For your better reading and interactive experience, in order for you to see more content in time, click "Follow", and we will update wonderful stories for you every day.
Text: Guagua Entertainment
Edited by Guagua Entertainment
This is where the winners in life begin to fall
It is hard to imagine that a film and television company that once spent 1.8 billion yuan to shoot a sci-fi blockbuster film called "Diamond Explosion Nuclear Warhead" that shocked the world is now on the verge of bankruptcy! The founder, who was once a descendant of a "space family" worth more than 10 billion yuan, is now listed as an "old man" and homeless.
The crazy dream of getting rich for a while, in exchange for today's embarrassment and worthlessness, is really a model of life's ups and downs. Xiao Wenge, when you hear this name, you know that your background is not ordinary. His grandfather was a space hero, and his father was also an aerospace expert.
Xiao Xiaozi has been highly expected since he was a child, and his family history has made him very favored, and the green light has been smooth all the way, and he later successfully entered the film and television industry to expand his territory.
No one expected that he would end up on a strange and crazy path. From poverty to sudden wealth, from radiance to net worth to zero, in just over 20 years, he has experienced all the ups and downs that life can encounter. And he also went from being praised to the sky in the past as a "son of high hopes", and directly fell into today's destitute "comet in the film and television industry".
The fall of his family and company, the frenzied investment and profligacy, the dynastic ambition and arrogant style hidden in his bones, and the arrogance and shamelessness of "running away" in the end can be called the most wonderful and lamentable farce in the film and television industry in the new century.
Film and television bosses are invincible all over the world
Speaking of Xiao Wenge, he is definitely a great businessman. You must know that when he "entered" the film and television industry, he started from scratch.
Back then, he entered the industry with his connections and family background, and at first he was just doing some agency business for film and television advertising. However, seeing the huge business opportunities in the film and television industry, he soon began to frantically "merge" various production companies, forming a huge territory all over the country.
A few young people were born in this way, dismembering and buying countless old film and television companies, which can be said to be the "invincible hands" in the film and television industry. Using the ability of capital operation, they eventually gathered dozens of companies and reorganized into a powerful "Inji Media" group.
With the group as the backing, the next step is to make a big move. Xiao Wenge saw the business opportunities of domestic film and television content under the wave of globalization, and resolutely spent a huge amount of 1.8 billion yuan to shoot the world-shaking sci-fi blockbuster "Air Catastrophe", known as "China's first diamond nuclear bomb".
Of course, 1.8 billion is an astronomical amount, accounting for nearly half of Inji's revenue that year. But the diamond-like special effects and scenes have undoubtedly made the film eyeballs worldwide. In Chinese mainland, it has won a box office of 1 billion, which can be regarded as printing Xiao Wenge's commercial martial arts.
With this wave of crazy operations, Xiao Wenge, who was only in his early 40s, was praised to the double throne of "great wealth" and "meritorious service". A few years later, Inji Media continued to develop from an independent production company to a leading group listed in Hong Kong, with a market value of more than 40 billion yuan at its peak!
Xiao Wenge's personal worth was also crazy full, climbing all the way to 21.5 billion yuan, becoming the two-year champion of "Sichuan's richest man", and becoming a "descendant of an aerospace family and a film and television giant" in the annals of history.
Instant hand madness, the domineering president is exposed
Xiao Wenge's biggest problem is that he is greedy and too domineering. The turning point of everything actually began with the company's backdoor listing. In 2014, Inji Media made a brilliant appearance on the Hong Kong Stock Exchange, ushering in an important period of making a fortune. But shareholders don't know that the company's performance data for the current year and the next few years are all fake!
In order to fool investors, these madmen have openly engaged in the operation of "falsifying data". From 2014 to 2016, Inji Media announced that its three-year performance was 880 million, 990 million and 1.13 billion yuan respectively. Looks normal, right?
The key point is that the data of the past three years have been exactly the same, accurate to every point, and the score is exactly the same! How can it be that the performance of the company has been so "fitted" for three consecutive years without any fluctuations? What about the deceitful ghost? What is even more outrageous is that the same is true for the first two years of the company's listing. They falsified the flashy results of 1.17 billion in 2012 and 1.4 billion in 2013 to package futures contracts for listing.
In this way of "making old accounts" and defrauding the legitimacy of the listing, it is tantamount to building on a false foundation from the beginning! I really can't think of any other words to describe this kind of behavior except madness.
Originally, the backdoor listing meant that the company had entered a period of development with abundant capital chain and rapid expansion. But what Xiao Wenge and the gang started was a completely crazy reduction and cash-out mode!
Since 2018, the company's performance has suffered serious losses in Waterloo. In order to support the huge expenses, Yin Ji frantically launched the "fattening" operation, sold assets and real estate indiscriminately, and even mortgaged the headquarters building. The most speechless thing is Xiao Wenge himself, who dumped 2.7 billion shares and went to more than 600 million net worth that year!
