Recently，We found a strange thing from the announcement of 188bet game’s response to the Shenzhen Stock Exchange’s letter of concern，That is, within half a year，Shareholders rejected the board of directors’ proposals twice at the company’s shareholders’ meeting。

The latest occurrence was on January 29 this year，188bet game’s first shareholders meeting in 2021，Proposal on the Proposed Appointment of an Accounting Firm put forward by the Board of Directors，Shareholders including the company’s largest and second largest shareholders, Fude Life Insurance and Qingdao West Coast, invested a total of 84.1729% of the negative votes。

The last time was the fourth extraordinary general meeting of shareholders on September 14, 2020，62 of them.45286% of shareholders voted against the "About Modifications" proposed by the management<Articles of Association》Proposal。188bet game is reported，The largest shareholder, Fortune Life Insurance, was also among the dissenting votes。

The above management wants to change accountants、Various operations of amending articles of association，It can’t help but remind people of the famous saying of Wu Yuefeng, a partner of Fengjing Capital: “In the annual report season，If you see a company，Before the annual report comes out，The financial director (or person in charge) suddenly changed，Changed the audit agency (especially downward change，For example, switching 188bet game the Big Four to local domestic investment)，Remember to run away。”

The shareholders’ meeting rejected the management’s opinions twice in a row，188bet game reminds people of the "baowan dispute"。

Informed sources revealed to the Entertainment Capital Matrix No. Fugu Film and Television Archives，This contradiction is related to "Lou Xiaoxi's public reporting incident" and Mr. Fugu's "Finished 1294 Announcements"，We discovered that Beijing’s cultural problem is bigger than imagined” The loss of company executives detailed in the article、Financial difficulties and other issues are the same，The fundamental reason is that 188bet game lacks actual controllers who can take charge。

Everyone knows，188bet game was formerly known as Beijing West Tourism，Main business is tourism，It was renamed 188bet game after acquiring Ferris Wheel Culture in 2013。2014，188bet game passed the private placement of 28.9.4 billion yuan was used to introduce Fude Life Insurance to become the company’s second largest shareholder (subsequent increase in shares will make it the largest shareholder)，And use the funds obtained from the private placement to acquire Lou Xiaoxi’s Century Partners and Wang Jinghua’s Zhejiang Galaxy, etc.。

It is reported，The reason why 188bet game can become a business covering movies、TV series、Artist Agent、Variety show production and tourism company，In fact, it was managed by Zhang Jun, the leader of Fude Life Insurance。

However, February 2016，After Zhang Jun was taken away by relevant departments to assist in the investigation，188bet game cannot realize the complementary collaboration between various business sectors as originally envisaged。Informed sources disclosed，The board of directors controlled by the management of listed companies begins to be disconnected from the shareholder level。

An insider told Entertainment Capital: "Back then, Baowan was attacked by Wang Shi and Yao Zhenhua，Now in Beiwen, the 188bet game’s shareholders are being kidnapped by the board of directors，The internal control system is completely missing”。

Under this premise，Bet on a hit movie again ("Hello，Li Huanying》) 188bet game，There have been constant undercurrents in the past two months。The overdue loan of 500 million yuan in the Beijing Cultural Announcement on January 26 this year is from the loan、Funds are used until repaid，In the process, existing problems in 188bet game that are difficult to reconcile are exposed。

Even，One has existed on the Shenzhen Stock Exchange for 23 years、A listed 188bet game whose works have repeatedly represented the pinnacle of China’s film and television industry，It is currently revealed that there is a shadow of funds behind Niu San’s “Wan Zhongbo”。

Now，The capital management and equity of listed companies have been regulated for so many years，Why do the film and television industry still frequently encounter "barbarians at the doorstep"？

(All fund flows mentioned below are supported by detailed diagrams with official seals，Based on the principle of caution，Not announced yet。）

Strange 500 million 188bet game loan

January 26, 2021，188bet game issued an announcement stating that "the company has recently experienced financial difficulties，Failed to repay bank loan on time，500 million yuan overdue”。From the announcement of the listed company on January 23, 2020，This 500 million yuan loan comes from Industrial Bank Beijing Anhua Branch。

