The delisting of 1 yuan, from the market value of160 billion to the collapse, what did Great Wall Film and Television experience?

On March 12, Shenzhen Stock Exchange decided to delist Great Wall Film and Television.

Once "the first stock of film and television backdoor", it has now become the second stock of "1 yuan delisting" of 202 1; The "Great Wall Department", which once enjoyed infinite scenery, is now heavily in debt.

At present, there are still people buying the Great Wall movies, which is probably terrible.

Low-value delisting rules have long been here. Investors who buy ST shares for less than one yuan are betting on someone to save the market, rather than investing according to the expected improvement in business. Since it is gambling, I am willing to admit defeat.

From the market value of 654.38+06 billion to delisting, what has Great Wall Film and Television experienced?

As early as A-share listing, the value of Great Wall Film and Television rose. It is no longer satisfied with the development of the film and television industry, but wants to develop into other industries and seek a bigger market.

The strategy of the Great Wall film and television industry is different from other industries. Companies in the same industry choose to expand in depth in the film and television industry, such as online dramas and online movies.

However, Great Wall Film and Television has established a broad blueprint for itself and wants to establish a multi-link and multi-contact company chain.

Through the acquisition of Great Wall Film and Television, we can find that Great Wall Film and Television can be said to be a "shopaholic" in the case of corporate mergers and acquisitions.

Since the listing of 20 14, Great Wall Film and Television has carried out 28 expansion mergers and acquisitions, involving a wide range of industries, such as advertising media production, live entertainment and tourism, and the expansion of the old bank's film and television dramas-film and television cultural communication.

Although the short-term acquisition has brought the limelight to Great Wall Film and Television, it has also affected the play of its original main business. The number of film and television works has decreased, even almost none, and the TV series produced has not been loved by many viewers. Gradually, the income of other industries (advertising media production and entertainment tourism) has become the main source of business income of Great Wall.

One month after listing, Great Wall Film and Television decided to acquire all the shares of Shanghai Shengmeng Advertising Co., Ltd. and 80% of the shares of Zhejiang Light Film and Television Planning Co., Ltd., with the former paying 65.438+0.4 billion yuan and the latter paying 65.438+0.84 billion yuan.

The main business of these two companies is advertising planning, which is not limited to film and television drama advertisements, but also includes film and radio and television advertisements.

After a lapse of one year, on 20 15, Great Wall Film and Television continued to acquire companies, most of which belonged to advertising media, and only one was a film and television travel company.

At the same time, the acquisition of Great Wall Film and Television is in the form of cash. These shares include all the shares of Shanghai Zhuji Film and Television Park, 60% shares of Tibet Shannan Oriental Longhui Culture Communication and Shanghai Hong Advertising Co., Ltd., and more than 50% shares of Shanghai Jiuming Advertising Co., Ltd. and Zhejiang Zhongying Culture Development Co., Ltd.

According to statistics, these cross-industry mergers and acquisitions cost more than 654.38+0.2 billion yuan, all of which are self-raised by Great Wall Film and Television.

In 20 16, Great Wall Film and Television doubled the shares of some previously acquired companies, including the remaining 30% of Shannan Company and Honghong Company and a quarter of Jiuming Company.

20 17, Great Wall Film and Television is the highest year. This is also his biggest step into the real entertainment circle.

In the second half of the year, it successively acquired more than ten companies, including 565,438+0% shares of Shanghai Hisense International Travel Service, Hangzhou Shimao Travel Service, Nanjing Phoenix Holiday, Anhui Baozhong Merchants International Travel Service, Hebei Extraordinary Travel Service, Nanjing Hayes Travel Service, Hangzhou Jinbang Travel Service, Shanghai Lotus Travel Service and Hangzhou sound of spring Travel Service, and nearly 65% shares of the most famous 4A scenic spot in China.

Through this writing, Great Wall Film and Television has substantial control over these travel agencies, and also shows its determination to expand in the tourism industry.

In the last month of 20 17, Great Wall Film and Television acquired 80% equity of Zibo Xinqichao, and the main business of Zibo Qi Xin was filming the real-life layout of film and television dramas. These acquisitions cost Great Wall Film and Television about 900 million yuan.

20 18 is the lowest-key year in the acquisition of great wall film and television. Only the remaining 20% equity of Light Planning was repurchased, which cost less than 20 million. At the same time, Great Wall Film and Television also spent more than 50 million yuan to establish Jinzhai Red Base with its subsidiary Great Wall Tian Yu.

According to statistics, from 20 14 to 20 19, Great Wall Film and Television spent about 3 billion yuan to acquire more than 20 companies, almost all of which came from self-raised funds.

In 20 18, all subsidiaries of Great Wall Film and Television gradually lost money, which directly led to the loss of Great Wall Film and Television. The net profit rate of Great Wall Film and Television decreased by -25.64%, with a loss of nearly 3.765438 billion yuan.

The main reasons include the sharp decline in the business of its own advertising media company and real-life entertainment travel company, and the increasingly strict policy of the State Administration of Radio, Film and Television on the film industry, which has led to the increasing inventory pressure of Great Wall Film and Television.

By 20 19, Great Wall Film and Television is not only a business operation problem, but also an internal control problem and legal problems of the company management. From the beginning of the year, Great Wall Film and Television was suspected of violating the company's internal guarantee and owed its subsidiary 350 million yuan; After being disclosed by the CSRC, the stock price began to fall.

Not only that, Great Wall Film and Television also faces many legal problems, such as debt lawsuits, illegal guarantees leading to the freezing of accounts and equity.

Almost 90% of the shares of Great Wall Film and Television are pledged, and nearly 100% of its animation companies are also pledged. Zhao Ruiyong, the "head of the company" who has absolute right to speak, was investigated for illegal disclosure, which was also self-inflicted, and almost all the shares held by his son Zhao were frozen or were on the way to being frozen by the judiciary.