The Limited Times

Now you can see non-English news...

SMI management expects a small portion of its theaters to cease operation

2019-12-03T03:02:10.443Z

The SMI Group (0198), which has suspended trading since September 3 last year, talked about the latest situation of the company's various handling matters in the announcement. As of November 30 this year, 336 theaters were operated in the Mainland, which is roughly the same as the previous quarter



Financial news

Written by: Zhang Weilun

2019-12-03 10:59

Last updated: 2019-12-03 10:59

The SMI Group (0198), which has suspended trading since September 3 last year, talked about the latest situation of the company's various handling matters in the announcement. As of November 30 this year, 336 theaters were operated in the Mainland. The operation situation was generally similar to that of the previous quarter. Management expects that a small number of theaters that have been temporarily closed will resume operations in the near future. As the company failed to pay certain copyright fees to the film suppliers, the management has actively negotiated with the major suppliers and reached a payment consensus and maintained new film supply.

The company also pointed out that regarding the changes in equity of certain subsidiaries. In March of this year, the then executive directors had been verbally informed by the management of certain relevant Chinese subsidiaries that the share transfer was actually a guarantee that the company was provided with certain additional financing to revitalize the cinema business. They consider it to be a general financing arrangement in the PRC and therefore do not consider it to be an unusually significant matter that needs to be reported to the Board. As stated in an earlier announcement, the company has engaged a Chinese legal consultant to conduct an independent investigation to verify the equity of its Chinese subsidiary and is seeking legal advice in this regard.

The company also pointed out the latest situation of being wound up. The company pointed out that on August 12, this year, the High Court held a hearing, stating that television broadcasting (0511) could be used as an alternative petitioner, and that the petition hearing on television broadcasting would be scheduled for November 4 this year or later. SMI stated that it would make further announcements in due course to provide updated information on any significant progress on the matter.

Still negotiating with creditors for debt

The company also pointed out that in the announcement on October 29, it had pointed out that Beijing Huaguan Dingcheng cultural development required the court to order the company's wholly-owned company, the company's Xingmei International Theater, to order its winding up. The relevant hearing will be held on the 18th of this month. High Court.

The company also pointed out that in the announcement on September 11 this year, it had pointed out that it had reached a memorandum of understanding with SMI Culture and Tourism on the sale of all rights and interests in Chengdu Runyun Culture Communication and other theaters located in the Mainland. At present, the two parties have not reached a formal agreement on the sale, and will make further announcements in due course.

The company also pointed out that at present, there is no negotiation or agreement with creditors and lenders regarding the conversion of some debts into equity.

As for the plan to issue 1 billion yuan on the Shenzhen Stock Exchange, the latest news from the China Securities Regulatory Commission has not been received.

SMI Holdings filed for liquidation by creditor in January

SMI International Cinema Co., Ltd. applied for winding up by a Beijing company

SMI company secretary resigns and no longer acts as authorized representative of the company

Qin Hui, a major shareholder of SMI Holdings, was accused of borrowing more than 165 million yuan but had not yet been borrowed

SMI Holdings

Source: hk1

You may like

News/Politics 2019-10-21T18:10:45.239Z
News/Politics 2019-11-13T19:43:52.944Z

Trends 24h

News/Politics 2019-12-16T04:22:59.413Z

Latest

news 2019/12/16    

© Communities 2019 - Privacy