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

On the evening of April 1, Hengdian Film and Television (603103) issued an announcement. The company and its wholly owned subsidiaries plan to transfer 49% of the equity interest in Zhejiang Hengdian Film and Television Technology Co., Ltd. (hereinafter referred to as “Film and Television Technology”) held by an affiliated party at a price of 0 yuan. At the same time, the company plans to use its own funds to make an external investment and establish a wholly owned subsidiary. Both measures are intended to advance optimization of the company’s business structure and integration of industry 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 each transfer and acquire 39% and 10% of the equity interest in Film and Television Technology, respectively, held by the related party of the controlling shareholder Zhejiang Hengdian Film and Television City Co., Ltd. The transfer prices for both equity transactions are 0 yuan, for a total acquisition of 49% of the equity interest. As of the date of disclosure, Film and Television Technology has not carried out any actual business activities, and there are no relevant assets or liabilities. After 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, as a subsidiary, will hold the remaining 10% of the equity interest. Film and Television Technology will remain a controlling subsidiary of the company, and the scope of the consolidated financial statements will not change.

Hengdian Film and Television stated that the purpose of acquiring the minority equity interest in Film and Television Technology is to integrate the target company’s related resources, focus on the layout of technology-based businesses such as film and television AI and blockchain, strengthen the synergistic effect between technology businesses and the company’s main 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 establishing a controlling subsidiary for external investment. It stated that the company is upgrading and transforming from its existing “channels + content” business model to a “full-chain operation model centered on IP,” and aims to build a full-industry-chain ecosystem of “IP + content + technology + derivative products + 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 Cultural Operation (Zhejiang) Co., Ltd. (the final name is subject to approval by the market regulatory authority), as the company’s comprehensive IP operation platform.

The proposed controlling subsidiary will have a registered capital of 50 million yuan, of which Hengdian Film and Television will subscribe for 45 million yuan (90% equity interest); Hengdian Film and Television Investment will subscribe for 5 million yuan (10% equity interest). Hengdian Film and Television said that the newly established platform mainly engages in businesses such as IP copyright investment and acquisition, incubation, content development, authorization management, derivative product development, and commercialization operations. This will be beneficial for the company to concentrate resources on comprehensive IP operation, broaden revenue sources, improve the layout across the full industry chain, and enhance core competitiveness. The investment funds will come from the company and its subsidiaries’ own funds. The capital will be contributed in installments in accordance with 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 and television theater circuit industry has continued to show a recovery trend, and overall industry operating data has been steadily improving. Multiple brokerage institutions have released research reports stating that in 2025, the film and television industry will exhibit characteristics of oscillating recovery and differentiated industry patterns. The scale of cinemas will grow steadily, and efficiency will gradually improve. In 2026, the industry is expected to usher in a paradigm shift, and high-quality content supply and technological innovation will become the core factors driving industry development.

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