Bona Chairman Yu Dong did not owe money to Wynn Macau, but his 566 million yuan in equity was frozen by others!

Author | Sun Mengyuan Liu Fen                           Editor | Yu Xing                       Source | Ye Ma Finance

A debt news caused top A-share film company Bona Film Group (001330.SZ) Chairman Yu Dong to be involved in a controversy.

On the evening of March 9, according to Hong Kong media reports, Macau Wynn Casino has filed a lawsuit in the Hong Kong High Court to recover a debt of HKD 4.73 million owed by Bona Film Group founder and chairman Yu Dong. The next day, Bona Film Group investor hotline responded, “This is false information, and we are reporting the relevant posts.”

According to the Shanghai Securities News, on March 10, Yu Dong’s personal lawyer confirmed with Macau Wynn that the lawsuit amount has been fully repaid and the legal proceedings have been terminated. Yu Dong’s lawyer stated that the debt was caused by Yu Dong providing credit guarantees for a third party.

It is worth noting that Yu Dong is also the husband of actress Jin Qiaoqiao, and they have one son and one daughter. Jin Qiaoqiao has appeared in TV dramas such as “Spring Light Bright Pigsy” and “Legend of Ji Gong.” In 1998, she became well known for playing the “Peacock Princess” in the “Journey to the West” sequel.

As one of the earliest private enterprises engaged in film business in China, Bona Film Group holds an important position in film production. During this year’s Spring Festival, Bona Film Group’s stock price performed strongly due to its involvement in producing “Flying Past Life 3,” hitting a three-day streak of upward moves, with a peak of 13.72 yuan per share, reaching a three-year high. However, the market cooled quickly, and Bona Film Group’s stock price declined again, closing at 7.61 yuan per share on March 11, down 0.91%, with a total market value of 10.46 billion yuan.

01

5.66 Billion Yuan Equity Freeze

Yu Dong’s “debt controversy” originated from a lawsuit document leaked from the Hong Kong High Court.

According to the “Daily Economic News,” the lawsuit indicates that during the relevant period, Yu Dong was a client of Macau Wynn Casino. Around May 1, 2024, Macau Wynn provided a credit line of HKD 10 million to Yu Dong, who signed two withdrawal confirmation letters totaling HKD 10 million, repaid part of the amount later. On January 28, 2026, Macau Wynn filled in the amount on a blank check used as collateral and attempted to cash about HKD 5.73 million remaining balance, but the bank returned the check citing “consulting the drawer.”

Macau Wynn stated that after the check was dishonored, Yu Dong repaid HKD 1 million on February 1, 2026, and still owes about HKD 4.73 million principal. Therefore, Macau Wynn decided to file a lawsuit.

In response, Bona Film Group stated on March 10 that Yu Dong has recently been managing the company normally, the company is paying attention to this matter and is investigating, and the results will be announced through official channels. They also emphasized that even if the investigation confirms the facts, this is a personal matter of Yu Dong and does not affect the company’s operations. Subsequently, Yu Dong’s personal lawyer confirmed that the lawsuit amount has been fully repaid and the legal proceedings have been terminated.

Tianyancha shows that Yu Dong is associated with nearly 50 companies, including Bona Film Group Co., Ltd., Zhejiang Shengtian Cultural Media Co., Ltd., Beijing Baichuan Film Distribution Co., Ltd., Shanghai Tingdong Film Industry Co., Ltd., etc., with business covering film production, distribution, investment management, and more. Yu Dong holds positions such as chairman, general manager, and executive director in these companies.

The third quarter 2025 report shows that Bona Film Group’s top three shareholders are Yu Dong, Zhejiang Dongyang Alibaba Pictures Co., Ltd., and Linzhi Tencent Technology Co., Ltd., with shareholdings of 20.53%, 5.19%, and 3.88%, respectively. Yu Dong is also the actual controller of Bona Film Group.

It is noteworthy that the equity held by Yu Dong in multiple companies has been frozen, involving a total amount of 566 million yuan.

Tianyancha indicates that the frozen equity involves Lhasa Boceng Enterprise Management Consulting Co., Ltd., Wuxi Huarong Yi Jiu Management Consulting Enterprise, etc., all controlled by Yu Dong. The highest single frozen amount exceeds 278 million yuan, with some freezes dating back to April 2025.

