以下文章来源于盐财经 ，作者任早羽 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之——人家 能做的，我们怎么不能呢？回首过去，国内有许多大企业都做过迪士尼梦，却无一不被现实打得落花 流水。 近期，又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结局。 9月21日，韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投资人正 式完成对原苏州华谊兄弟电影世界的全资收购，并正式将之更名为"苏州阳澄半岛乐园"。 来源 丨盐财经 （ nfc-yancaijing ） 作者 丨任早羽 编辑 丨宝珠 图源 丨Midjourney MBK Partners 从左至右：In Kyung Lee（合伙人）、Bryan Byungsuk Min（合伙人）、Michael ByungJu Kim（合伙人/ 董事长）和 Hyosung Christie Tang（董事总经理） 盐财经 . 这个文旅项目，称是华谊兄弟一直想要甩掉的包袱也不为过，尽管它曾经是华谊兄弟"去电影化"的重 要一步。 因为，这 ...

以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 外资集体抄底。 来源：盐财经 作者： 任早羽 编辑：宝珠 人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之 ——人家能做的，我们怎么不能呢？回首过去，国内有许多大企业都做过迪士尼梦，却无一不 被现实打得落花流水。 近期，又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结 局。 9月21日，韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投 资人正式完成对原苏州华谊兄弟电影世界的全资收购，并正式将之更名为"苏州阳澄半岛乐 园"。 这个文旅项目，称是华谊兄弟一直想要甩掉的包袱也不为过，尽管它曾经是华谊兄弟"去电影 化"的重要一步。 因为，这个占地690亩的主题乐园，从开业的2018年连续亏损至2020年，并在2024年进入破 产重整阶段。 当一座曾被寄予厚望的乐园破产时，它就成为了国际资本眼中"抄底"的绝佳标的。 从2025年年初开始，准备接手的海合安就一直在为盘活这一项目忙活。而从目前来看，海合 安1亿元资金注入，就把总投资 ...

以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之——人家能做 的，我们怎么不能呢？回首过去，国内有许多大企业都做过迪士尼梦，却无一不被现实打得落花流水。 近期，又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结局。 9月21日，韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投资人正式完成对 原苏州华谊兄弟电影世界的全资收购，并正式将之更名为"苏州阳澄半岛乐园"。 MBK Partners 从左至右：In Kyung Lee（合伙人）、Bryan Byungsuk Min（合伙人）、Michael ByungJu Kim（合伙人/董事长）和 Hyosung Christie Tang（董事总经理） 这个文旅项目，称是华谊兄弟一直想要甩掉的包袱也不为过，尽管它曾经是华谊兄弟"去电影化"的重要一 步。 因为，这个占地690亩的主题乐园，从开业的2018年连续亏损至2020年，并在2024年进入破产重整阶段。 当一座曾被寄予厚望 ...

以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 因为， 这个占地690亩的主题乐园，从开业的2018年连续亏损至2020年，并在2024年进入破产重整阶段。 当一座曾被寄予厚望的乐园破产时，它就成为了国际资本眼中"抄底"的绝佳标的。 华谊兄弟的乐园梦，碎了。 文 ｜ 任早羽 编辑 ｜ 宝珠 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ 视觉中国 人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之——人家能做的，我们怎么不能呢？回首过去，国内有许多大企 业都做过迪士尼梦，却无一不被现实打得落花流水。 近期，又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结局。 9月21日，韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投资人正式完成对原苏州华谊兄弟电影世界的全资收购，并正式将 之更名为"苏州阳澄半岛乐园"。 MBK Partners从左至右：In Kyung Lee（合伙人）、Bryan Byungsuk Min（合伙人）、Michael Byung ...

以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作 者 任早羽 编辑宝珠 原标题《中国这些资产，被韩国人偷偷买走了》 人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之——人家能做的，我们怎么不能呢？ 回首过去，国内有许多大 企业都做过迪士尼梦，却无一不被现实打得落花流水。 近期， 又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结局。 9月21日， 韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投资人正式完成对原苏州华谊兄弟电影世界的全资收购 ，并正 式将之更名为"苏州阳澄半岛乐园"。 MBK Partners 从左至右：In Kyung Lee（合伙人）、Bryan Byungsuk Min（合伙人）、Michael ByungJu Kim（合伙人/董事长）和 Hyosung Christie Tang（董事总经理） 这个文旅项目，称是华谊兄弟一直想要甩掉的包袱也不为过，尽管它曾经是华谊兄弟"去电影化"的重要一步。 因为，这个占地690亩的主题乐园， 从开业的201 ...

