Author | Cat Uncle Huayi Brothers has been facing a financial crisis for a long time. Wang Zhongjun has tried his best in the past two years, but it has not allowed Huayi to get out of trouble.

On the contrary, this situation has continued to intensify into 2020.

In 2020, due to the epidemic, the entire entertainment market situation is not optimistic, which is tantamount to adding insult to injury for Huayi Brothers.

What's even worse is that after two consecutive years of losses, Huayi Brothers is now on the edge of delisting.

Under such circumstances, Wang Zhongjun, who once threatened to "sell anything for the safety of the company," started selling houses after selling paintings last year. However, it seems not that easy to pull Huayi Brothers out of the quagmire.

From selling paintings to selling houses, how short of money is Huayi Brothers? Wang Zhongjun is a real rich man, but in the past two years, Huayi Brothers have not been doing well.

On June 5, some media discovered that Wang Zhongjun put his Hong Kong mansion up for sale for HK$220 million.

Although Wang Zhongjun and Huayi Brothers did not explain the house sales and the use of funds, according to industry insiders, the proceeds from the house sales will be used to supplement Huayi's book deficit and liquidity shortage.

This is not the first time that Wang Zhongjun has sold private property to "relieve emergencies".

Previously, at the Yabuli Forum Summer Summit in August 2019, Wang Zhongjun revealed that he had been selling his collection of paintings in order to get back some cash to solve the company's liquidity problem when the company's funds were tight.

At every auction, half of the paintings were my paintings." "There's nothing wrong with it. I don't feel ashamed of selling my paintings," and he said frankly, "For the safety of the company, anything can be sold."

Obviously, Huayi has reached a critical moment, and Wang Zhongjun is anxious.

In the eyes of many people, the decline of Huayi Brothers started when Wang Zhongjun cashed out a large amount of money and "not doing business properly"... Back in 2013, Huayi's stock was still very strong. In 3 months, Wang Zhongjun cashed out more than

500 million, and the explanation given by Huayi Brothers was that the chairman was "due to his children's work, personal finance, and investment in new projects."

Faced with the question of reducing his holdings and cashing out, Wang Zhongjun responded confidently, "I also want to live. The salary I receive from the company is only hundreds of thousands. I am also a person who can spend money. I can't survive without selling stocks.

I don’t have that much energy to continue working for shareholders.” What has to be lamented is that Wang Zhongjun, who was so “poor” that he desperately wanted to cash out 500 million yuan in the stock market, spent 377 million yuan to buy a famous painting by Van Gogh.

, the industry was shocked!

In the following two years, Wang Zhongjun also spent 185 million to take pictures of Picasso's famous painting "Seated Woman with Hair Bun", and 207 million to buy Zeng Gong's "Bureau Affairs Notes"... Although Huayi Brothers was heavily in debt and needed to continue to borrow money to survive

But this does not affect Wang Zhongjun's wealth.

However, from buying paintings to selling paintings, from frantically cashing out to selling real estate to save money, one can imagine Huayi’s situation.

In order to save Huayi, Wang Zhongjun has gone all the way he can. Huayi Brothers’ crisis began with the Yin and Yang contract incident in 2018. At that time, Huayi Brothers’ handling method was very high-profile and confident.

For example, it refuted the rumor that "Chaoyang Taxation Bureau came to Huayi Brothers to review the contract"; responded to Yin Yang Contract: all contracts signed with actors are legal and compliant; issued an open letter: equity pledge is not selling stocks, nor is it equivalent to cashing out; sued We Media (eventually lost the lawsuit

); released a super film list, including ***20 new films by directors such as Feng Xiaogang, Tsui Hark, Guan Hu, Jia Zhangke, Lu Chuan, etc., and emphasized that the filming of "Mobile Phone 2" was successful and will be released in 2019; launched stock incentives

Plan, plans to grant 30 million shares to incentive targets, and sets a three-year net profit compound growth rate target of 20% after non-deductions from 2018 to 2020.

However, what happened thereafter became increasingly beyond Huayi Brothers' expectations, and the situation was out of control.

In January 2019, Huayi Brothers issued 9 announcements in a row, pledging the future income of 5 companies, 4 properties, 7 movies, and 25 theaters, and applied for a one-year short-term credit plan from 6 banking institutions.

3.3 billion, even moving out Shi Yuzhu to provide joint liability guarantee.

Half a month after the "bankruptcy" pledge, Huayi Brothers impatiently asked Jack Ma for help and borrowed 700 million from Alibaba Pictures. This time, Huayi Brothers pledged to Feng Xiaogang's company and promised to release 10 movies in five years.

In the first quarter of 2019 alone, Huayi Brothers mortgaged almost all of its net worth and borrowed a total of 5.296 billion through various channels.

3 billion of which was quickly used to redeem various short-term bonds.

In an exclusive interview program, Wang Zhongjun said that when the company's funds were tight, friends had generously donated money, and the "creditor lineup" was almost all-stars in the Chinese business community: Alibaba Jack Ma, Sina Cao Guowei, Minsheng Bank Lu Zhiqiang, Giant Group Shi Yuzhu, Yun Feng

Fund Yu Feng, Lenovo Liu Chuanzhi... In February 2019, Wang Zhongjun admitted the current difficulties faced by Huayi and comprehensively reflected on the mistakes Huayi had made, including "lack of execution", "spending money", "employees mutually

"Throw the blame" etc.