(Original title: Yang Mi was also involved in the “microblogging debt collection” with hundreds of millions of yuan? Jiaxing Media’s latest response: false content)
Celebrity shareholders, frequent blockbusters, and super high valuations, Jiaxing Media, which has its own halo, was delisted from the NEEQ in 2018, but it still frequently appears in the public eye due to various events. On December 29, Jiaxing Media encountered a “microblogging debt collection”.
A netizen posted on Weibo that Jiaxing Media owed him more than 100 million yuan and announced a number of evidence such as the equity transfer agreement.
On the evening of December 29, Jiaxing Media responded that there was no fact that the user claimed to be in arrears, and the information was obviously false.
Netizens demand 100 million yuan from Weibo
The netizen posted an equity transfer agreement showing that on September 27, 2017, the three shareholders of Jiaxing Media (hereinafter referred to as “Jiaxing Party”) including Tibet Jiaxing Sifang Investment Management Partnership (Limited Partnership) as Party A, and Party B Guangzhou Shidi Real Estate Development Co., Ltd., party C Zeng Jia, Zhao Ruoyao, Li Juan, and Yang Mi (all shareholders of Jiaxing Media) signed a share transfer agreement.
According to the requirements of Jiaxing, on November 17, 2017, the first payment of 90 million yuan was transferred to the designated account of Jiaxing. The netizen said that to this day, Jiaxing has neither pledged its equity, nor transferred Jiaxing Media’s equity to it, and refused to return the loan.
In his microblog profile, the netizen claimed to be “Jiaxing Media’s 100 million creditor”, and on his microblog, he stated that he was a relevant person on the ground in Guangzhou, but did not disclose his specific identity. A reporter from Securities Times·e Company tried to contact the netizen, but no reply was received as of press time.
However, on the evening of December 29, Jiaxing Media issued a statement and a lawyer’s letter at this time.
Jiaxing Media stated that the company is in normal and benign operation, and there is no fact that the user claims to be in arrears and default, and the information is obviously false. All transactions of the company are normal investment and business operations that comply with relevant laws and regulations, and the user is required to publicly clarify and apologize.
The lawyer’s letter gave a brief response to the ins and outs of the matter. It stated that the incident was a dispute over the equity transfer between Jiaxing Media and its shareholders, Shidi Real Estate Group Co., Ltd. and Shenzhen Qianhai New Gravity Network Technology Co., Ltd.
Jiaxing Media and Guangzhou Shidi are a normal investment transaction, and the transaction has been terminated due to Guangzhou Shidi’s breach of contract. The law firm will take legal measures on behalf of Jiaxing Media and its relevant shareholders to pursue all legal responsibilities of Guangzhou Shidi and/or Qianhai Gravity , to safeguard their legal rights.
The highest valuation exceeds 6.5 billion yuan?
According to the official website of Jiaxing Media, the company is an emerging diversified entertainment company co-founded by agents Zeng Jia, Zhao Ruoyao and star Yang Mi. Since its establishment in 2014, the company has nearly 50 full-time artists, and has created many phenomenal and popular film and television works.
Artists still under Jiaxing Media include Yang Mi, Di Lieba, Zhang Yunlong, Wang Xiao, Huang Mengying, Gao Weiguang, etc. Because Yang Mi is among the shareholders and many well-known artists are owned by it, Jiaxing Media has always attracted the attention of the outside world.
According to Qichacha information, as of now, Yang Mi holds 15.19% of the shares of Jiaxing Media and is the company’s third largest shareholder. Zeng Jia, Zhao Ruoyao, and Li Juan hold 45.56%, 20.25%, and 6.02% of the shares, respectively.
Jiaxing Media briefly appeared in the capital market. In September 2015, Jiaxing Media was listed on the New Third Board (renamed as Jiaxing Media in August 2016) through the backdoor of Xi’an Tongda, and was delisted from the New Third Board on May 30, 2018.
The reason for the delisting of Jiaxing Media is that the company is in a stage of rapid development. Considering the long financing cycle and high information disclosure costs, in order to improve decision-making efficiency, reduce operating costs, speed up the pace of financing, and expand operations.
During the NEEQ period, Jiaxing Media completed multiple rounds of financing and introduced shareholders of two A-share companies, Oriental Pearl and Perfect World.
On October 26, 2015, Shangshi Films, a subsidiary of Oriental Pearl TV, acquired 950,000 shares of Jiaxing Media through an agreement transfer method, and at the same time participated in Jiaxing Media’s fixed increase and subscribed for 2.85 million shares. After the completion of the issuance, Shangshi Pictures holds 3.8 million shares of Jiaxing Media, with a shareholding ratio of 20%, making it the third largest shareholder of the company.
When Shangshi Pictures invested, Jiaxing Media was valued at 1.5 billion yuan. It didn’t take long for Jiaxing Media’s valuation to skyrocket.
In April 2017, Jiaxing Media completed the issuance again. Shihezi Junyi Yunyang Equity Investment Limited Partnership, a merger and acquisition fund of A-share company Perfect World, subscribed for 1 million shares of Jiaxing Media at a price of 250 yuan per share, holding 5% of its shares, at a cost of 250 million yuan.
In addition to participating in the fixed increase, Junyi Yunyang also obtained an additional 1 million shares of Jiaxing Media from Jiaxing Media’s shareholder Tibet Qifan Fengfan Investment Management Partnership (Limited Partnership), and the shareholding ratio climbed to 10%, and has remained so far . At present, Junyi Yunyang is the fourth largest shareholder of Jiaxing Media.
When Perfect World invested in Jiaxing Media, the valuation of Jiaxing Media climbed to 5 billion yuan. This is also the highest valuation of Jiaxing Media in public reports. According to the equity transfer agreement disclosed by the above-mentioned netizens, Jiaxing Media’s valuation in September 2017 was as high as 6.5 billion yuan.
In fact, the valuation of Jiaxing Media may be the source of the conflict between the two parties.
On December 27, 2017, shortly after the above-mentioned equity transfer agreement was signed, Oriental Pearl TV announced that its wholly-owned subsidiary Shangshi Films planned to transfer its 2.85 million shares of Jiaxing Media by way of public listing. The price is not lower than Jiaxing Media’s entire equity valuation of 4.5 billion as the pricing basis.
In November 2018, Oriental Pearl TV also announced the adjustment of the transfer price of part of Jiaxing Media’s equity. Its valuation of the entire equity of Jiaxing Media has been lowered from no less than 4.5 billion yuan to no less than 4.05 billion yuan.
The aforementioned netizen questioned on Weibo, “Only 3 months after you and we reached the loan-to-equity transfer agreement, your valuation on the New Third Board has dropped from 6.5 billion to 4.5 billion, which is far lower than our acquisition valuation. , is there any fraud in this?”
It is worth noting that Jiaxing Media did not disclose the above-mentioned equity transactions with Guangzhou Field during the period when it was listed on the New Third Board.