From making half of the entertainment industry popular, to being unable to pay off tens of millions of debts! Huayi Brothers have reached the end of life and death

Jiuzhi Network News On the evening of April 23, Huayi Brothers Media Co., Ltd.(stock code: 300027), once known as the "No. 1 Share of Film and Television in China," issued an announcement confirming that the company had received the "Decision" made by the Intermediate People's Court of Jinhua City, Zhejiang Province. The court formally accepted the bankruptcy reorganization application of creditor Beijing Tairui Feike Technology Co., Ltd. to Huayi Brothers, and decided to initiate pre-reorganization procedures for the company. The news continued to ferment on April 24 and successively topped the hot search lists on Weibo, Douyin and other platforms. As of press time, the cumulative number of readings on related topics on the entire network has exceeded 2.2 billion, and both the capital market and the film and television industry have experienced severe shocks.
According to the official announcement disclosed by Huayi Brothers, the trigger for this bankruptcy reorganization application was a overdue advertising contract debt of 10 million yuan. The applicant Beijing TairuiFeike Technology Co., Ltd. and Huayi Brothers had previously had an advertising contract dispute. In September 2025, the People's Court of Chaoyang District of Beijing City issued an effective judgment on the dispute and ordered Huayi Brothers to pay the relevant amount. However, after the judgment came into effect, Huayi Brothers never fulfilled its liquidation obligations. As of the date when the creditor submitted the application, Huayi Brothers had defaulted on the principal of its due debts reached 11.405,155 million yuan.
The creditor clearly stated in the application that Huayi Brothers has met the legal situation of "being unable to pay off due debts and obviously lacking solvency", but as a veteran domestic film and television leader, it still has brand value, content reserves and industry restructuring value. Therefore, he applied to the court for bankruptcy reorganization and pre-reorganization. After review, Jinhua Intermediate People's Court quickly made an acceptance decision within 8 days, appointing Beijing City Zhonglun (Shanghai) Law Firm and Zhejiang Zhiren Law Firm as temporary managers of pre-reorganization, responsible for creditor's rights declaration, asset verification, reorganization plan formulation and other related work.
Huayi Brothers simultaneously issued risk warnings in the announcement. The start of the pre-reorganization process does not mean that the court has formally accepted the bankruptcy reorganization application. There is still significant uncertainty about whether the company can enter the formal reorganization process in the future. If the court finally decides to accept the reorganization application, the company's shares will be warned of delisting risks; if the reorganization plan is successfully implemented, the company is expected to resolve the debt crisis and optimize the asset-liability structure; once the reorganization fails, the company will face being declared bankrupt and The final outcome of the termination of stock listing.
As a pioneer in China's private film and television industry, Huayi Brothers once created the golden age of Chinese films. In the 1990s, brothers Wang Zhongjun and Wang Zhonglei founded Huayi Brothers. Relying on their precise market layout and binding the resources of top directors such as Feng Xiaogang and Zhou Xingchi, they successively produced "Party A and Party B","No Thieves in the World" and "Assembly Number". Dozens of national-level classic films such as "The Tangshan Earthquake" have won the annual box office championship many times. In 2015, Huayi Brothers ushered in its peak market value, once exceeding 90 billion yuan, firmly occupying the top spot in the domestic film and television industry."Huayi Produced" once became synonymous with the quality of Chinese films.
Under the high light, crises have already quietly emerged. 2018 became a turning point in the fate of Huayi Brothers. Affected by multiple factors such as changes in the industry environment, tax turmoil, and content strategy mistakes, the company's performance began to decline like a cliff. Financial report data shows that from 2018 to 2024, Huayi Brothers has had negative net profit for seven consecutive years, with cumulative losses exceeding 8.2 billion yuan. As of the latest disclosed data as of April 2026, the company has more than 56 million yuan of financial institution debts that have been overdue, 34 bank accounts have been frozen, and a large number of film and television IP and equity assets have been pledged. The latest market value has been less than 5 billion yuan, compared with the peak period. Shrink by more than 94%.
Regarding the launch of this pre-reorganization process, industry veterans analyzed that this is Huayi Brothers 'last opportunity to save themselves. The pre-reorganization process can complete creditor's rights verification, investor recruitment, and reorganization plan formulation in advance under the supervision of the court, which can not only preserve the company's operating value to the greatest extent, but also increase the probability of successful reorganization. However, the problems facing Huayi Brothers are still serious: how to resolve huge debts, how to rebuild core capabilities in content creation, and how to regain the trust of the capital market and the audience are all difficulties that they must overcome.
As of the close on April 24, Huayi Brothers 'share price closed at 2.18 yuan/share, a one-day drop of 5.22%, leaving only 4.76 billion yuan in market value. The entire industry is waiting to see whether this established company, which has once created countless classics of Chinese films, can ultimately be reborn through reorganization.