Hengdian Film and Television acquires film and television technology equity for free, planning to establish a new IP comprehensive operation platform

Securities Times reporter Huang Xiang

On the evening of April 1, Hengdian Film and Television (603103) issued an announcement stating that the company and its wholly owned subsidiary plan to acquire 49% of the equity interest in Zhejiang Hengdian Film and Television Technology Co., Ltd. (hereinafter referred to as “Film and Television Technology”) from a related party at a price of 0 yuan, and also plan to establish a wholly owned subsidiary for external investment using its own funds. Both measures are aimed at optimizing the company’s business structure and integrating industrial resources.

According to the announcement, Hengdian Film and Television and its wholly owned subsidiary, Zhejiang Hengdian Film and Television Investment Co., Ltd. (hereinafter referred to as “Hengdian Film and Television Investment”), plan to acquire 39% and 10% of the equity interest in Film and Television Technology held by Zhejiang Hengdian Film and Television City Co., Ltd., a related party of the controlling shareholder, respectively. The transfer prices for both equity transactions are 0 yuan, totaling the acquisition of 49% of the equity interest. As of the date of disclosure of the announcement, Film and Television Technology has not carried out actual business operations and has no relevant assets or liabilities. After completion of this transaction, Hengdian Film and Television’s equity ownership in Film and Television Technology will increase from 51% to 90%. Hengdian Film and Television Investment will hold the remaining 10% equity interest. Film and Television Technology will still be a controlled subsidiary of the company, and the scope of the consolidated financial statements will not change.

Hengdian Film and Television said that acquiring the minority equity interest in Film and Television Technology is intended to integrate the relevant resources of the target company, focus on technology-based businesses such as film and television AI and blockchain, strengthen the synergies between its technology business and the company’s main business, and further enhance the company’s operational and innovation capabilities in the field of film and television technology.

On the same day, Hengdian Film and Television also disclosed an announcement regarding the establishment of a controlling subsidiary for external investment. It said that the company is in the process of upgrading and transforming from its existing “channels + content” business model to an “IP-centered full-chain operations model,” building an end-to-end industrial ecosystem of “IP + content + technology + derivatives + scenarios.” To implement this strategy, Hengdian Film and Television plans to jointly contribute capital with its wholly owned subsidiary Hengdian Film and Television Investment to establish Hengyou Culture Operation (Zhejiang) Co., Ltd. (the final name shall be subject to approval by the market regulation authorities), as the company’s comprehensive IP operations platform.

The proposed controlling subsidiary will have a registered capital of 50 million yuan, of which Hengdian Film and Television will subscribe 45 million yuan, representing a 90% shareholding ratio; Hengdian Film and Television Investment will subscribe 5 million yuan, representing a 10% shareholding ratio. Hengdian Film and Television stated that the newly established platform will mainly engage in business activities such as IP copyright investment and acquisition, incubation, content development, authorization management, derivatives development, and commercial operations. This is beneficial for the company to concentrate resources to develop an integrated IP operations platform, expand its revenue sources, improve its end-to-end industrial chain layout, and enhance its core competitiveness. The investment funds for this project come from the company and its subsidiaries’ own funds. Capital contributions will be made in installments in accordance with the agreement, which will not affect the company’s normal production and operations. It will have no material adverse impact on the company’s financial position and operating results.

Since last year, China’s domestic film theater line industry has continued to recover. Overall industry operating data has been improving steadily. Multiple brokerage institutions have issued research reports stating that in 2025, the film and television industry is characterized by a volatile recovery and differentiated market structures. Theater scale is expected to grow steadily, and efficiency is expected to rebound gradually. In 2026, the industry is expected to undergo a paradigm shift iteration, with high-quality content supply and technological innovation becoming core factors driving the industry’s development.