Shanghai Film's net profit drops 13.3% to sell 17.4% stake in Cross-Border Pictures
Shanghai Film now holds a total of 8.11 million shares, accounting for 30 per cent of its total share capital. This time, it is proposed that 4.69 million shares (17.37% of the total share capital of the cross-border film industry) will be sold on the Shanghai Cultural property Exchange through the open market at a reserve price of no less than the asset valuation.
Shanghai Film announced its third-quarter results. According to the financial report, Shanghai Film achieved an operating income of 821 million yuan in the third quarter, an increase of 8.82 percent over the same period last year, while the net profit belonging to shareholders of listed companies was 154 million yuan, down 13.26 percent from the same period last year. In addition, Shanghai Film announced that it plans to sell its 17.37% stake in Chongqing Cross-Border Film Co., Ltd. (hereinafter referred to as: cross-Border Film) through the open market.
the announcement shows that the reserve price of the cross-border film industry is not lower than the evaluation value filed by the Shanghai State-owned assets Supervision and Administration Commission. The overall evaluation value of the cross-border film industry is 475 million yuan, and the equity transfer price is about 82.494 million yuan.
in August 2015, after being examined and approved by the 26th meeting of the first Board of Directors of Shanghai Film, the company increased its capital to Chongqing Cross-Boundary Cinema Co., Ltd at a cost of 45 million yuan. After the capital increase is completed, Shanghai Film holds a 30% stake. On March 16, 2017, Chongqing Cross-Border Cinema Co., Ltd. was successfully listed in the national share transfer system for small and medium-sized enterprises, and the overall change was established as the cross-border film industry. after the overall change, the total number of shares in the cross-border film industry was 27.04 million shares.
Shanghai Film now owns a total of 8.11 million shares, accounting for 30 per cent of its total share capital. This time, 4.69 million of these shares, accounting for 17.37 per cent of the total share capital of the cross-border film industry, will be sold on the Shanghai Cultural property Exchange through the open market at a reserve price not lower than the asset valuation. After the completion of the transfer, Shanghai Film continued to hold 3.42 million shares of Cross-Border Pictures, accounting for 12.63 per cent of its total share capital. The announcement said that this transaction is not a related party transaction, nor does it constitute a major asset restructuring.
Public data show that Shanghai Film is a holding subsidiary of Shanghai Film (Group) Co., Ltd., which was jointly established on July 31, 2012 by Shanghai Film (Group) Co., Ltd. and Shanghai Jingwen Investment Co., Ltd., the main business of Shanghai Film Co., Ltd. is film distribution and projection, including film distribution and copyright sales, cinema line operation and cinema investment, development and operation.
Edit: xiongwei