HBMC(SZ:300027) Mei Ri Jing Ji Xin Wen·2025-12-17 16:36Core Viewpoint - Alibaba's investment arm, Hangzhou Alibaba Venture Capital Co., Ltd. (Ali Venture), has reduced its stake in Huayi Brothers, leading to a significant change in shareholding structure, with potential implications for control stability [1][5]. Shareholding Changes - Ali Venture's shareholding decreased from 3.467799% to 2.403580%, while the combined stake of Ali Venture and Jack Ma fell from 6.064215% to 4.999996% [1][2]. - The total shares held by Ali Venture before the reduction were 96,214,286, which dropped to 66,687,466 after the transaction [2]. Company Stability and Control - The reduction in stake is viewed as beneficial for the stability of the company's shareholding structure and is not expected to adversely affect normal operations [5]. - Following this change, Ali Venture and Jack Ma are no longer considered major shareholders (holding over 5%) in Huayi Brothers [5]. Financial Performance and Debt Issues - Huayi Brothers has faced significant financial challenges, reporting a cumulative loss exceeding 8 billion yuan over the past seven years, with a revenue drop of 46% year-on-year to 215 million yuan in the latest quarter [10][11]. - The company is currently experiencing a debt crisis, with overdue debts totaling 52.5 million yuan, and all shares held by the controlling shareholder are frozen [11]. Historical Context and Future Prospects - Huayi Brothers, once a leading player in the entertainment industry, has seen its market value plummet to 6.021 billion yuan, less than one-tenth of its peak valuation [16]. - Recent film releases have not reversed the company's financial decline, although upcoming projects by renowned directors may offer some hope for recovery [17].