![]() ![]() Jinlu said they would suspend payments on some wealth management products jointly created with its partner Kuailu because of a 300 million yuan (US$46.41 million) cash shortage. Hundreds of investors gathered at Jinlu Financial Advisors’ headquarters on March 30 to ask about delayed payments. Shenkai and other companies and platforms involved also suffered significant losses. As the “ghost screening” box office scandal broke out, Shifang Holding Ltd’s stock price dropped by more than 50 percent. Search movie times, buy tickets, find movie trailers, and view upcoming movies. To make a greater financial gain from the movie, industry-watchers say the backers of “Ip Man 3” may have sought to inflate box office results to boost their companies’ stock price. Ip Man 4: The Finale Movie tickets and showtimes at a Regal Theatre near you. Shi had invested in a series of peer-to-peer lenders, and Kuailu’s innovative approach to “Ip Man 3” was to make financial products in order to securitize its box office assets and raise funds from its peer-to-peer and crowdfunding platforms, based on box office expectations. 746 on the Hurun Report’s 2015 China Rich List, with an estimated fortune of US$780 million, has expanded the company’s business into “innovative” film financing and distribution in recent years. Kuailu is a large private enterprise that was formed out of four old state-run enterprises in the 1990s. ![]() Shifang owns the rights to box office earnings from “Ip Man 3.” Shi stepped down from his position as CEO and chairman of the company on April 1, citing “health issues.”īut the scandal has effects beyond just the movie industry. Shanghai Kuailu Investment Group, run by business tycoon Shi Jianxiang, is the controlling shareholder of Hong Kong-listed Shifang Holding Ltd. The fake box office figures will not count towards the film’s gross earnings. Seventy-three cinemas were also given serious warnings. The bureau said it had ordered Max Screen to suspend distribution for a month while it “rectifies all malpractices” and that it had given serious warnings to three electronic ticket-selling groups involved in the fraud. Beijing Max Screen, the film’s distributor, later admitted to buying 56 million yuan’s worth of the tickets itself and fabricating more than 7,600 screenings of the film according to the film bureau under the State Administration of Press, Publication, Radio, Film, and Television. Mike Tyson and Donnie Yen star in “Ip Man 3,” whose distributor has been punished for ticket sale manipulation. But things went downhill when movie fans and industry insiders began noticing that online ticketing services showed that unusually large numbers of “Ip Man 3” screenings were sold out and that ticket prices had gone as high as US$31. ![]()
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