The company sold a famous painting by Xu Beihong and made 180 million yuan to smooth out the loss.

 The company sold a famous painting by Xu Beihong and made 180 million yuan to smooth out the loss.

Hunan Cable Television Network (Group) Co., Ltd. (hereinafter referred to as Hunan Cable) sold the canvas paintings of Yugongyishan to Hunan Radio and Television Station for 208.8 billion yuan (including taxes), according to a late announcement by radio and television media on the 14th.

In the announcement, the broadcasting media said frankly that the transaction was based on the needs of the companys operation and development. Through the sale of the artwork, the company can recover the total cost of the artwork and obtain a certain investment profit.

According to Tian Eye Checks public data, the radio and television media, known as the first share of Chinese media, is a local state-owned enterprise in Hunan. The largest shareholder is Hunan Radio and Television Network Holdings Co., Ltd. with a 16.66% stake, and the actual controller is the Hunan State-owned Cultural Assets Supervision and Administration Commission. In terms of business scope, radio and television media involved in advertising agency, high-speed railway self-Media advertising, film and television production and distribution business, venture capital investment, art investment, new media merger and acquisition investment and so on.

In terms of financial data, in the first three quarters of this year, the net profit loss of radio and television media reached 130 million yuan. If this year is in a state of loss, according to relevant regulations, the companys stock will face the risk of wearing a hat. Turning to Yugong Moving Mountains will bring in more than 200 million yuan, which will wipe out all the losses in the first three quarters and achieve a big turnaround in the whole year.

It is worth mentioning that Hunan Radio and TV Station is the former actual controller of the radio and television media. According to the related spirit of the Hunan Provincial Committee and the Hunan Provincial Government in the second half of 2018, Hunan Radio and Television Station and Radio and Television Media form an affiliated relationship. Therefore, this transaction belongs to affiliated transaction, and five affiliated directors evade voting.

According to the announcement, Xu Beihongs Yugong Moving Mountains was sold. The work was created in 1940 and is a canvas painting with a size of 46 cm *107.5 cm.

It is reported that the painting was obtained by the radio and television media through the auction organized by Beijing Hanhai Auction Co., Ltd. in 2007, and the final price was 28 million yuan. On May 21, 2018, the company signed the Asset Debt Settlement Agreement with its subsidiary Hunan Cable, which repays the debt owed by the company to Hunan Cable. Therefore, the owner of the painting is the subsidiary Hunan Cable.

This means that the TV and radio media changed hands on Yugong Moves Mountains this time, and the price difference behind the one buy, one sell reached 180.8 billion yuan!

The announcement shows that in June 2018, Hunan Cable entrusted China Jiade International Auction Co., Ltd. with the lowest transaction price of 190 million yuan. On June 18, Yugong Yishan was auctioned at Jiade Art Center for 120 million yuan. When the buyer raised his hand to 189 million yuan, no buyer raised his hand again. Eventually, the painting failed to be auctioned because the price did not reach the lowest entrusted transaction price. After the streaming of Yugong Moving Mountain, the radio and television media contacted Hunan Radio and TV Station to sell Yugong Moving Mountain to Hunan Radio and TV Station.

The announcement said that the price of the transaction was based on the evaluation value of oil paintings. Beijing Zhongqihua Asset Evaluation Co., Ltd. evaluates the value of Xu Beihongs Yugongyishan canvas oil painting. Xu Beihongs Yugongyishan canvas oil painting evaluation benchmark date is November 10, 2018, and the evaluation value is 200 million yuan.

Source: Chien Juanxiao_NBJ10675, responsible editor of Sino-Singapore longitude and latitude