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 subsidiary 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”) from a related party 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 measures are intended to promote 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”), will each acquire the 39% and 10% equity interests in Film and Television Technology held by Zhejiang Hengdian Film and Television City Co., Ltd., an equity controlling shareholder-related party. The transfer price for both equity transactions is 0 yuan, totaling 49% of the equity interests to be acquired. As of the date of disclosure of the announcement, Film and Television Technology has not yet carried out any actual business operations, and has no relevant assets or liabilities. After completion of this transaction, Hengdian Film and Television’s shareholding ratio in Film and Television Technology will increase from 51% to 90%. Hengdian Film and Television Investment’s subsidiary will hold the remaining 10% equity interest. Film and Television Technology will remain a controlled subsidiary of the company, and the scope of consolidation in the consolidated financial statements will not change.

Hengdian Film and Television said that acquiring the minority equity interests in Film and Television Technology is intended to integrate related resources of the target company, focus on technology-related business layouts such as film and television AI and blockchain, strengthen the synergistic effect between its technology business and the company’s main business, and further enhance the company’s operational and innovative capabilities in the field of Film and Television Technology.

On the same day, Hengdian Film and Television also disclosed an announcement regarding the establishment of a controlled subsidiary for external investment. It said that the company is upgrading its existing “channels + content” business model to a “whole-chain operation model centered on IP.” It will 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), to serve as the company’s comprehensive IP operations platform.

The controlled subsidiary is planned to have registered capital of 50 million yuan, of which Hengdian Film and Television will subscribe for 45 million yuan, representing a 90% stake; Hengdian Film and Television Investment will subscribe for 5 million yuan, representing a 10% stake. 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, derivatives development, and commercial operation. This is beneficial for the company to concentrate resources on comprehensive IP operations, broaden sources of revenue, improve the layout of the full industrial chain, and enhance core competitiveness. The investment funds for this project come from the company and its subsidiaries’ own funds. The company will contribute in installments in accordance with the agreement, which will not affect the company’s normal production and operations. It will not have any major adverse impact on the company’s financial position and operating results.

Since last year, China’s film theater line industry has maintained a recovery trend, with overall industry operating data improving steadily. Multiple securities firms have released research reports stating that in 2025, the film and television industry will show characteristics of volatile repair and differentiated patterns. Theater scale is expected to grow steadily, and efficiency will gradually rebound. In 2026, the industry is expected to undergo a paradigm shift iteration. High-quality content supply and technological innovation will become the core factors driving industry development.