An insider disclosed to Xiaoyu，The purpose of this 500 million yuan loan was to invest in film and television projects，was actually used to acquire 188bet game Oriental Landscape Resort Co., Ltd. (hereinafter referred to as "Oriental Landscape") at a high premium。And the money is used from loan to fund、Every aspect of repayment，All have problems。

Informed sources told Xiaoyu: "In the beginning，The news obtained within the company is，188bet game loan will be used as working capital for business，That is, project production。”

At that time (shown in the 2019 annual report)，188bet game’s liquidity is only about 1.7.6 billion yuan，Really stretched。

May 20, 2020，188bet game also signed the "Fund Closed Supervision Agreement" with Industrial Bank Anhua Branch，It is agreed that the company will open the only closed fund supervision account at Xingye Anhua Branch，Used to receive "Hello，Li Huanying", "The Second Part of the Fengshen Trilogy", "Here Comes All" and "The God of Bathing" (later renamed "The King of Bathing"). Receipts from theaters and theater chains in mainland China。

However, according to informed sources, the 500 million yuan loan was first transferred directly from the 188bet game Anhua Branch of Industrial Bank to Wuxi Fengshen’s company account in one go，Looks like it will be used in the "Fengshen Trilogy" project。

But a few days later，Wuxi Fengshen transferred 400 million yuan back to the general account of 188bet game。

The next day, 188bet game transferred the 400 million yuan to the two shareholder companies of Dongfang Shanshui, "Beijing Nandu International Economic and Trade Co., Ltd." and "Beijing Hanbang Guoxin International Co., Ltd."。

In other words, most of the bank loans that were supposed to be used for project production were used by 188bet game to acquire the equity of Oriental Landscape。

It is precisely because of the lack of working capital for the project，So 188bet game year’s hit hit "Hello which exceeded 5 billion，Li Huanying》，Bei Wencai had to give Maoyan a guaranteed price of 1.5 billion、Ruyi Pictures。Talk about 188bet game，A former Beiwen film industry staff member was heartbroken，"Starting from "My Hometown and Me"，Beiwen has been troubled by liquidity problems，Having to bet on hot money repeatedly but unable to get the maximum benefit。”

Very strange Oriental Landscape Investment

Even when funds were tight, Beiwen did not forget to invest abroad.

On October 11, 2019，188bet game announced that it will be 8.400 million yuan of own funds to acquire 100% equity of Dongfang Shanshui。According to data，As of July 31, 2019，Oriental Landscape’s registered capital is 57 million yuan，Total assets 4540.330,000 yuan，Total liabilities 19.930,000 yuan，Net worth 4520.400,000 yuan。

As introduced above，The two major shareholders of Oriental Landscape are Nandu International and Hanbang Guoxin，All related 188bet game famous Niu San Wanzhongbo。

Tianyancha shows that the only shareholder of Nandu International is named Chen Hui，According to media survey by Yunzhang Finance，“Guo Xiaofeng and Xu Yujin serve as legal representatives for dozens of its subsidiaries，These two people are related to Wanzhongbo 188bet game”，And in the equity breakdown chart of Hanbang International，Wan Zhongbo’s figure is directly visible。

The premium of this transaction is as high as 655.80%，And the remaining useful life of the land under the name of Dongfang Shanshui is only 17 years，It’s really hard to figure out 188bet game’s intentions for this acquisition。This strange acquisition，Also triggered a letter of concern from the Shenzhen Stock Exchange。

188bet game issued an announcement in response to the Shenzhen Stock Exchange’s letter of concern on October 25, 2019，In the acquisition payment paid by the company to Dongfang Shanshui，An estimated 200 million yuan will come from the company’s own funds，400 million yuan in land mortgage loans from banks，200 million yuan comes from bank credit。

Is 188bet game really consistent with reality?

