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The thunder exploded before the market opened! 70,000 shareholders surprised the president by receiving a warning letter. The company was investigated by the Securities Regulatory Commission.
Beijing Culture, known as the “explosive engine” in the film and television industry, was investigated by the Securities Regulatory Commission.
Beijing Culture announced on the afternoon of January 3 that the company received the “Notice of Investigation” from the China Securities Regulatory Commission on December 31, 2020. Because the company was suspected of violating laws and regulations, the company decided in accordance with the relevant provisions of the “Securities Law of the People’s Republic of China”. Research the company. Beijing Culture also revealed that the Beijing Securities Regulatory Office issued a warning letter to the company and its senior executives Song Ge (president and former president of the company), Zhang Yunlong and Chen Chen (then senior executives). The content involved the company’s income in 2018 from some projects that did not meet the requirements “The recognition conditions stipulated in the Accounting Standards for Business Companies No. 14-Income caused the company to accumulate in excess operating income of approximately 460 million yuan and a net profit of about 191 million yuan in 2018.
It is worth noting that tomorrow will be the first trading day in 2021, which is extremely powerless for investors in Beijing culture. Some investors posted on the stock bar saying that the New Years gift may be a cap. Beijing Culture revealed in December last year that the company has 70,300 shareholders.
Inverter fryer
Suddenly being investigated, investors in Beijing Culture exploded.
Some investors laugh at themselves, and waiting for the New Year’s gift is the lower limit of Beijing culture. Some investors even said, “I bought 10,000 shares last Thursday, can I make a claim?”
Statistics show that the number of shareholders of Beijing Culture increased month by month last year. Beijing Culture revealed on December 19 last year that the number of shareholders in the company was 70,338.
Affected by the epidemic, Beijing’s culture has been declining since March last year. At the end of April last year, Lou Xiaoxi’s report caused the company’s share price to plummet to the bottom. The share price fell to 5.87 yuan a share on the most recent trading day. Up to 36.81%.
Reported in real name by a former executive
Beijing Culture previously caused a sensation when former executives reported reports of real names.
On the night of April 29 last year, Lou Xiaoxi, former Beijing Vice President of Culture, posted on the Weibo account “Century Partners” that he denounced Beijing Culture’s systemic financial fraud under his real name. Denouncing senior executives Song Ge and Zhang Yunlong on suspicion of breach of trust and damage to the interests of publicly traded companies, fraudulent issuance of bonds, illegal disclosure and nondisclosure of important information, and occupational malfeasance. The report materials have been accepted by the Securities Regulatory Commission.
In response, Beijing Culture issued a statement that night saying that Lou Xiaoxi had fled abroad due to the crime of embezzlement. The Chaoyang Branch of the Beijing Municipal Public Security Bureau has officially filed a case, and the case is currently under investigation. Lou Xiaoxi used Sina Weibo to spread false statements, defame the company, and personally attack company executives, seriously affecting the company’s reputation and normal operations. The company strongly condemns Lou Xiaoxi’s previous actions and reserves the right to exercise its legal responsibility through legal channels. The company will cooperate fully with public security authorities to continue investigating Lou Xiaoxi’s alleged criminal conduct.
In response to Lou Xiaoxi’s report, the Shenzhen Stock Exchange sent a letter of concern to Beijing Culture late at night, asking the company to explain whether the contents of Lou Xiaoxi’s report were true. In response to the letter from the Shenzhen Stock Exchange, the Beijing Cultural Monitoring denied each of Lou Xiaoxi’s relevant reports.
Involving more than 460 million income
On January 3, Beijing Culture released a warning letter from the Beijing Securities Regulatory Office to the company and Song Ge’s top executives. The letter shows that in 2018, the revenue from some Beijing Culture projects did not meet the recognition conditions stipulated in the “Accounting Standards for Business Enterprises No. 14-Revenue”, causing the company to accumulate operating income of approximately 460 million yuan in 2018 and an additional net profit of about 191 million. yuan. The financial information disclosed in the company’s 2018 annual report was inaccurate.
