The richest man in bankruptcy, cashed out 4.4 billion

Author: Yang Mei

来源：商业人物（ID：biz-leaders）

01.

As a melon-eating public, the biggest free entertainment and leisure activity in daily life is to read the following two kinds of information: celebrity derailment and rich bankruptcy.

What's strange is that in recent years, the frequency of the loss of the rich has surpassed the trivial trend of the entertainment industry. No, in the past few days, there has been a news that "the former richest man in Sichuan declared bankruptcy" and rushed to the hot search.

The richest man's name is Xiao Wenge, and the company he once controlled was declared bankrupt a few days ago, with only 371 yuan left in the company's bank account, and there are still two defaulted bonds totaling 874 million yuan that have not yet been paid off.

I lost more than 500,000 yuan in buying a house, and I seemed to get a little comfort in a dull and heavy life in an instant. What about the richest man, isn't it that "suddenly like a building collapsing"? Compared with his debts, that mortgage is really not worth mentioning. The richer I get, the closer I get to high risk, which is pretty much the only emotional value that the richest people can give me. Anyway, I can still use risk aversion and peace to explain my barren but ordinary life, right?

But in Xiao Wenge's case, this complacent spectator mentality may be difficult to satisfy. Combing through his capital operation road, you will find that this is very likely to be a capital farce in which creditors are crying and shareholders are shouting, but the traders behind the scenes are full of money.

Xiao Wenge was born in 1967, his background is a mystery, and even his name has the name "Xiao Wenge". In public information, it is said that he was born into a military family and is very good at handling government relations and interpersonal relationships. The former chairman + actual controller of the A-share film and entertainment giant Inji Media is his public identity.

The company may not be well-known, but the works it has participated in investing in are heavyweights in the film and television industry, such as "The Great Cause of the Founding of the People's Republic", "Du Lala's Promotion", "Iron Man 3", "The Twelve Hours of Chang'an" and so on. In "The Great Cause of the Founding of the People's Republic of China", Xiao Wenge also played the role of He Yingqin.

In addition to the works, the company's predecessor, DMG Media, also has another mysterious origin: it was founded in 1993 by Wu Bing, a former national women's gymnastics all-around champion, and her American husband Dan Mitz, mainly engaged in advertising production and brand marketing business.

Xiao Wenge joined the company in 1997, and it is rumored that he has a lot of connections in the film and television industry, and has friends with Han Sanping, Ge You, Feng Xiaogang, etc. Around 2008, the company began to get involved in the field of film and television, and as soon as it debuted, it participated in the co-production of masterpieces such as "The Great Cause of the Founding of the People's Republic", and in 2013, it co-produced "Iron Man 3" with Disney and Marvel Studios, which made the company famous in the industry.

Relying on the selling point of Hollywood to the international market, in November 2014, Inji Media officially listed Jingao Food, a backdoor pork processing company.

02.

At that time, the capitalization of film and television companies was in a boom. It is understandable to shorten the company's IPO cycle through backdoor listing, but the mysterious operation of Inji Media has begun.

The first is that the company's equity information is a mystery. Before listing, the company's book value was 630 million yuan, the valuation was 6 billion yuan, and Xiao Wenge held 76.5% of the shares. After the listing through asset swap, Xiao Wenge held 77.82% of the shares, while the company's founders, Wu Binghe and Dan Mitz, had no equity relationship with the company. Such an opportunity to make a fortune is close at hand, but it is not a share, which can't help but make people sigh, what a generous couple!

The company's performance is also a mystery. At the time of the acquisition, Inji Media promised that the net profit from 2014 to 2016 would not be less than 430 million yuan, 558 million yuan and 719 million yuan respectively. After that, Inji Media completed the VAM agreement with an annual net profit of about 1%, which is amazingly accurate.

After listing, the market value of Inji Media was close to 50 billion yuan at its peak, leaping above Huayi Brothers and Guangguang Media, and Xiao Wenge's stock book assets reached 38 billion yuan, surpassing Liu Yonghao to become the first rich man in Sichuan stocks and regarded as the richest man in Sichuan.

However, strange things happen soon. In 2018, Inji Media's performance suddenly changed dramatically, and its net profit changed from 769 million yuan in the previous year to a loss of 1.786 billion yuan. At the same time, the company also defaulted on large debts and litigation led to the freezing of bank accounts. The company's directors have also resigned.

It is said that at this time, the company is in a critical period, and it is the right way for the actual controller to come forward to stabilize market confidence. But Xiao Wenge did the opposite and began to cash out frantically. With the end of the share release period, in February 2018, he transferred 107 million shares of the company to Anxin Trust, with a cash amount of 1.36 billion yuan, and in June of the same year, he continued to transfer shares in large amounts, cashing out another 1.044 billion yuan.

In addition to reducing holdings in the secondary market, stock pledge financing has also become another means for Xiao Wenge to realize. Since the company's listing, Xiao Wenge and his concerted actors have frequently pledged their shares 38 times, and by June 2018, the equity pledge rate had reached 100%. Through equity pledge, Xiao Wenge obtained a total of 2.046 billion yuan in financing.

In the end, Xiao Wenge's funds in the capital market reached 4.45 billion yuan, which is much higher than the sum of the operating profits created by the company since its listing. In addition, Inji Media also has a post-80s major shareholder named Zhang Bin, from the end of 2016 to the beginning of 2018, Zhang Bin also made a profit of 830 million yuan by frequently reducing his holdings.

It is not an exaggeration to say that the company is about to be drained by the controllers.

03.

Inji Media also has a series of miraculous operations such as "flickering" re-suspension, information disclosure errors, etc., which will not be repeated here, but only briefly show a few strange deeds.

One is that Wu Bing, who does not seem to have any equity relationship with Inji Media, replaced Xiao Wenge as the chairman of Inji Media at the end of 2015 and served as the general manager. In 2016, the company's chief financial officer, board secretary and several directors also resigned one after another. Wu Bing began to serve as the chairman, general manager, chief financial officer, and secretary of the board of directors. When the CSRC inquired about the matter, she said that she was recuperating abroad and could not return to China for an interview.

The second is that in July 2018, the company announced that it was ready to purchase 4 properties under Xiao Wenge's name as office properties at a price of 66 million yuan. And these houses have been leased to related companies of Inji Media, with an annual rent of 10.1555 million yuan!

In February 2019, a former DMG executive named Chris Fenton filed a lawsuit in the United States, which once again brought Inji Media to the forefront. Chris Fenton accused Wu Bing, Dan Mitz, Xiao Wenge and DMG's U.S. companies of transferring part of the majority shareholder's equity-pledged financing loans overseas to purchase luxury homes, private jets, luxury cars, etc. in Beverly Hills.

Since then, the share price of Inji Media has plummeted until October 2019, when it was forced to suspend trading by the Shenzhen Stock Exchange. At that time, the company's stock price was only 0.25 yuan in the end, and 35,000 shares were still deeply involved.

At present, Xiao Wenge himself is missing, and he has not appeared in front of anyone since 2018. Wu Bing, the legal representative of the company, is also abroad, leaving behind a place of chicken feathers and creditors who have nowhere to defend their rights.

As things stand, the bankruptcy of the former richest man's company is a given. But it is not known whether the richest man himself is really bankrupt. The poor temple has completely collapsed, but whether the abbot is still a rich abbot?

It can only be said that the longest routine that the 35,000 shareholders have walked is the routine of the former richest man.

*Title image | Visual China