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Leading Film Director Feng Xiaogang to Pay $10 Million in Compensation to Production Company

By Zhao Runhua / Apr 29, 2019 04:34 PM / Business & Tech

Film Director Feng Xiaogang. Photo: IC Photo

Film Director Feng Xiaogang. Photo: IC Photo

It may have been a bad year for Chinese film studio Huayi Brothers, but things look worse for star director Feng Xiaogang.

Huayi is one of China's leading entertainment and publication companies — but it reported its first annual fiscal loss since it went public in 2009.

The Shenzhen-listed firm lost over 1 billion yuan ($148.6 million) for the 2018 fiscal year, down from a profit of 830 million yuan in 2017, its earnings report released Saturday showed. The result was close to the corporate loss warning of 980 million yuan the company released in January.

But at least Huayi Brothers will get some compensation for its disappointing performance, with Chinese director Feng Xiaogang now on the hook for around 67 million yuan.

Huayi Brothers acquired Feng’s Dongyang Meila studio in 2015, and became its only shareholder besides Feng. Under the acquisition contract, Dongyang Meila promised to achieve a net profit of at least 132 million yuan for 2018, with Feng responsible for any shortfall. The studio, however, only made 65 million yuan, with Feng now obliged to compensate Huayi Brothers.

Related: Tax Crackdown Sends Chill Through Movie Biz

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