HBMC(SZ:300027) 新浪财经·2025-12-18 09:42Core Viewpoint - The article discusses the recent shareholding changes in Huayi Brothers, highlighting the reduction of shares held by Alibaba's investment arm and Jack Ma, which may impact the company's control structure and financial stability [2][5]. Shareholding Changes - On December 17, Alibaba's investment arm, Hangzhou Alibaba Entrepreneurship Investment Co., Ltd. (阿里创投), reduced its stake in Huayi Brothers from 3.467799% to 2.403580%, while the combined stake of Alibaba and Jack Ma fell from 6.064215% to 4.999996% [2][3]. - The reduction was based on Alibaba's commercial arrangements, and there is a possibility of further reductions in the next 12 months [3]. Company Stability and Control - Huayi Brothers stated that this reduction in shareholding would stabilize the company's equity structure and would not adversely affect its normal operations [5]. - Following this change, Alibaba and Jack Ma are no longer considered major shareholders (holding over 5%) in Huayi Brothers, which may lead to concerns about control stability [5]. Financial Performance - Huayi Brothers has faced significant financial challenges, reporting a cumulative loss of over 8 billion yuan (approximately 1.1 billion USD) over the past seven years, with a revenue drop of 46% year-on-year to 215 million yuan (approximately 29 million USD) in the latest quarter [12][13]. - The company is currently experiencing a debt crisis, with overdue debts totaling 52.5 million yuan (approximately 7 million USD) and all shares held by the controlling shareholder being frozen [13]. Historical Context - Huayi Brothers, founded in 1994 and known as a major player in the Chinese entertainment industry, has seen its market value decline significantly, with its stock price dropping to 2.17 yuan, valuing the company at 6.021 billion yuan (approximately 800 million USD), less than one-tenth of its peak value [12][18]. - The company has a history of close ties with Alibaba, which has previously provided loans and acquired assets from Huayi Brothers [6][7].