During these days of Zhu Yu's sudden rise to fame

Just because of a advertising contract worth over 10 million yuan
Outstanding debts overdue and unpaid
Once a leader in the film industry
Huayi Brothers officially filed for bankruptcy reorganization
The company suffered continuous losses for 7-8 years in a row
Since 2018, cumulative losses exceeded 8.2 to 8.5 billion yuan
Debt ratio reached as high as 87.69%
Short-term liabilities nearly 4.7 billion yuan
The cash flow chain has essentially broken
It’s hard not to sigh and wonder how it came to this step?
In 2014, Huayi shifted to real estate business
Especially asset-heavy projects like film towns and cultural tourism projects
Resulting in a loss of over 300 million yuan
From 2015 to 2017, they aggressively acquired various companies
Such as Feng Xiaogang’s Dongyang Mela
Generating over 5 billion yuan in goodwill
After these goodwill impairments,
It’s unclear whose pockets the money ended up in
Wang Zhongjun and Wang Zhonglei brothers pledged almost all their stocks
Borrowed money, which can also be considered an alternative high-level cash-out
Continuing to expand and invest personally
After the pandemic, the film and television industry faced a complete winter
With the rise of new short video platforms
Huayi, once China’s top film and TV stock with a peak market value close to 100 billion yuan,
Now has fallen to zero,
In less than ten years
In May-June 2018,
Cui Yongyuan exposed the shadow contracts,
Directly pointing to Fan Bingbing’s “The Bombing” and other films with a 30 million yuan salary reported as only 10 million yuan
The State Taxation Administration intervened,
Fan Bingbing and her company
Were ordered to pay back and fined nearly 900 million yuan
Huayi was an important partner of Fan Bingbing,
Its stock price plummeted that day,
Triggering a tax storm across the entire industry
Star salary caps, skyrocketing film project costs,
Increased difficulty in financing, valuation system collapsing,
Directly making Huayi Brothers’ licensing business impossible to operate,
Leading to Huayi’s first annual huge loss in 2018,
Accelerating goodwill impairment,
Previously, Huayi relied on high salaries and star-driven models,
Which was severely damaged
“Zhu Yu” was seen by the market as Huayi’s
Last life-saving straw,
But unexpectedly, it became the one witnessing its death.
Compared to the huge loss of 8 billion yuan,
It was just a drop in the bucket.
To this day, the Wang brothers are still fooling Alibaba and Tencent,
Hoping they can take over this mess.
It’s a done deal, water that cannot be retrieved,
But for these people of the past,
Isn’t it also a kind of retirement as heroes?
Even if delisted, the ordinary people still bear the cost.