人潮涌动，活钱源源不断的迪士尼乐园堪称一台流量与金钱的永动机，令无数企业心向往之——人家能 做的，我们怎么不能呢？回首过去，国内有许多大企业都做过迪士尼梦，却无一不被现实打得落花流 水。 近期，又一个"中国迪士尼"梦碎了，苏州华谊兄弟电影世界，迎来了被韩国资本全资收购的结局。 9月21日，韩国私募基金巨头MBK Partners旗下的海合安文旅宣布：海合安文旅作为重整投资人正式完成 对原苏州华谊兄弟电影世界的全资收购，并正式将之更名为"苏州阳澄半岛乐园"。 ，， 作者 | 任早羽 编辑 ｜ 宝珠 视觉 | 诺言 MBK Partners 从左至右：In Kyung Lee（合伙人）、Bryan Byungsuk Min（合伙人）、Michael ByungJu Kim（合伙人/董事长）和 Hyosung Christie Tang（董事总经理） 这个文旅项目，称是华谊兄弟一直想要甩掉的包袱也不为过，尽管它曾经是华谊兄弟"去电影化"的重要 一步。 因为， 这个占地690亩的主题乐园，从开业的2018年连续亏损至2020年，并在2024年进入破产重整阶 段。 当一座曾被寄予厚望的乐园破产时，它就成为了国际资本眼中 ...

Core Viewpoint - The acquisition of the former "Suzhou Huayi Brothers Movie World" by South Korean private equity giant MBK has reignited discussions about the influx of Korean capital into China, raising concerns about potential risks to the domestic cultural industry and the implications of foreign investment [1][4][12]. Group 1: Acquisition Details - MBK's subsidiary, Haihe An Cultural Tourism, has completed the full acquisition of the "Suzhou Huayi Brothers Movie World" project, which will be rebranded as "Haihe An Suzhou Yangcheng Peninsula Paradise" [4]. - The acquisition involves not just a transfer of ownership but also a commitment of an additional 100 million yuan for facility upgrades and immersive experiences, aiming to establish a premier lakeside cultural tourism destination in the Yangtze River Delta [4][5]. - This marks MBK's second major acquisition of Chinese cultural tourism assets in three years, following a 6.08 billion yuan purchase of several marine park projects from another domestic giant [5]. Group 2: Market Context and Reactions - The acquisition comes amid a backdrop of renewed public sentiment against Korean cultural influence, highlighted by the resurgence of the "Korean Wave" controversy and the "Limit Korean" policy discussions [2][6]. - The public's reaction has been mixed, with significant online discussions reflecting concerns over cultural security and the dominance of foreign capital in the domestic market [2][5]. - Observers note that while the "Limit Korean" policy restricts Korean artists, it does not prevent capital from entering the market, leading to fears of a more insidious cultural infiltration [5][12]. Group 3: Financial and Operational Implications - The financial struggles of Huayi Brothers, which has reported losses for eight consecutive years, have created conditions for foreign capital to acquire undervalued assets [6][7]. - The transaction is supported by recent policy changes aimed at optimizing the foreign investment environment in China, signaling a shift towards welcoming foreign capital [8][9]. - MBK's strategy reflects a broader trend of foreign investment in China's cultural sector, with other international players also entering the market, indicating a mutual interdependence between Chinese and Korean cultural industries [11][12]. Group 4: Long-term Perspectives - The acquisition highlights the need for a balanced approach to foreign investment in the cultural sector, emphasizing the importance of nurturing a robust domestic industry while engaging with foreign capital [13]. - The long-term goal should be to enhance cultural confidence through innovative content and strong IP development, ensuring that the domestic market remains competitive on a global scale [13].

Core Viewpoint - The internal power struggle within Singshan Holdings following the sudden death of its founder, Zheng Yonggang, has led to significant declines in the company's market value and financial performance, with a notable drop in stock price and a shift in control among family members [3][5][10]. Group 1: Internal Conflict - Zheng Yonggang passed away in February 2023 without a will, leading to disputes over the distribution of his estate among six legal heirs [3][5]. - Zheng Ju, the founder's eldest son, was elected chairman shortly after his father's death, but faced opposition from his stepmother, Zhou Ting, who claimed to be the actual controller of the company [3][5]. - A brief reconciliation occurred in May 2023, resulting in Zhou Ting being elected as a director, and later, she took over as chairman while Zheng Ju became the vice chairman [5][10]. Group 2: Financial Performance - The company's market value plummeted from over 400 billion to around 200 billion within two years due to internal conflicts and industry downturns [3][5]. - In 2024, Singshan Holdings reported a revenue of 18.68 billion, a year-on-year decrease of 2.05%, and a net profit loss of 367 million, a significant drop of 147.97% from a profit of 765 million in 2023 [5][8]. - Major factors contributing to the losses included investment losses from associated companies amounting to approximately 506 million, asset impairment losses of about 394 million, and increased expenses totaling around 368 million [5][8]. Group 3: Debt Issues - The internal strife has severely impacted the controlling shareholder, Singshan Group, leading to a slowdown in its expansion in the new energy sector and financial difficulties [8][10]. - Singshan Group faced a debt crisis, with over 95% of its debt maturing within a year, totaling 12.62 billion, including 12.04 billion in short-term debt [8][10]. - The company entered judicial reorganization in February 2025 after creditors filed for restructuring due to multiple debt defaults [8][10]. Group 4: Future Uncertainties - Despite entering reorganization, Singshan Holdings maintains that its operations remain unaffected, emphasizing independence from its controlling shareholder [10]. - The ongoing decline in shareholding due to judicial auctions and convertible bond conversions has raised concerns about potential changes in control [10]. - Recent investments by notable individual investors have sparked speculation about a possible turnaround for the company, as it is perceived to meet the criteria for distressed investing [10][11].

