Text/Gaga Entertainment
(All content in this article has official and reliable sources, and the specific information is detailed at the end of the article)
As an athlete, she was a Chinese gymnastics and synchronized swimming champion and a shining sports star.
After retiring, he moved to shopping malls but was interested in profits, and after cashing out more than 40 billion yuan in China, he left a shell company, got on a private jet, and went to a luxury house in the United States to be "happy like a fairy".
She is Wu Bing, who once called herself "Hollywood's first Chinese female chief producer", and has now joined the United States.
So, how did she manage to cash out so much money without realizing it?
Dream Journey
Wu Bing, born in 1963, at the age of 21, studied at Beijing Sports University, graduated from the bachelor's degree, and was in the development period in the seventies and eighties of the last century.
After graduation, Wu Bing has been an athlete for a period of time, and everyone knows that being a good athlete requires a lot of hard work to be able to do it, and some people only do a project well in their lives.
At that time, Wu Bing directly trained in gymnastics and synchronized swimming, which fully reflected Wu Bing's outstanding ability, both of which have strong skills and body control ability, which can not be won overnight.
Under such conditions, Wu Bing still overcame various difficulties and won the double championship of Chinese gymnastics and synchronized swimming, and after ending his life as an athlete, he chose to go to the United States, Australia and other places as a gymnastics coach.
Her life can be described wonderfully, when she doesn't like it, she will make changes accordingly, so that she can be the master of her own life, which is really enviable, even if it has reached the present of the 21st century, it is basically economic freedom, but there are still many concerns, and most people still have no way to do things according to their ideas.
It can be seen that Wu Bing was prescient, and after ending his coaching career, Wu Bing chose to go to Hong Kong to become a martial arts star, hoping to open up another life path at that time.
At that time, Wu Bing worked as hard as an athlete, and in 3 years, he took over 15 movies and TV series, and even cooperated with kung fu superstar Jackie Chan.
Entrepreneurial journey
After a few years in the film and television industry, Wu Bing, who was unwilling to live under others, began to think of other ways to make money, and immediately decided to register a company in China with her husband Dan Mitz to start a business.
The combination of her and her husband was also very accidental, Wu Bing, who was still studying at the Beijing Institute of Physical Education, met Mitz, who came to China to learn kung fu, and the two fell in love in early 1987, Wu Bing, who did not graduate at that time, went to the United States to get married.
In 1993, when the storm was at its infancy, Wu Bing, Mitz and Xiao Wenge joined hands to form a sturdy camp known as the "Iron Triangle". With dreams and determination, they founded DMG Entertainment & Media Group.
At first, the group's main business was concentrated in the field of advertising, and Wu Bing, with his excellent management skills, carefully managed the company's affairs to ensure smooth operation; Mitts used his expertise in advertising directing to inject soul into the creativity and presentation of advertisements; Xiao Wenge is responsible for the work of the producer and provides a strong guarantee for the advancement of the project.
In 2008, DMG Entertainment & Media Group reached an important turning point and began to venture into the vast and glamorous entertainment industry.
They initially built the entertainment section, and changed the company's name to Inji Film and Television Entertainment Media Co., Ltd., with Wu Bing as the legal representative, as if the group had taken off with wings.
According to an article published by Cover News on April 12, 2024, the following year, Inji Media officially entered the film industry with the influential film "The Great Cause of the Founding of the People's Republic of China".
In 2014, Inji Media successfully landed in the capital market through the backdoor pork processing company Gaojin Food.
In the first three years after the backdoor listing, Inji Media was like a precise strategist, easily achieving the promised profit target, and achieving a gradual increase in profits every year, which not only demonstrated its strong operational capabilities, but also won its reputation in the market.
During that period, Inji Media played a strong banner of "the only global high-concept entertainment brand IP trader in A-shares", and with the help of Mitz and Wu Bing's deep connections accumulated in Hollywood, they successfully introduced a series of eye-catching American blockbusters, such as "Iron Man 3" and "Ring Messenger".
The introduction of these films has not only consolidated Inji Media's position in the industry, but also made its popularity and influence rise rapidly, and they have also announced that they have purchased many eye-catching IPs, including the Warrior Universe series, the magical and strange "Three Realms" brand IP system, "Terminator 2: Judgment Day" and so on.
This series of operations, like a raging fire, made the outside world convinced of the strength of Inji Media, and the company's stock price soared like a rocket, and by 2015, the market value of Inji Media had exceeded the 40 billion yuan mark, which was amazing.
With the passage of time, in 2016, Inji Media reached the peak of its development, and its revenue directly increased by one-third year-on-year, as high as 2.506 billion yuan.