Do you think that's the end of it? Don't be stupid. In March 2019, the company announced that it would "reduce its holdings" again, this time as high as more than 1.8 billion shares, accounting for two-thirds of the outstanding share capital at that time!
At this moment, we saw the true face of Xiao Wenge's old fox. In addition to reducing their holdings and cashing out, they also adopted extremely dirty methods: on the one hand, they vigorously reduced the investment in film and television shooting, stopped all blockbuster plans, and withdrew all second-line production teams; While ruthlessly laying off employees and cutting salaries.
Falling into the well is a prelude to the embarrassing ending
With the plummeting performance of the company and the continuous plunge of the stock price, the fall of Inji Media began. The root of everything is nothing more than the greed and crazy style of Xiao Wenge and his partners.
In 2019, the imprint was labeled with the stigma of "ST" special treatment and fell into a situation of passive abandonment. The king giant, which had a market value of 49 billion, was only worth more than 1 billion overnight.
In the face of these "bed bugs and crawlers" of losers, what can retail investors do? They are forced to watch their hard-earned money come to naught and withdraw from the stock market with tears in their eyes.
According to some data, in this shocking ST scandal, at least 35,000 retail investors fell into it, suffering a heavy loss of nearly 2 billion yuan! Those fans back then are now all drinking bitter wine of resentment.
But just as investors collectively complained about the curse, even more hairy details surfaced. It turned out that as early as the end of 2018, when the company had not yet fallen off the cliff of cash flow, Xiao Wenge, an old man, had already slipped away!
Not only did he frantically sell the 2.7 billion shares in his hand when the company reduced his holdings, cashing out about 600 million net worth, but he has not been heard from since, and his whereabouts are a mystery. It wasn't until two years later in June 2021 that it was revealed that Xiao Wenge had already transferred his net worth a few years ago and applied for permanent residency in Singapore, making full preparations for a complete escape!
The actual controller of a listed company, with a net worth of more than 4 billion yuan, ruthlessly waved his hand and sold it, ran away and fled abroad, ignoring the interests of countless retail investors and investors. What else is there about humanity and the bottom line?
Another hateful detail is that after Xiao Wenge escaped, Wu Bing, another founder of the company, also retired and went to the United States for a long time. It is also reported that this person and his wife have long used the company's billions of funds as their family funds to buy a luxury house for vacation.
The most incredible scene happened in 2019, the year of Inji's bankruptcy. According to insiders, Xiao Wenge, who had long been ready to leave, actually wanted to open his mouth, trying to let the company buy a personal office space in Chengdu at a sky-high price of 66 million yuan!
With such a greedy chairman, how could the company survive forever? Seeing that everything was lost, Xiao Wenge slipped away without saying a word, leaving all the mess to the poor ordinary employees and innocent investors.
The legacy is endless, and the social impact is bad
It's ridiculous to say that now in 2023, retail investors who have just been cheated by Inji Media's fake account operation have seen the news of this guy in their own community again. The bankrupt Imprint Company sold hundreds of real estate projects in various places, and now they are being auctioned off.
For a while, countless poor retail investors complained, scolding these bosses for deserving bankruptcy, which is the due punishment for having a fearless style. After all, they have done all the bad things, how innocent are the investors?
Of course, in the end, the company was powerless to return to the sky, and hundreds of its real estate projects were forced to be auctioned by the court, and even the headquarters building could not escape the doom. All executives and employees were swept away and worthless.
This lesson is indeed bloody, and countless old fritters in shopping malls have also learned profound lessons. Once upon a time, Inki was a role model sought after by countless entrepreneurs, but now it has become a "negative teaching material that can't be laughed at".
The fundamental reason for the collapse of this company is the moral degradation of the actual controller. Founders such as Xiao Wenge and Wu Bing used false data to deceive the market from the beginning, and then frantically reduced their holdings and cashed out.
Their greed and shamelessness have broken through the bottom line imagination of ordinary people. not only profligate, concocting false performance; It also turned the group into a cash cow, seriously encroached on internal interests, and in the end was shameless enough to "sell turnips" to buy personal real estate.
This kind of behavior of a loser is tantamount to a "poisonous brush" for the honest shopping mall. Its bad social impact will inevitably bring about a corrosive effect, stimulating unscrupulous actions such as speculation and fraud.
The saddest thing is that the loss of Inji is far more than the loss of companies and retail investors. For the entire domestic film and television industry, this company has played an important vanguard role. Its demise symbolizes a heavy blow to the domestic creative force.
Isn't this the greatest irony and regret? Let's wait and see if there will be any "East Window Incident" in the future to reproduce the second half of this farce.
epilogue
As the curtain comes down on this farce, we can't help but reflect on the fact that greed and fraud can only lead to destruction. The story of Xiao Wenge and others is like a mirror that reflects the dark side of the business world. Their fall is a trampling on the bottom line of morality and a warning to honest management.
In an era when shopping malls are like battlefields, we must not only be ambitious, but also have the courage to stick to our principles.