The Beijing Securities Regulatory Office noted that due to Beijing Culture’s failure to effectively integrate the acquired subsidiaries, the lack of key control linkages such as project management and control, prepaid fund management, and oversight of subsidiaries, and flaws in the design of internal control. In addition, some budget adjustments for the project and the signing of contracts by the company’s subsidiaries have not been approved at the parent company level, which do not comply with the relevant provisions of the “Contract approval process and management system” of the company, and there are defects in the implementation of internal control. The company has significant problems in the administration of subsidiaries, control of prepayments and investment funds and project administration, which do not comply with the provisions of Article 94, Paragraph 1 of the “Governance Guidelines for Listed Companies”. The number of significant financial reporting flaws revealed in the internal control self-assessment report in the company’s 2018 annual report was 0, and the information disclosure was inaccurate.
In accordance with the relevant regulations, the Beijing Securities Regulatory Bureau decided to warn the company, Song Ge, Zhang Yunlong and Chen Chen, and include the relevant violations in the integrity file.
Source: Beijing Cultural Bulletin
A China Securities News reporter noted that at the end of April last year, Beijing Culture had revealed that in the internal audit and asset inspection of its subsidiaries in 2019, the company approved current accounts, inventories, and film projects. and existing television involved in the 2019 opening balance. The contract and other company materials were fully reviewed and verified, and relevant customers and business partners were verified, and it was found that in 2018, there was revenue recognition for the transfer of investment income rights in production dramas that did not meet the requirements of the “Accounting Standards for Commercial Enterprises No. 14-Income”. . Among them, the amount of restatement involved in operating income in 2018 was 464 million yuan, and the amount of restatement involved in net profit attributable to the parent was -201 million yuan. The above amount is close to the content of this warning letter from the Beijing Securities Regulatory Office.
The subsidiary that Beijing Culture refers to is Century Partner founded by whistleblower Lou Xiaoxi. Beijing Culture stated in its 2019 annual report that internal auditors continued to track and confirm important Century Partners contracts and found that some funds were flowing abnormally. The company immediately carried out an additional verification and reported the relevant matters to the public security organs. The staff has been on file for investigation.
The master video was denounced for plagiarism
Last year, he was reported and presented for investigation. Recently, the Beijing Culture Master Film was involved in plagiarism.
Affected by the epidemic, Beijing Culture’s revenue fell dramatically in the first half of the year. The company’s three quarterly reports from last year revealed that the company’s revenue for the first three quarters was only 13.0811 million yuan, a year-on-year decrease of 98.15%. The net profit attributable to the parent was 117 million yuan and the non-net profit was 120 million yuan. The net profit attributable to the parent was 127 million yuan in the same period last year.
It is worth noting that, according to the new delisting regulations, the audited net profit of the most recent fiscal year is negative (whichever is less before deduction) and the revenue is less than 100 million yuan, which will be ST. If the performance of the previous three quarters, Beijing Culture will undoubtedly face ST risks.
However, as theaters resume work and production, the performance of many film and television companies has improved. Among them, Beijing Culture participated in the production of the film “My Hometown and Me,” which performed well at the box office. Beijing Culture previously revealed that at 24:00 on October 8, 2020, “My Hometown and Me” premiered in mainland China on the 8th, with a cumulative box office revenue of approximately 1.871 million yuan. The company’s revenue from the film was approximately 8,000. Ten thousand to 100 million yuan. “My Hometown and I” finally reached a total box office of 2.829 million yuan. According to this calculation, Beijing Culture’s revenue from the film will exceed 100 million yuan.
Beijing Culture stated on the interactive platform on December 16 last year that, in accordance with the company’s film revenue recognition principle, the movie “My Hometown and Me” will recognize revenue in the fourth quarter.
“The Bathing King”, produced by Beijing Cultural Master Control, is suspected of plagiarizing the Korean cartoon “The Bathing God”. Wanda is reported to have originally played “Bath God” from South Korea, but it was not filmed for various reasons. At that time, the director was Yi Xiaoxing. During the period, the two parties communicated many times. After the final project was shelved, Yi Xiaoxing was integrating. After the idea, he created “The King of Bath”. However, Yi Xiaoxing denied the plagiarism.
(Editor-in-charge: Jiang Ninglu)