As one of the founders, Xiao Wenge has actual control in Inji Media, and its shareholding ratio once reached an astonishing 70%, with the outstanding performance of Inji Media, Xiao Wenge was famous on the list of many rich people at that time, and even became the richest man in Sichuan with a net worth of 34.9 billion.
In those glorious days, Wu Bing, Mitz and Xiao Wenge were in high spirits and in the limelight in the mall.
According to a report released by the financial industry on September 12, 2019, it can be understood that Inji Media showed strong competitiveness in the entertainment industry at that time, and even once beat old entertainment companies such as Guangguang Media and Huayi Brothers.
They have written their own legendary chapters in the industry and become the focus of attention, however, the world is impermanent, and the future development is always full of variables and challenges......
In fact, everyone knows very well that those companies listed on the backdoor often have specific requirements for performance, and at first, Inji Media did perform quite well in this regard, which can be said to have overfulfilled the task.
However, when we take a closer look at the annual report data given, we can find some clues, according to the article published by the financial industry on October 13, 2019, companies such as Huayi Brothers and Guangguang Media will disclose in detail the box office revenue of the films they participate in, and more or less use words to describe the specific situation of these films in the market.
However, Inji Media's approach is completely different, it only lists the country's box office revenue, but does not mention its own box office revenue, and in terms of movies and TV series, it only briefly lists the names, and it is impossible to see how its market performance is.
This is really puzzling, if there is no popular and popular movie, there is no popular TV series, then how can Inji Media fulfill the performance requirements so well?
And judging from the data provided by Inji Media, they not only have good performance, but even have a gross profit that far exceeds that of their peers, the reason for this is really unpredictable, is there some unknown secret means or special operation strategy?
Or is there something unknown about the data? This series of questions lingers in people's minds, making the various behaviors of Inji Media more and more confusing, and also making people full of doubts and curiosity about its real business status and how to achieve performance.
The means of cashing out capital leaked out
In 2018, the performance of Inji Media suddenly took a big turn, and the income from film and television plummeted, and at the same time, with the help of the deterioration of the macro environment, it greatly showed the loss of asset impairment, and suddenly lost more than half of the net profit shown in the previous 4 years.
And in that year, the accounting firm of Inji Media issued an audit report that could not express an opinion on the 2018 financial report.
What is even more shocking is that since 2015, Xiao Wenge has resigned as chairman early, and the executives of Inji Media have begun to resign and cash out early, in order to leave as much wealth as possible.
directly led to the fact that this listed company was about to become an empty shell, and Wu Bing, as one of the founders, actually held four positions in one of them - chairman, general manager, chief financial officer and secretary of the board of directors.
What's even more bizarre is that Wu Bingke was one of the founders at that time, and there were four important executive positions on his body, but according to the inspection, he did not hold shares in Inji Media, which shows that he had already started to cash out, and according to follow-up reports, the cash amount reached 4 billion yuan.
At that time, the Sichuan Securities Regulatory Bureau also interviewed Wu Bing, but he refused on the excuse that he could not return to China due to illness, and the market value of Yinji fell from more than 40 billion to less than 1 billion, and the shareholders almost lost all their money.
According to an article published by Mobile Phoenix on April 20, 2024, the era of the former film and television entertainment giant Inji Media has passed and it has officially declared bankruptcy.
On the company's account, there is only a pitiful 371 yuan left, and the founder "Iron Triangle" moved to the United States by private jet unscathed.
After pit the Chinese people, Wu Bing has already changed his nationality to the United States, and in the United States, he has bought a bunch of luxury houses and luxury cars with the money he earns from cashing out, enjoying life, and gradually moving away from the Chinese market, which is to suffer those stockholders.
From the glory of the past to the loneliness of today, the development process of Inji Media is full of emotion, which also reminds us that in the business world, success and failure are often fleeting, and companies need to constantly innovate and adapt to market changes in order to remain competitive.
At the same time, the leaders of the enterprise should also take the corresponding responsibility and be responsible for the development of the company, instead of retreating when the situation is not right, and hope that everyone will keep their eyes open and not be confused by the scene in front of them.
Resources:
Cover news - "The former richest man in Sichuan declared bankruptcy, and the bank account of the company under his name, Inji Media, is only 371 yuan"2024-4-12
The financial world - "40 billion ashes! The first film and television "face value delisted stocks" is here, and the actual controller is crazy to cash out"2019-9-12
Financial Circles - "Another Delisted Stock with Face Value! Once the market value of nearly 50 billion was frantically cashed out, they were pitted"2019-10-13
Mobile Phoenix.com - "Bought a bunch of luxury houses and luxury cars, cashed out 4 billion yuan from the richest man in bankruptcy, and went to the United States by private jet
The country is happy to live the fall of the media giant"2024-4-20