Beijing Culture, which produced "I'm Not the God of Medicine", was put under investigation. What was the reason for the investigation?

Recently, Beijing Jingxi Cultural Tourism Co., Ltd. issued an announcement stating that the company received an "Investigation Notice" from the China Securities Regulatory Commission on December 31, 2020. Because the company was suspected of violating laws and regulations in information disclosure, The China Securities Regulatory Commission decided to open an investigation into the company.

Beijing Jingxi Culture and Tourism Co., Ltd., referred to as "Beijing Culture", is a full industry chain film and television entertainment media group. Beijing Culture was founded on November 18, 1997. The company has successively acquired Ferris Wheel Culture Media (movies), Century Partner Culture Media (films and TV dramas) and Galaxy Culture Media (artist management), and gathered Xia Chenan, Lou Xiaoxi, Wang Jinghua , Du Yang and other film and television cultural talents have become a scarce cultural and entertainment platform company in the industry. The business scope and items that can be operated include radio and television program production, cultural brokerage, performance brokerage business, film distribution, film and television planning, and tourism project development, investment and management, and production of tourism products.

Beijing Cultural Tourism Co., Ltd. has produced "You at the same table", "Heart Blossom Road", "I'm Not Pan Jinlian", "Wolf Warrior 2", "Youth", "I'm Not "The God of Medicine", "The Wandering Earth" and many other hit movies; in terms of TV series, there are works such as "Young Marshal", "Kyushu? Sea Shepherd Cloud", "Martial Arts" and other works.

On January 3, 2021, Beijing Culture issued an announcement that it received the "Investigation Notice" from the China Securities Regulatory Commission on December 31, 2020. Because of its suspected violation of laws and regulations in information disclosure, according to the "People's Government of the People's Republic of China" *In accordance with the relevant provisions of the Securities Law of the People's Republic of China, it was decided to initiate an investigation into the company. Tianyancha shows that Beijing Culture currently has multiple equity pledges. ?

Beijing Culture also disclosed that the Beijing Securities Regulatory Bureau issued warning letters to the company and its senior executives Song Ge (the company’s chairman and former president), Zhang Yunlong, and Chen Chen (then senior executives). First, it involved the company In 2018, some project revenue did not meet the recognition conditions stipulated in the "Accounting Standards for Business Enterprises No. 14: Revenue", causing the company to overstate operating income by approximately 460 million yuan and overstate net profit by approximately 191 million yuan in 2018; followed by the failure to The effective integration of acquired subsidiaries lacks key control links such as project management and control of subsidiaries, management and supervision of prepaid funds, and there are flaws in the internal control design level; in addition, some project budget adjustments and contract signings of subsidiaries have not been approved at the parent company level and cannot be It complies with the relevant provisions of the company's "Contract Approval Process and Management System" and there are deficiencies in the implementation of internal control. The company has major problems in the management of subsidiaries, control of advance payments and investment funds, and project management.

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