On March 1, Zhewen Pictures Group Co.Ltd(601599) ( Zhewen Pictures Group Co.Ltd(601599) . SH) announced that Wu Yi, the legal representative of the subsidiary Zhejiang Tianyi film and Television Co., Ltd. (hereinafter referred to as Tianyi film and television), was suspected of taking advantage of his position and was placed on criminal investigation by the public security organ. At present, Wu Yi has been officially arrested by the public security organ Zhewen Pictures Group Co.Ltd(601599) take civil action to recover performance compensation, totaling 264 million yuan.
The reporter of the daily economic news noticed that Wu Yi, the legal representative of Tianyi film and television, who was arrested, is a well-known gold producer in the industry. He has participated in the production of many classic film and television dramas, such as soldier assault, my head, my regiment, massage and Lanxin Grand Theater.
A senior film and television industry practitioner who declined to be named told reporters that he was “very sorry” about the news that Wu Yi was filed for investigation. He believed that, “Wu Yi’s financial crisis in the past two years is not an example, which reflects the general situation that the whole film and television industry is still in the cold winter, but whether the financial crisis is related to the crime of job occupation still needs to wait for the investigation results of the public security organ.”
The legal representative of subsidiary was filed for investigation Zhewen Pictures Group Co.Ltd(601599) recovered 264 million yuan
On March 1, Zhewen Pictures Group Co.Ltd(601599) announced that it had recently received the notice of filing a case issued by Dongyang Public Security Bureau, Jinhua City, Zhejiang Province. Wu Yi, the legal representative of Tianyi film and television, a subsidiary, was suspected of taking advantage of his position and was placed on criminal investigation by the public security organ, which approved the arrest of Dongyang people’s Procuratorate on February 28.
What was disclosed at the same time as the announcement that the legal representative of the subsidiary was filed for investigation was that Zhewen Pictures Group Co.Ltd(601599) announced that it planned to terminate the supplementary agreement to the equity transfer agreement of Zhejiang Tianyi film and Television Co., Ltd. signed with Xinyu shangshanruoshui Asset Management Co., Ltd. and Wu Yi in 2020, It also took the form of civil litigation to claim compensation for the net profit of performance gambling of RMB 234 million and the loss of performance gambling of RMB 30 million in 2021, totaling RMB 264 million.
Qixinbao shows that Tianyi film and television was founded in 2006. At present, Zhewen Pictures Group Co.Ltd(601599) holds 96% of the shares, Xinyu shangshanruoshui holds 4%, and Wu Yi is the chairman and general manager of the company. Xinyu Shangshan Ruoshui was founded in 2015. Wu Yi holds 93.905% of the shares, is the actual controller of the company, and serves as the executive director and general manager of the company.
Zhewen Pictures Group Co.Ltd(601599) (formerly known as Lugang Culture) was established in 2002. Initially, its main business was the production and sales of textile fabric products. Since 2014, Lugang culture has successively acquired 100% equity of century Changlong and 51% equity of Tianyi film and television, and began to seek the dual main industry drive of “textile + film and television”. In November 2017, Lugang culture announced that it would continue to acquire 45% equity of Tianyi film and television, and bet against the performance of its counterparties Xinyu shangshanruoshui and Wu yidacheng. It promised that the net profit of Tianyi film and television from 2017 to 2019 would not be less than 100 million yuan, 120 million yuan and 150 million yuan respectively.
However, the subsequent development of Tianyi film and television failed to achieve its wish. After the end of the three-year gambling period, it was still 234 million yuan short of the promised performance. Therefore, the three parties signed a supplementary agreement in November 2020, requiring Xinyu Shangshan Ruoshui and Wu Yi to pledge the shares of all listed companies to the listed companies, add a performance gambling period from 2021 to 2025, continue to complete the net profit difference of RMB 234 million and an additional net profit of RMB 30 million per year.
According to the information disclosed in Zhewen Pictures Group Co.Ltd(601599) disclosure, the performance of the supplementary agreement after signing is not ideal, while Wu Yi’s sudden case filing and investigation and his huge debt with relevant companies also make it difficult to perform the previous agreement as agreed. Finally, Zhewen Pictures Group Co.Ltd(601599) announced that it planned to terminate the previous supplementary agreement and recover the losses.
once worked as a gold medal producer in the industry. What about Cao Cao and other dramas
The reporter of “daily economic news” noted that Wu Yi, the legal representative of Tianyi film and television, who was arrested this time, is a well-known producer in the industry.
According to public information, Wu Yi once worked in Hubei film studio, in charge of film and Television planning and production, and then joined Hunan Hunan Tv & Broadcast Intermediary Co.Ltd(000917) program branch as production director and in charge of program production.
In 2006, Wu Yi founded Tianyi film and television. In the same year, he served as the producer of the famous military theme TV series soldier assault, and then participated in the production of many classic film and television dramas such as meritorious service, my head, my regiment, massage and Lanxin Grand Theater. He is recognized as a gold medal producer in the industry.
“The financial crisis he has encountered in recent years is obvious to all, but what is the relationship with the crime of duty embezzlement has to wait for the results of the police investigation.” A senior film and television industry practitioner told reporters that Wu Yi, as a very senior and influential producer in the industry, felt very sorry about the news that Wu Yi was filed for investigation.
\u3000\u3000 “The film and television industry often needs to pay in advance. When the market prospect is good, the company will buy a lot of IP and scripts at a high price for reserve. This is the so-called ‘horse racing enclosure’, hoping to bring higher returns in the future. However, with the changes of the environment and market, some high-cost investment has only low output, which will lead to the change of the company’s performance and even affect the development of the whole capital chain Turnover. ” The practitioner believes that Wu Yi may be dragged down by capital, and what cannot be ignored is the force majeure of the general environment. “Wu Yi’s difficulties are not an example, but he is under the listed company (environment), so these data are easier to be seen by everyone. In recent years, the film and television industry is still in the cold winter.”
According to qixinbao, the shares of Shaanxi Cultural Investment (film and television) Yinhai Investment Co., Ltd. and Xinyu Shangshan Ruoshui Asset Management Co., Ltd. held by Wu Yi have been frozen in 2020, and high consumption was restricted due to intellectual property contract disputes in March 2021. At the same time, Tianyi film and television and Xinyu shangshanruoshui are also involved in a number of intellectual property contract disputes, copyright transfer contract disputes, etc.
It is worth noting that at present, there are many TV dramas led by Wu Yi under preparation. For example, Cao Cao, starring Jiang Wen, was already in the company’s plan when Lugang culture acquired 45% equity of Tianyi film and television in 2017. According to the filing and publicity of the TV drama, the drama has been shot in January 2020, with a production cycle of 8 months, but two years later, it is still missing. In addition, there is the war drama “winter and the lion”, directed by Kang Honglei and written by LAN Xiaolong, with the battle of Changjin Lake as the background. Because the film “Changjin Lake” is hot at the box office, the play has also attracted a lot of attention.
Zhewen Pictures Group Co.Ltd(601599) said that at present, the listed company has completely taken over the finance and daily operation of Tianyi film and television, and the TV dramas, films, online dramas and other projects planned by Tianyi film and television are basically continuously promoted according to the plan.
