Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Xiaomi Leads India’s Smartphone Market with 26.1% Share
Trending in China: Are China’s Blue-Collar Wages Really Higher Than Graduate Salaries?
Trending in China: An End to Spam Calls? Real Estate Company to Give Money to Anyone Who Receives One
Trending in China: Patriotic War Film Overpowers Foreign-Made Feature, But Not Everyone Is Impressed
Shopify Partners with TikTok to Drive Online Sales
Lawson Tests Next Step of Convenience Store Evolution in China
PUBG Creator Krafton Hires Bankers for Possible Record IPO
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Cash-Strapped Huayi Brothers Sells Film Projection Equipment for $5.8 Million

By Qin Jie and Tang Ziyi / Jul 08, 2019 07:10 PM / Business & Tech

A Huayi Brothers cinema. Photo: VCG

A Huayi Brothers cinema. Photo: VCG

One of China’s largest private film studios, Huayi Brothers Media Corp., is selling and leasing back some of its projection equipment to raise cash after a tax evasion crackdown and box office slowdown hit profits across the industry.

Huayi has agreed to sell the equipment, which it will lease back for 24 months, to Hebei Financial Leasing Co. Ltd. for 40 million yuan ($5.8 million), the studio said (link in Chinese) in a stock exchange filing last week

The studio said its business had suffered under increased operating pressure and heated competition in the industry. Huayi’s stock plummeted last year over its connection to Fan Bingbing, the actress at the center of a tax evasion scandal.

The company’s losses widened 136% year-on-year to 125 million yuan in the first quarter this year, while revenue fell 58% to 592 million yuan.

Related: Tax Evasion Scandal Rattles Film Studio Stocks

Share this article
Open WeChat and scan the QR code