We have mentioned it above，Perhaps a large portion of this money，is a 500 million yuan loan from Industrial Bank 188bet game Anhua Branch。

And shareholders did not see any subsequent loans related to Dongfang Shanshui land as collateral in the 188bet game Cultural Information Disclosure。According to people familiar with the matter: “The land-related documents of Dongfang Shanshui are defective，It is basically impossible to get a mortgage loan from a bank”。

After many of the above problems were exposed，Fugu Film and Television Files called the 188bet game Secretary Office for three consecutive days，No answer；Write to the group marketing manager，No reply from WeChat。

More strange debt announcements and repayment disclosures

January 22, 2021，500 million loan due，When everything is normal in the bank’s credit reporting system，188bet game suddenly issued an announcement to disclose overdue loans，The company’s stock price plummeted that day。

What’s even more puzzling，On the day after the announcement was issued，188bet game began to repay Industrial Bank Beijing Anhua Branch for three consecutive days 1.500 million yuan、200 million yuan、1.500 million yuan，The loan is paid off immediately within three days，At this time，188bet game did not announce this good news。

Not only that，Informed people told Xiaoyu，The source of funds for the repayment of 500 million 188bet game is also suspicious。“The company’s repayment funds come from Tibet Huipuhua Enterprise Management Co., Ltd., a company suspected to be controlled by Wanzhongbo。”

Through a series of operations，The 500 million yuan loan was transferred from the supervision account to the 188bet game general account through the Fengshen crew，Back to the original shareholder of Dongfang Shanshui of Wanzhongbo Company，Transferred from Tibet Huipu, another company under the Wanzhongbo Group, to 188bet game，Finally repaid to Industrial Bank Beijing Anhua Branch。

188bet game acquired Dongfang Shanshui，First paid 200 million yuan with its own funds，Another loan of 500 million yuan from Industrial Bank Beijing Anhua Branch，Of which 400 million yuan was paid to Dongfang Shanshui，So 188bet game currently pays 600 million yuan to Dongfang Shanshui。

From a Beijing cultural perspective，Funds circulate from listed companies，188bet game, in addition to bearing the capital cost for Wanzhongbo Company for one year，Also replaced the Oriental Landscape worth a fortune with a share of the high-quality film and television project "The Trilogy of the Gods"。After this series of operations，Both in terms of capital and income，188bet game is the biggest loser。

See this，Maybe you are confused，Why does 188bet game have to go through such a complicated process、There are risky operations to perform this transaction。Those in the know tell us，All this has to return to the conflict between the board of directors controlled by the management and the shareholders。

Mr. Li (pseudonym)，An investor with a heavy position in Beijing cultural stocks told Xiaoyu，July 2018，A chance，After he went to the theater to watch the screening of "I'm Not the God of Medicine"，I started to be optimistic about 188bet game, a company that has frequently hit big hits，And invested tens of millions of yuan to purchase the company’s stocks，The stock price has been falling since then。

During the period of holding stocks，There are a series of problems in 188bet game that he cannot understand，For example, "Lou Xiaoxi publicly reported the Song Ge incident"，For example ""Hello，Li Huanying "Guaranteed" etc.。

“I think with Song Ge’s ability，188bet game matter is not difficult for him，I don’t know why the company is like 188bet game。" Mr. Li said: "And what is particularly speechless is，188bet game company doesn’t publish any good news，The secretary-general picks and answers questions that are unfavorable to them，Thunder explodes every three days。”

“188bet game is actually a very good company，The company has a good layout，There are also enough talents，They are all rooted in the industry for more than ten years、People of twenty years，Over the past few years, Boss Song has also erected the sign of 188bet game，We really hope the company can heal its wounds，Keep doing it well。" the above-mentioned insider sighed。

Because I chose to believe, I kept holding the stock，I didn’t expect 188bet game now，Mr. Li’s investment has already lost nearly 60%。“After all, 188bet game was paid by mistake！”

But he is still waiting for a turnaround in 188bet game’s culture.

*Source of 188bet game article: WeChat public account "Pufferfish Film and Television Archives”（ID:htysda), author:Deng Yingchong，Original title: "Shareholders vetoed management twice，Revealing the "Bao-Wan Controversy" of 188bet game》.