On March 31, 2025, 137 million shares of Bona Film Group held by Yu Dong (accounting for 48.7% of his personal holdings and 10% of the company’s total shares) were frozen by the Beijing Second Intermediate People’s Court, with a freeze period of three years. The company stated that this freeze was due to Yu Dong’s personal financing activities.

Additionally, in 2022, Yu Dong pledged his 137 million shares of Bona Film Group to CITIC Trust to meet personal financing needs.

Source: Tianyancha

From 2021 to 2025, Yu Dong himself was also subject to enforcement of 153 million yuan.

Source: Tianyancha

In May 2025, Yu Dong and Bona Film Group’s vice president Qi Zhi were warned by the Xinjiang Securities Regulatory Bureau for illegal occupation of 471 million yuan of non-operating funds. According to the penalty information, in 2023, Bona Film Group and its subsidiaries provided about 210 million yuan to Qi Zhi and related parties through third parties, constituting other related-party non-operating fund occupation; at the same time, about 261 million yuan was provided to Yu Dong and related parties, constituting controlling shareholder non-operating fund occupation.

Bona Film Group did not disclose these non-operating fund transactions as required, but by the end of December 2024, all the occupied funds had been repaid. On May 8, 2025, Bona Film Group announced receiving three administrative regulatory decision documents from the Xinjiang Securities Regulatory Bureau, ordering the company to rectify, issuing warning letters to Yu Dong and Qi Zhi, and recording their information in the market integrity archive.

While Yu Dong faces financial pressure, Bona Film Group’s external guarantees are also under scrutiny. On February 3, Bona Film Group announced that the company’s and its controlling subsidiaries’ external guarantee limit totals 4.993 billion yuan, with a current total guarantee balance of 2.602 billion yuan, accounting for 49.28% of the latest audited net assets attributable to the parent company. The announcement clarified that the company and its subsidiaries have not provided guarantees outside the consolidated statements, have no overdue guarantees, no guarantees involved in litigation, and have not suffered losses due to guarantees.

02

Accumulated Losses Exceed 2.6 Billion Yuan from 2022 to 2025

In fact, Bona Film Group’s performance has been under pressure in recent years. The 2025 performance forecast shows an expected net loss of 1.261 to 1.477 billion yuan. The company pointed out that during the reporting period, the total box office of films produced throughout the year declined compared to the previous year, with some films suffering significant losses. The number of films and TV series released in 2025 was insufficient, with many still in production stages and not generating direct economic benefits. Additionally, the company has made impairment provisions for assets that may suffer impairment losses.

Data shows that from 2022 to 2024, Bona Film Group’s net profit attributable to the parent has been in a continuous loss, with losses of 72.11 million, 553 million, and 867 million yuan respectively, totaling 1.492 billion yuan. Including the forecasted loss for 2025, the total accumulated loss exceeds 2.6 billion yuan.

The third quarter 2025 report shows that as of September 30, 2025, Bona Film Group’s total assets were 11.952 billion yuan, total liabilities 7.772 billion yuan, including current liabilities of 3.335 billion yuan and non-current liabilities of 4.437 billion yuan. Cash and cash equivalents stood at 193.8 million yuan.

In addition, the trust financial products purchased by Bona Film Group’s subsidiaries also face extension risks. The financial report indicates that as of December 31, 2024, the principal balance of related trust products was 730 million yuan, with a three-year term, invested in culture, sports, entertainment, leasing, and business services industries, using trust loans with a benchmark return rate of 4.20%.

In the 2024 annual report, Bona Film Group stated that it has actively urged lenders to develop plans for disposing of underlying assets to repay principal and interest on time. However, due to procedures involving valuation and legal document signing, the process takes longer, and the company is negotiating with Zhonghang Trust for extensions and other arrangements. As of the approval date of the financial report, the recovery period and method for this trust product remain uncertain.

However, to cope with operational pressure, Bona Film Group is continuing to develop in the field of vertical AI applications for film and television. On January 4, 2026, Bona Film Group revealed on an interactive platform that the AI short drama “Sanxingdui: Future Revelation” has received a total of 160 million views online; the AI original animated film “Sanxingdui: Future Past” was officially approved by the National Film Administration on September 4, 2025, and is now in the final stages of production, with review work underway; the AI tools “Bole One-Click AI Short Drama” and “Bole Roundtable” have been officially launched, promoting and co-creating with industry creators, though their revenue share remains low.

