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

Source: Securities Times Net Author: Huang Xiang

On the evening of April 1, Hengdian Film and Television (603103) issued an announcement. The company and its wholly owned subsidiaries 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”) held by related parties at a price of 0 yuan. At the same time, they plan to invest externally to establish a wholly owned subsidiary using their own funds. Both initiatives 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, respectively, from Zhejiang Hengdian Film and Television City Co., Ltd., the related party of the controlling shareholder holding the equity. The transfer price for both equity transactions is 0 yuan, for a total acquisition of 49% equity interest. As of the disclosure date of the announcement, Film and Television Technology has not carried out any actual business operations and has no related assets or liabilities. After the completion of this transaction, Hengdian Film and Television’s shareholding 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 controlling subsidiary of the company, and the scope of the consolidated financial statements will not change.

Hengdian Film and Television stated 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-type business arrangements such as film and television AI and blockchain, strengthen the synergy between technology business and the company’s core 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 disclosed an announcement regarding the establishment of a controlling subsidiary for external investment. It said that the company is transforming and upgrading from its existing “channels + content” business model to a “whole-chain operation model centered on IP.” It plans to build an end-to-end industrial chain 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 Operations (Zhejiang) Co., Ltd. (the final name is subject to approval by the market regulation authority), as the company’s comprehensive IP operations platform.

The proposed controlling subsidiary will have a registered capital of 50 million yuan. Among this, Hengdian Film and Television will subscribe for 45 million yuan, representing a 90% equity stake; Hengdian Film and Television Investment will subscribe for 5 million yuan, representing a 10% equity stake. Hengdian Film and Television stated that the newly established platform mainly engages in IP copyright investment and acquisition, incubation, content development, authorization management, derivatives development, and commercial operations, among other businesses. This will help the company concentrate resources to deploy comprehensive IP operations, broaden its sources of revenue, improve the end-to-end industrial chain layout, and enhance its core competitiveness. The investment funds will come from the company and its subsidiaries’ own funds. They will be contributed in installments according to the agreement. This will not affect the company’s normal production and operations, and will not have any material adverse impact on the company’s financial condition or operating results.

Since last year, the domestic film theater circuit industry has maintained a recovery trend. Overall industry operating data has improved steadily. Multiple securities firms have released research reports indicating that in 2025, the film and television industry will show characteristics of a volatile recovery and differentiated patterns. Cinema screen counts are expected to grow steadily, and efficiency will gradually rebound. In 2026, the industry is expected to undergo a paradigm shift. High-quality content supply and technological innovation will become the core factors driving industry development.