Huayi Brothers Media Aims to Raise Up to $325 Million to Repay Debt and Boost Working Capital
Huayi Brothers Media, one of the major film studios in China, recently reported its troubling 2019 performance of a whopping $565 million loss. As a result, the company made some major management changes and removed its CEO Jerry Ye. Since 2018, this old brand film studio has suffered a series of setbacks that shattered its core film business. In order to get the studio back on more stable footing, Huayi plans to raise up to $325 million in a private share placement to repay debts and boost working capital. Tencent and Alibaba Pictures are among Huayi’s shares’ potential buyers. Read more on Mtime
The Power Struggle Inside Beijing Jingxi Culture & Tourism
On Tuesday, Lou Xiaoxi, the former vice chairman of Beijing Jingxi Culture & Tourism made his tip-off public on Weibo, accusing that the company’s few senior executives have committed multiple frauds in the past, including fraudulent bond issuance, disclosure that violates regulations, not disclosing important information and so on. Shortly after, to counter Lou’s accusations, the company made a statement saying that Lou has fled overseas due to suspected misappropriation of company funds. It is hard to determine who is lying at this moment, but the power struggle between executives inside Beijing Jingxi Culture & Tourism becomes obvious to the public. Read more on ylwanjia