The 2025 performance forecast states that, besides the Spring Festival, Bona Film Group has prepared multiple film and TV projects for 2026, covering genres such as comedy, history, and action. Major productions like the patriotic blockbuster “Four Crossings” and “Kashmir Princess” are expected to be released in 2026; other diverse films like “She Kills,” “Village Super League,” and “Wild Forbidden Land” are also highly anticipated. For TV series, projects like the historical drama “Qin Dacha Dachen Lin Zexu” and the wartime epic “East River Guerrilla” are in different development stages.

Lin Xianping, associate professor at Zhejiang University City College and executive deputy secretary-general of the China Urban Experts Think Tank, believes that facing two years of continuous losses and a crisis of actual control, Bona Film Group needs fundamental reforms. Content-wise, it should shift from reliance on high-investment patriotic blockbusters to mid-cost boutique productions and new formats like AI; in governance, it must break the concentration of power in the actual controller, establish independent checks and balances through a board of directors and strict risk control systems; financially, it should sell assets, restructure debts, and introduce strategic investors to optimize its structure.

03

The Road Back to A Shares: A Series of Twists and Turns

Public information shows that Bona Film Group was established in August 2003, as a full-industry chain film and television group. Its main businesses include film investment, distribution, theater chain and management, covering copyright operations, IP derivatives, advertising, talent agencies, and more.

Bona Film Group has produced and distributed over 300 films, with box office exceeding 60 billion yuan, and has built and operated over a hundred multiplex cinemas nationwide. From “The Taking of Tiger Mountain” to “Mekong,” “Operation Red Sea,” and recent hits like “Chasing the Dragon” and “Project Wolf Hunting,” many acclaimed and commercially successful films have helped Bona stand out among strong competitors through high standards and good reputation.

Meanwhile, Bona Film Group is backed by major institutions like Sequoia Capital, Fosun International, Alibaba Pictures, and stars such as Ziyi Zhang and Huang Xiaoming.

However, contrasting the blockbuster success and star-studded shareholders is Bona’s turbulent financing path.

Founded in 2003, Bona initially gained recognition through its distribution business, starting with the film “Beauty Grass.” In September 2010, Bona listed on NASDAQ, becoming the first Chinese film company to go public in the U.S. The scene captured Ziyi Zhang, Yuan Li, and Bona’s chairman Yu Dong ringing the bell, with Yu Dong tearfully in the shot.

Yet, despite the title “China’s No.1 A-share Film Stock,” Bona was largely ignored by Wall Street for nearly five years—raising only about $92.5 million over five years, with a market cap peaking around 6 billion yuan.

In contrast, domestic rivals like Huayi Brothers (300027.SZ) and Enlight Media (300251.SZ) enjoyed higher valuations, with market caps reaching approximately 90 billion and 57 billion yuan respectively.

Yu Dong has repeatedly lamented that Bona’s value was severely underestimated.

For example, in 2014, a year of industry boom, with many capital inflows, the cultural media sector saw 169 mergers and acquisitions, and A-share stock prices surged. That year, Bona’s “The Taking of Tiger Mountain” grossed 880 million yuan and was well received domestically. However, Yu Dong was disappointed to see Bona’s NASDAQ stock price keep falling.

“This made me very sad,” Yu Dong publicly stated, which was a key reason for his decision to take Bona private and return to A-shares.

In June 2015, Yu Dong decided to privatize Bona, joining Alibaba, Tencent, CITIC Securities, Fosun, Sequoia Capital, and SoftBank SRS as buyers.

Within two years after delisting, Bona made multiple capital increases to prepare for A-share listing. In May and December 2016, Bona invested about 93 million yuan and 29 million yuan respectively, with investors including film bases, Jinshi Investment, Alibaba Pictures, Tencent, Zhejiang Zhongtai, and China Merchants Bank.

By March 2017, after a share issuance, Bona’s registered capital increased to 1.099 billion yuan, and it brought in star shareholders like Zhang Ziyi, Huang Xiaoming, Han Han, and Zhang Hanyu.

From U.S. stock listing to privatization announcement, it took five years; from privatization to A-share IPO application, another two years. After many twists, Bona finally listed on the Shenzhen Stock Exchange in 2022. Lin Xianping analyzed that Bona’s crisis is fundamentally due to governance failure; only through internal control reconstruction, content transformation, and capital optimization can it rebuild market trust and transition into an independent, market-oriented entity.

In an industry with intensifying competition and cash flow pressures, how Yu Dong will lead Bona to resolve debt issues and restore market confidence remains a focus. What strategic adjustments do you think Bona should make? Share your views in the comments.