10年10亿，星辉娱乐告别欧洲“足球之旅”

Core Viewpoint - A Chinese company, Xinghui Entertainment, is divesting its stake in the Spanish football club Espanyol, marking the end of its 10-year involvement in football investments, with a transaction value of €130 million (approximately ¥1.083 billion) [1][3]. Summary by Sections Transaction Details - Xinghui Entertainment announced the sale of its 99.66% stake in Espanyol to VELOCITY SPORTS LTD for €130 million, with €65 million paid in cash and €65 million in shares [1][3][6]. - Following the transaction, Espanyol will no longer be included in Xinghui's consolidated financial statements, and the company will hold 16.45% of VELOCITY's total shares [1][3]. Historical Context - From 2015 to 2017, there was a wave of Chinese acquisitions in overseas football clubs, including Xinghui's acquisition of Espanyol [3]. - Initially, the acquisition was expected to create synergies in the Chinese market, enhancing brand value and converting a large fan base into potential users for other entertainment products [3][10]. Financial Performance - In 2024, Xinghui's total revenue is projected to be ¥1.36 billion, a decline of 21.49% year-on-year, with a net loss of ¥458 million, a significant drop of 1751.93% [3][12]. - The company reported a revenue of ¥414 million in Q1 2024, a year-on-year increase of 37.13%, but continued to incur losses of ¥47.58 million [3][12]. Reasons for Divestment - The decision to sell was influenced by the fluctuating performance of Espanyol, which negatively impacted Xinghui's overall profitability [7][12]. - The funds from the sale will be redirected to support AI game and toy development, as well as cloud gaming platform construction and overseas market expansion [7][12]. Future Outlook - Despite the sale, Xinghui will retain a minority stake in VELOCITY, indicating a continued interest in the football sector, albeit at a reduced level [8][12]. - The company plans to focus on its core businesses in gaming and toys, reducing uncertainty in future profitability [7][12].