and Financial Management Products"，I agree that the company is ensuring the safety of funds、Operation is legal and compliant、Under the premise of ensuring that normal production and operations are not affected，Continue to use idle self-owned funds to invest in securities and financial products，Making idle funds safe、Achieving value preservation and appreciation on the basis of liquidity，The limit does not exceed 188bet online sports betting RMB 1.5 billion，Funds within this limit can be used on a rolling basis，The period of use is valid for 2 years from the date of approval by the board of directors。Within the above quota，Funds can be used on a rolling basis。

The purpose of this investment is to improve the efficiency of fund use，The company will continue to use idle self-owned funds to invest in securities and financial products without affecting normal operations，Not only increases revenue for the company，It also enables the company’s assets to maintain and increase their value。

Announcement，The company continues to use idle self-owned funds to invest in securities and financial products under the premise of ensuring that it does not affect the normal development of its main business，Does not affect the company’s normal daily capital turnover needs。Based on full estimates and calculations of securities investments and financial products，The company’s continued use of idle self-owned funds to invest in securities and financial products can improve the efficiency of fund use，Realizing asset value preservation and appreciation，In the 188bet online sports betting interests of all shareholders。

According to the 2020 annual report，The company’s net loss in 2020 is 17.5.2 billion yuan，A sharp drop of 230 year-on-year.80%，Net profit for the same period last year was 13.400 million yuan，From profit to loss。Data display，During the reporting period，Songcheng Performing Arts achieved operating income of 9.0.3 billion yuan，Decreased by 65 compared to last year.44%；Net profit attributable to shareholders of listed companies-17.5.2 billion yuan，Decreased by 230 compared to last year.8%；Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses-17.6.8 billion yuan，Decreased by 244 compared to last year.66%。

As understood，Songcheng Performing Arts is mainly engaged in cultural performing arts business，Live entertainment and tourism and leisure are the company’s main businesses。Live entertainment is the company’s core business and main source of revenue and profit。