Recover HK $70 million Commission Zhou Xingchi sued by ex girlfriend

category:Finance
 Recover HK $70 million Commission Zhou Xingchi sued by ex girlfriend


First, it was reported that the gambling agreement failed in June, and he had to mortgage his mansion to the bank for loan. Recently, he filed a lawsuit with his ex girlfriend because of an old debt.

According to the global times on the 19th, the case of Zhou Xingchis recovery of HK $70 million investment commission by his ex girlfriend Yu Wenfeng was heard in the Hong Kong High Court on the 18th, arousing the concern of Hong Kong media.

According to Hong Kongs Ming Pao and Economic Daily on November 18, Zhou Xingchi and Yu Wenfeng were not present on the day of the trial, and their lawyers were present. The trial of the case is expected to last for several days.

Photo source: screenshot of Ming Pao

According to the global times, Yu Wenfeng, through senior counsel yuan Guoqiang, said that Yu Wenfeng and Zhou Xingchi fell in love from 1997 to 2010. Yu Wenfeng studied business courses in American universities. Her father is the founder of Hong Kong construction. She has a deep understanding of fund management and architecture. While Stephen Chow focuses on the film industry. Although he has set up a company, he is not responsible for the daily operation. In 2002, Zhou signed an agreement with Yu Wenfeng. Yu Wenfeng was the financial consultant of the company with a monthly salary of HK $20000. The two sides reached an agreement on 10% of Wenfengs shares after the Christmas negotiations of the same year. The investment products include several funds and real estate, and Zhou Xingchi is still in arrears of more than 70 million Hong Kong dollars.

Senior counsel representing Zhouxingchi denied that he agreed to allocate 10% of the investment profit to Yu in 2002. He said that when the two men spent Christmas night in their apartment in 2002, Zhou proposed to give the other party 10% of their investment profit, which was at best a gift, and was love words of Zhou Xingchis love, which was not a commercial decision or legally binding.

The dispute stems from the luxury house business 16 years ago

Yu Wenfeng is the youngest daughter of Yu Jingbo, one of the founders of Hong Kong construction (00190, HK), who graduated from diocesan womens college, Hong Kong Economic Daily reported. His father, Yu Jingbo, founded the Hong Kong Institution in 1973 with Xiong Gu group of Japan. The institution was listed on the stock exchange in 1987 and renamed as Hong Kong Construction in 2004. He has participated in large-scale projects such as the new airport of Hong Kong, Tsing Ma Bridge and reclamation projects. In the mainland, he has also participated in projects such as Guangzhou CITIC Plaza and Shenzhen Diwang building.

In 2004, Mr. Chow bought the tianbigao site at a price of 320 million yuan, introduced the developer LingDian development cooperation for reconstruction, and applied to the Hong Kong Lands Department for the reconstruction of a total of four three storey independent villas, and changed the house number to 10, 12, 16 and 18, respectively. It is said that the house is four and a half stories high, with gardens and swimming pools, and overlooking the Victoria Harbour sea view.

Among them, No. 10, No. 16 and No. 18 have been sold successively, with a total harvest of HK $1.45 billion.

Photo source: visual China

According to previous reports of Shanghai Securities News, Yu Wenfeng stated in September 2012 when he filed a petition with the Hong Kong high court that when Zhou Xingchi invested in Tianbi Gao, Yu Wenfeng advised Zhou Xingchi to invest when he learned from market news that Citibank intended to sell the property. At that time, she also relied on her personal connections to recommend Zhou Xingchi to develop cooperation with LingDian, otherwise Zhou Xingchi would not be able to complete the sales contract within one month.

Yu Wenfeng believes that Zhou Xingchi and the company should pay her a commission of HK $80 million. She once proposed to pay by instalments, but this was rejected by Zhou. The two sides met in February 2012 to discuss the Commission. Zhou Xingchi agreed to pay the Commission and paid HK $10 million in March, but asked Yu Wenfeng not to sue him. However, Zhou did not continue to pay any more. Yu Wenfeng filed for the court to recover the arrears. However, Zhou Xingchi denied that he was in arrears through a lawyer.

