In January 2009, Hong Kong Friends Film Entertainment Group and Golden Harvest Entertainment Group Headquarters held an important shareholders' meeting in winter. Pen % fun % Pavilion www.biquge.info

At the meeting, more than 300 shareholders participated. Compared with the more than 6,000 shareholders of Golden Harvest Entertainment Group, the shareholders on the scene have exceeded 5% of all shareholders!

In terms of the voting rights of the on-site shareholder representatives, it occupies 85% of the voting rights.

"Chairman Yu, with the fermentation of the financial crisis, the stock price of Golden Harvest Entertainment fell from a maximum of HK$130 a share to HK$37 a share, as a shareholder participating in the additional issuance of HK$60, I propose that Golden Harvest Company take out a part of the profits, repurchase the company's shares, and maintain the market value!" The representative of the Goldman Sachs group in the United States looked a little embarrassed.

Looking at the expression of the representative of Goldman Sachs, although Yu Dong was amused, he nodded and said: "I agree with this proposal in principle, is there a specific plan?" ”

"Yes...... It is recommended that Golden Harvest Entertainment come up with no more than HK$1 billion to repurchase and cancel shares. Let the stock price return above the additional issue price! The representative of Goldman Sachs took out a document, "Golden Harvest's cash reserves exceed 4 billion Hong Kong dollars, and we believe that this will not affect the company's operation and development, but also safeguard the interests of all shareholders!" ”

Is it strange for all shareholders? At present, Golden Harvest's net assets per share are less than 30 Hong Kong dollars, and the repurchase and cancellation of shares at a price higher than the net assets is actually only to raise the short-term stock price, but it is to reduce the net assets per share of the shareholders who hold the shares.

Only after the stock price falls below the net assets, the listed company buys back the shares and cancels the shares, which will increase the net assets per share, which is beneficial to shareholders who hold shares for a long time.

But it seems that many of the participants in the company's shareholders' meeting are speculators!

"Okay, let's vote!"

"We Goldman Sachs shrugged away!"

Of course, there were many shareholders on the scene, especially the institutional shareholders who participated in the additional issuance. At least until the second half of 2009, the ban on shares can be lifted and sold on the secondary market. The stock price in the secondary market is lower than the additional issue price, and these institutional shareholders are naturally anxious. Ask Golden Harvest to pull up the price of the stock, and then let them sell the stock.

So, it was easy to pass this decision.

After a bunch of decisions to cater to the short-term interests of shareholders were passed, Yu Dong began to give speeches and advocacy. Launched an investment plan related to the long-term interests of Golden Harvest Entertainment!

"With the development of the Internet, not only TV will be impacted in the future, but even traditional cinema chains will also be greatly impacted. If the cinema can't provide the audiovisual effects that the home living room TV and the Internet can't, then ...... Audiences will never walk into the cinema again! ”

"The film industry has been hit hard, the first wave was the popularization of television and video recorders, which led to a significant drop in the attendance of cinema chains. Subsequently, the cinema chain was reformed, and the traditional single-hall cinemas were gradually reduced and eliminated, and most of the current cinema chains are composed of multiple screening halls with two or three hundred seats. It's no longer the big screening hall with thousands of seats, as it used to be. ”

"Next, with the development of Internet entertainment, more programs can be seen on the Internet, and the cinema chain is bound to be impacted again. Even if the cinema chain can provide the latest content, it will be a few months before these new films are available on the Internet, but it is still not enough! ”

"Good thing. We have discovered IMAX systems that offer an audiovisual experience that is impossible to have in a normal home environment. According to the suggestion of the parent company of the small partner, in the future, we will be the cinema of Golden Harvest Entertainment. More and more IMAX projection systems will be invested......"

“…… Buying IMAX separately is more expensive. The small partner group company directly controls the U.S.-listed company. In the future, what we want to do is to invest in an IMA Asia company in cooperation with IMAX, so that we can not only get lower procurement costs. In addition, it is possible to generate profits by selling to other cinema chains in Asia......

"As for the future of the IMAX projection system, you don't have to worry. Hollywood's highest-grossing director, Mr. Cameron's new film, uses the IMAX format. Mr. Wang Qinian, the owner of our small partner group, even shoots an IMAX3D movie himself. There are many signs that driven by more and more big directors, the IMAX screening theater market has exploded soon! ”

At the meeting, Yu Dong was well prepared and took out a bunch of materials to advocate the prospect of IMAX. Because, after the small partner company became the owner, the performance of Golden Harvest Entertainment was amazing. The annual performance of 08 alone exceeded 600 million, and the average profit per share exceeded 2 Hong Kong dollars. A few years ago, the old shareholders would sigh that the profits they make in a year now are several times higher than the stock price per share of Golden Harvest Entertainment before the small partner became the owner. It is precisely because even the controlling shareholder did not participate in the voting in order to avoid risk. However, other shareholders at the scene and small and medium-sized shareholders who voted through the Internet, email, telephone, etc., passed the resolution with 87% of the votes in favor.

Golden Harvest Entertainment Group, as a funder, invested HK$1 billion to establish IMAX Asia. IMAX Asia is headquartered in Hong Kong, but it has branches in more than 10 key regions in Asia.

The shareholding structure of IMAX Asia is 50% equity of Golden Harvest Entertainment and 40% equity of IMAX Group, and the remaining 10% is used to motivate the operation team, and the equity will be given after the team's performance is achieved.

Next, the IMAX Group of Companies announced the authorization of IMAX Asia, allowing IMAX Asia to take full responsibility for its operations in Asia. In the future, the subsidiary will be responsible for the sales and technical maintenance of the IMAX system in Asia. Of course, IMAX Asia also has the right to conduct some independent research and development and develop new products based on IMAX projection system technology.

However, if IMAX Asia develops a new product, it is only allowed to sell it in Asia. If you want to sell in other regions, you need to entrust it to the IMAX group of companies.

Essentially, the IMAX Group wants to offer an Asian market in exchange for a partner company that will not have access to their markets in other regions, especially the Americas.

This compromise is actually quite normal, IMAX is just a technical system that integrates the products provided by many manufacturers. Their technical principles have long since passed the patent protection period. Therefore, other manufacturers can also make similar projection systems.

For example, there are some movie theater chains and film companies in the United States that develop their own 3D movie projection systems, and these companies are even major customers of IMAX. Some companies have even infringed on IMAX's patents, and IMAX has swallowed its anger and compromised with these companies.

In the Chinese market, there is actually a similar projection system, although it is not as good as IMAX, but the cost performance is very considerable. For example, the newly established Chinese giant screen companies have begun to have the ability to produce movie giant screens.

The products of China giant screen companies are mainly cost-effective. For example, a set of IMAX system offers more than 10 million yuan, while the lowest price of China's giant screen can reach 1 million yuan. As a low-end alternative, China's giant screen has even caught up with IMAX in terms of clarity, but there is still a significant gap in details such as 3D and atmosphere rendering.

However, the emergence of companies such as China's giant screen shows that China has solved the problem of technology in terms of the next generation of film projection systems, and even has the ability to commercialize, and also relies on cost performance, and has a lot of market share.

In short, IMAX realized that the current market in this industry is still very small, and their own viability is very fragile, so they can only be wronged a little and make a little sacrifice in exchange for the survival and development of the company.

The partner company is the partner that can bring them obvious development opportunities, so, gradually, they also recognized this major shareholder, and divided the Asian market and the global market, in exchange for the small partner company does not interfere in the business of their headquarters to any extent. (To be continued.) )

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