Core Viewpoint - Seth Klarman emphasizes a defensive investment strategy in a high valuation market, maintaining a cash position of approximately 10% and seeking higher safety margins in investment decisions [1][2]. Group 1: Investment Strategy - Klarman's Baupost Group currently has about 20% exposure to distressed investments, focusing on "non-mainstream, special credit products," particularly in the commercial real estate sector [1][2]. - The investment portfolio is well-balanced, with private investments at 20-24%, credit investments around 20%, equity investments about 20%, real estate investments at approximately 15%, hedge tools a few percentage points, and cash around 10% [2]. - Klarman warns of vulnerabilities in the private credit market, suggesting that commercial real estate may present more distressed investment opportunities due to significant debt maturities [2][27]. Group 2: Investment Philosophy - Klarman reiterates the core principle of value investing: the concept of safety margin, which has been the foundation of his 42-year investment career [1][2]. - He highlights the importance of investment psychology, advocating for a contrarian approach—buying during market panic and selling during euphoria, which requires patience and discipline [2][16]. - Klarman's investment philosophy has evolved, focusing on accurately assessing value and identifying catalysts for value realization, while still adhering to the safety margin principle [9][10]. Group 3: Decision-Making Process - Baupost's decision-making process involves partners and analysts presenting proposals, with discussions focusing on risk assessment and potential exit strategies [21][22]. - The culture encourages reasonable questioning rather than hasty dismissal, fostering a collaborative environment for decision-making [22]. Group 4: Market Outlook - Klarman identifies four key areas for potential opportunities: public equity/debt, private equity/debt, and commercial real estate, employing a bottom-up strategy to capitalize on distressed assets [25]. - The current allocation in distressed assets has increased from about 5% in 2018-2019 to 20% in 2023, indicating a strategic shift towards credit opportunities [25].

Core Viewpoint - The internal power struggle within Singshan Holdings following the sudden death of its founder, Zheng Yonggang, has led to significant declines in the company's market value and financial performance, with a notable impact on its operations and future outlook [1][3]. Group 1: Internal Conflict - The sudden death of Zheng Yonggang in February 2023, without a will or clear distribution of shares, triggered a family dispute over the control of Singshan Holdings [5][6]. - Zheng Yonggang's estate involves six legal heirs, with his wife, Zhou Ting, claiming 80% of the shares while his son, Zheng Ju, insists he was designated as the successor [6]. - Zheng Ju was elected chairman shortly after his father's death, but this was contested by Zhou Ting, leading to legal battles over the company's control [6][8]. Group 2: Impact on Company Performance - The internal conflict has adversely affected the company's operations, with its market value dropping from approximately 400 billion to 200 billion within two years [3][10]. - Singshan Holdings reported a revenue of 18.68 billion yuan in 2024, a year-on-year decrease of 2.05%, and a net profit loss of 367 million yuan, a significant decline of 147.97% from a profit of 765 million yuan in 2023 [12]. Group 3: Debt Issues and Restructuring - The internal strife has severely impacted the controlling shareholder, Singshan Group, which is facing financial difficulties and has entered judicial restructuring [14][15]. - Singshan Group's debt issues escalated, with over 95% of its debt maturing within a year, totaling 12.62 billion yuan, including 12.04 billion yuan in short-term debt [15]. - The company has been unable to meet its loan obligations, leading to multiple defaults and a court-ordered restructuring process [15]. Group 4: Future Uncertainties - Despite entering restructuring, uncertainties remain for Singshan Holdings, particularly regarding control changes due to ongoing legal and financial challenges [19]. - The shareholding of the controlling party has been decreasing due to judicial auctions, with the latest ownership dropping to 26.36% [19]. - Recent investments by notable individual investors have sparked speculation about potential recovery, as the company's stock is currently undervalued compared to competitors [19][20].