Overseasidol.com — On December 10, Huayi Brothers or H.BROTHERS announced that the company is currently experiencing significant financial pressure.
Due to the challenging economic environment and delays in expected receivables, the company stated it is facing a temporary liquidity shortage.
As a result, it has accumulated overdue debt totaling 52.5 million CNY, exceeding 10% of its audited net assets for 2024.
According to business information from Tianyancha, Huayi Brothers Media Corporation was established in November 2004, with Wang Zhongjun serving as its legal representative.
The company has a registered capital of approximately 2.77 billion CNY and is involved in various sectors, including film and television investment, import-export operations, and industrial investment.
Shareholder records indicate that the company is jointly held by individuals such as Wang Zhongjun and Hangzhou Alibaba Venture Capital Co., Ltd.
However, risk disclosures reveal troubling financial indicators. Huayi Brothers currently has one enforcement case filed against it, with an outstanding amount exceeding 11.4 million CNY.
Additionally, the company has one tax arrears notice, listing unpaid taxes of more than 11,000 CNY, involving urban maintenance and construction tax.
These developments highlight the ongoing financial challenges faced by one of China’s once-dominant entertainment giants.
Industry observers believe that the company’s ability to navigate this liquidity crisis will be crucial for its survival and future business direction.
