Recently, the former film and entertainment giant Inji Entertainment Media Co., Ltd. (hereinafter referred to as "Inji Media") was ruled to declare bankruptcy. The former Inji Media can be described as an A-share film and entertainment giant, with a total market value of 49 billion yuan, but in fact, the controller Xiao Wenge was worth more than 20 billion yuan at one time, and once became the "richest man in Sichuan".
The balance of the company's bank account is only 371 yuan
On April 3, 2024, the Beijing No. 1 Intermediate People's Court issued the "(2022) Jing 01 Po No. 25-1 Announcement" on the National Enterprise Bankruptcy and Reorganization Case Information Network, and ruled to declare Yinji Media Company bankrupt on April 3.
As early as January 2022, the Beijing No. 1 Intermediate People's Court had ruled to accept the case of Hubei Lian Investment Capital Investment Development Co., Ltd.'s application for bankruptcy liquidation of Inji Media, and appointed Beijing Haiwen Law Firm as the administrator of Inji Media (hereinafter referred to as the "Administrator").
After the declaration of creditor's rights, in September 2022, the Beijing No. 1 Intermediate People's Court recognized 16 creditors including Industrial Bank Co., Ltd. Chengdu Branch as having ordinary claims of 1.767 billion yuan against Inji Media Company.
In terms of its financial situation, Imprint Media's financial report was only disclosed to the third quarter of 2019, and as of the end of the third quarter of 2019, the company's total assets were 2.661 billion yuan and total liabilities were 1.396 billion yuan.
However, the administrator submitted a report to the court, stating that after the administrator's investigation, the balance of the bank account of Inji Media Company was 371.07 yuan, and the disposal of the registered trademarks and long-term equity investments held under its name was relatively difficult and the actual value of the disposal was low. The debtor was unable to pay off the debts due, and the assets were insufficient to pay off all the debts, and there was no reorganization or reconciliation, so the administrator applied to the court to declare the company bankrupt.
At present, Inji Media still has two defaulted bonds, "17 Inji Entertainment CP001" and "17 Inji Entertainment MTN001", which have not been repaid, involving a total amount of 874 million yuan.
In the past, the stock price exceeded 40 billion yuan
The actual controller is known as the richest man in Sichuan
In 2009, with the help of "The Great Cause of the Founding of the People's Republic of China", Inji Media officially entered the film industry, and in 2014, it successfully went public through the backdoor pork processing company Gaojin Food.
In the first three years after the backdoor listing, Inji Media achieved revenue of 2.46 billion yuan, net profit of 436 million yuan and non-net profit of 395 million yuan in 2014, revenue of 1.882 billion yuan, net profit of 574 million yuan and non-net profit of 505 million yuan in 2015, and revenue of 2.506 billion yuan, net profit of 731 million yuan and non-net profit of 676 million yuan in 2016. In three years, the promised profit was completed relatively accurately.
During this period, Inji Media, known as "the only global high-concept entertainment brand IP trader in A-shares", successfully introduced some American blockbusters, including "Iron Man 3" and "Ring Messenger". and claimed to have bought a series of IPs, including the Warrior Universe series, the high-magic fantasy "Three Realms" brand IP system, the classic film and television IP brand of "Terminator 2: Judgment Day", the "Transformers" live-action entertainment brand IP, and the animated image "Little Monroe" brand IP based on Marilyn Monroe.
On June 4, 2015, the market value of Inji Media exceeded 40 billion yuan, and in 2016, the company's development reached a peak, with operating income of 2.506 billion yuan, a year-on-year increase of 33.16%, and a net profit attributable to the parent company of 731 million yuan, a year-on-year increase of 27.27%.
As the actual controller, Xiao Wenge, with a shareholding ratio of more than 70% directly or indirectly in Inji Media, with its successful listing, has been on many domestic rich lists for a while, and even became the first rich man in Sichuan because of his net worth of up to 34.9 billion yuan, and is regarded as the richest man in Sichuan.
Source: Chengdu Daily Editor: Ruowen Editor: Lai Ting Review: Lu Hongmei
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