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

Source: Securities Times Network Author: Huang Xiang

On the evening of April 1st, Hengdian Film & Television (603103) announced that the company and its wholly owned subsidiary plan to acquire a 49% stake in Zhejiang Hengdian Film & Television Technology Co., Ltd. (hereinafter referred to as “Film & TV Technology”) held by an affiliated party at a price of 0 yuan, and also plan to establish a wholly owned subsidiary with their own funds for external investment. Both measures are aimed at optimizing the company’s business structure and promoting industry resource integration.

According to the announcement, Hengdian Film & Television and its wholly owned subsidiary Zhejiang Hengdian Film & Television Investment Co., Ltd. (hereinafter referred to as “Hengdian Film & TV Investment”) intend to separately acquire 39% and 10% equity stakes in Film & TV Technology held by the controlling shareholder’s affiliated party Zhejiang Hengdian Film City Co., Ltd., with both transfers priced at 0 yuan, totaling a 49% stake. As of the disclosure date, Film & TV Technology has not engaged in actual business activities and has no relevant assets or liabilities. After the transaction is completed, Hengdian Film & Television’s shareholding in Film & TV Technology will increase from 51% to 90%, with the remaining 10% held by its subsidiary Hengdian Film & TV Investment. Film & TV Technology remains a controlling subsidiary of the company, and the scope of consolidated financial statements remains unchanged.

Hengdian Film & Television stated that the purpose of acquiring minority equity in Film & TV Technology is to integrate relevant resources of the target company, focus on the layout of technology-based businesses such as film and TV AI and blockchain, strengthen the synergy between technological operations and the company’s main business, and further enhance the company’s operational and innovative capabilities in the field of film and TV technology.

On the same day, Hengdian Film & Television disclosed an announcement about establishing a controlling subsidiary through external investment. It stated that the company is transforming from the current “channel + content” business model to a “full-chain operation centered on IP,” aiming to build an “IP + content + technology + derivative products + scene” full industry chain ecosystem. To implement this strategy, Hengdian Film & Television plans to jointly contribute funds with its wholly owned subsidiary Hengdian Film & TV Investment to establish Hengyou Cultural Operation (Zhejiang) Co., Ltd. (final name subject to approval by the market regulatory authorities), serving as the company’s comprehensive IP operation platform.

The proposed controlling subsidiary plans to register with a capital of 50 million yuan, with Hengdian Film & Television subscribing 45 million yuan (90% ownership) and Hengdian Film & TV Investment subscribing 5 million yuan (10% ownership). Hengdian Film & Television stated that the new platform will mainly engage in IP copyright investment, incubation, content development, licensing management, derivative product development, and commercial operation, which will help the company focus resources on comprehensive IP operations, expand revenue sources, improve the full industry chain layout, and enhance core competitiveness. The investment funds will come from the company’s and its subsidiaries’ own funds and will be contributed in installments according to the agreement, without affecting normal production and operation, and will not have a significant adverse impact on the company’s financial condition and operating results.

Since last year, the domestic film and television theater industry has continued its recovery trend, with overall operational data steadily improving. Many brokerage firms have issued research reports indicating that by 2025, the film industry will show characteristics of oscillating recovery and structural differentiation, with steady growth in theater scale and gradual improvement in profitability. By 2026, the industry is expected to undergo a paradigm shift, with high-quality content supply and technological innovation becoming the core drivers of industry development.

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