Yinji said in a filing to the Shenzhen stock exchange that the legal action could result in a change of control at the company. The court said it was locking up Xiao’s stake, which represents 44 percent of Yinji, for a period of three years, or until the company clears the overdue debt. On July 27, a Chinese court froze nearly $617 million in Yinji shares held by chairman and co-founder Peter Xiao after the company failed to repay a $14.5 million loan to a financial firm based in China’s Dalian province. ![]() The rapid downturn at the Chinese firm follows a series of troubling revelations about the state of its finances. Over the past six weeks, Chinese investors have fled from Yinji Entertainment & Media, DMG’s Beijing-based affiliate which trades on the Shenzhen stock exchange. DMG Entertainment, once known as a gatekeeper between Beijing and Hollywood, is facing mounting financial woes at its publicly listed sister company in China.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |