The “Big Taiwan Minority Shareholder Alliance” published an open letter on social media yesterday (30th), listing the seven major mistakes in TVB’s management in the past 8 years, and asked TVB’s major shareholder Li Ruigang and chairman Xu Tao to explain, and then communicated with individuals The media meeting exposed the identity of the representative of the major league. The conveners of the alliance, including Gao Han, Lu Junjie and Tong Weijin, representing more than 10 Hong Kong minority shareholders, said that they hold a total of 5% of TVB’s shares and purchased shares when TVB’s stock price was between 2 yuan and 30 yuan.
“Shocked to become the second ATV”
The three conveners pointed out that the minority shareholders did not sell their goods and left the market because they loved TVB. “As a Hong Kong person, I watched TVB’s popularity, and I was surprised to become the second ATV”; The program “Buiduidui” has a large number of TVB drama content, but on the surface it has no equity relationship with TVB. “The small shareholders can’t even share the cake”, feeling disappointed and almost desperate.
The convener also stated that if TVB does not respond before 5:00 pm on February 3 (this Friday), further actions will be taken, and contacting other shareholders and holding a general meeting of shareholders will not be ruled out, but will not increase its shareholding; I wrote to regulatory agencies such as the China Securities Regulatory Commission, but it is not convenient to disclose the replies of relevant agencies.
Appeal to TVB staff to reflect their opinions
TVB also issued a statement yesterday in response to the incident, pointing out that the allegations are groundless and strongly denying them, and reserves the right to pursue legal responsibility. The MLB stated on social media that since TVB is unwilling to respond to the question, it will release more “evidence” to allow all citizens to publicly comment on whether the accusation is groundless or someone deliberately concealed the truth, and even pointed out that “or we should Find Dongzhang and ask them if they dare to report,” and told everyone to “wait and see.”
MLS also mentioned that it is very concerned about TVB’s dedicated employees, and will seek opportunities to question Xu Tao why he can still pay early in December, but he can’t pay before the Chinese New Year, and it will be postponed for two days. The management is allowed to use improper means to delay payment in the future, and calls on TVB employees to reflect their opinions on the company’s management to the major leagues.
Legendary Pictures and Entertainment Background Mystery
On the other hand, according to information, Tong Weijin, one of the representatives of the major league, is a director of TLG Movie and Entertainment Group Limited (TLG Movie and Entertainment Group Limited), which is headquartered in Beijing and is regarded as a Chinese-funded group with a mysterious background , 6 years ago, blocked TVB’s repurchase and once declared that it would acquire TVB shares. Although it failed to acquire shares in the end, it made TVB’s stock price rise by 25% in less than a month. It is reported that Tong Weijin is still a director of TLG and said he has many years of experience in real estate development.
After TVB issued bonds to raise US$500 million in 2017, it proposed to use the proceeds of the fundraising for share repurchases, but this aroused doubts from shareholders. At that time, Legendary Pictures, headed by Zhou Yiqiang and Tong Weijin, claimed to propose a conditional cash acquisition of TVB. 29.9% of the equity and resisted the repurchase as a third party.
Has been suspected of manipulating stock prices
However, TLG claimed at the time that there was no movement for nearly a month after the acquisition. Later, the Securities Regulatory Commission “shot” and asked TLG to disclose whether to continue the acquisition within a certain period of time. In the end, TLG shrank and gave up. However, TVB’s stock price rose by 25% in less than a month. %, at that time, some market participants questioned that it was not ruled out that someone took the opportunity to raise the stock price or make TVB increase the repurchase price, which may constitute a suspicion of manipulating the stock price, and urged the Securities Regulatory Commission to investigate.
At the same time, TVB’s repurchase plan also ended in failure, but the company transferred part of the proceeds from bond issuance to invest in SMI bonds, and suffered huge losses as a result.
In addition, the company registry information also shows that Gao Han, another representative, once served as a director of TLG Hong Kong Holdings Ltd in 2016. This company has the same TLG letter at the beginning of the English name of Legendary Pictures, and is suspected to be a similar company of Legendary Pictures.
