Huayi Brothers Founders’ Large Pledge of Shares Raises Eyebrows
A major Chinese film studio that has been in the spotlight following recent allegations of questionable contracts in the industry is under further scrutiny with revelations that the two co-founders have pledged most of the shares they own as financing collateral.
Shenzhen-listed Huayi Brothers Media Corp. said in an exchange filing last week that its founders, Chairman Wang Zhongjun and his brother, President Wang Zhonglei, have pledged a total 694 million shares, or about 25% of the company’s total. The Wang brothers held a combined 28.2% stake in the company as of March 31.
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