According to Hong Kong media reports, in the court hearing on the 19th, Zhou Xingchis lawyer also said that the luxury house involved in the case tianbigao spent 40 million Hong Kong dollars on Zhou Xingchis decoration, and asked Italian designers to come to guide him 19 times. These are enough to prove that the house is for self use rather than investment. Naturally, there is no 10% profit to Yu Wenfeng after sale.

Continuous loss of listed companies

Webpage Screenshot

According to market rumors, due to the expiration of the gambling agreement signed by Zhou Xingchi and the new culture of A-share listed company four years ago, and the box office performance of Zhou Xingchis many films in recent years is not ideal, which leads to the profit not up to the standard and needs to make compensation, so he mortgaged the mansion.

However, according to Qilu Evening News, on October 20, Beijing Jingshi law firm said it had accepted the entrustment of Zhou Xingchi to issue a lawyers statement, saying that the report that Zhou Xingchi owed huge debts to investors was not true. It was clarified in the statement that Zhou Xingchi failed in gambling on film investment and owed a huge amount of debts to the investor, which was seriously inconsistent with the facts. Zhou has always adhered to the business philosophy of good faith and has been diligent and responsible for his shareholding company. His business activities are all made in accordance with the law and the contract.

There is also a view that Stephen Chows mortgage of luxury housing may be to inject liquidity into the higher operating ratio of his own listed companies.

In June 2009, Zhou Xingchi obtained 24.21% of the shares of Titan International by selling Granville identity shopping mall to di Tong International. He became the executive director of the company in May 2010 for a five-year term.

However, bigot group has been losing money for years, and its share price has fallen to less than HK $0.1. According to the GSD of bigo group in recent 10 years, the groups net profit has only reached HK $12.97 million in 2013 since 2011, and the remaining years have been negative, with a cumulative loss of nearly HK $600 million in the past 10 years.

According to Hong Kong media reports, in recent years, the total box office of six films made by Stephen Chow behind the scenes has reached HK $7.9 billion, of which Mermaid in 2016 accounted for more than HK $4 billion.

However, more and more audiences are not paying attention to the journey to the West in 2017. The film quality is not satisfactory, and the style is fixed, which makes the diction of everyone owes Stephen Chow a movie ticket from emotion to irony.

Then to the later the king of new comedy, the name of the big, IP ring, unparalleled. However, in the final box office performance competition of the new years Eve in 2019, only 615 million the king of new comedy was won, not to mention that it is difficult to expect the wandering earth with 4.319 billion box office, and even the 691 million bear failed to win, which is surprising.

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Qing Lius failure in gambling? Mortgage luxury house? Zhou Xingchis wealth truth

Xingye not only owns a Hong Kong listed company, but also sold the equity of a company to new culture of A-share listed company three years ago, making a net profit of more than 1 billion. Xingye has owned as many as 14 properties and shops, one of which was selected as one of the top ten luxury houses in Asia by Forbes.

However, in recent years, Xingye has generally entered a water reverse period. Not only has the box office hit the street, but the performance of its Hong Kong listed companies has not been a big splash. Recently, directors of subsidiaries have embezzled tens of millions of funds. In addition, qingliujun also found that when Xingye failed in the performance gambling, he also had disputes with the listed companies that signed the gambling agreement. In addition, the lawsuit of Yu Wenfeng, the former girlfriend of Xingye, to recover HK $70 million also opened in November. This is also the case. In June this year, the news that Xingye mortgaged his mansion to motongdagen attracted peoples attention.

However, all these belong to the troubles of the rich. The video is divided into two parts as usual. One is how to make money and the other is how to spend money. Of course, the first part of the content will explain clearly, what is the matter with this pile of broken things recently encountered by Xingye.