Bona Pictures suffered a loss of over 2.7 billion yuan in four years, and Yu Dong is again being pursued by a casino for debt collection.

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Source: Radar Finance

Produced by Radar Finance | Text by Ding Yu | Editing by Meng Shuai

Once a film industry giant, Yu Dong, is caught in a turbulent autumn.

Recently, rumors circulated that Yu Dong, chairman of Bona Film Group, was sued and owed approximately HKD 4.73 million to Wynn Macau, drawing public attention again.

In response to these rumors, Bona Film Group staff repeatedly clarified to the media. They stated that the company is aware of the matter and is investigating. They emphasized that even if the rumors are true, it is a personal matter of the chairman and does not affect the company’s operations. Yu Dong is still performing his duties normally.

According to the Daily Economic News, Yu Dong’s personal lawyer said the debt arose from Yu Dong providing a third party with a credit guarantee. After verifying with Wynn Macau, the involved amount has been fully repaid, and the lawsuit has been terminated.

It’s worth noting that Bona Film Group, the producer of well-known films like “The Battle at Lake Changjin” and “Operation Red Sea,” previously achieved impressive box office results with many patriotic films, once becoming a benchmark in the film industry.

However, as audiences grow weary of patriotic films and box office enthusiasm declines, coupled with the current challenges facing the film industry, Bona Film Group’s performance has been deteriorating in recent years.

Financial reports show that from 2022 to 2025, Bona Film Group’s cumulative net loss attributable to shareholders exceeded 2.7 billion yuan, with last year’s loss alone estimated to be between 1.261 billion and 1.477 billion yuan.

Meanwhile, as Bona Film Group faces operational pressure, Chairman Yu Dong has frequently been in the spotlight due to negative news such as judicial freezing of his shares and warnings issued by the Xinjiang Securities Regulatory Bureau.

Once a film industry leader, now facing HKD 4.73 million debt to a Macau casino?

The news of Yu Dong being chased for debt by Wynn Macau first broke on March 9 by Hong Kong media.

Subsequently, media outlets inquired with Bona Film Group’s investor hotline. The company responded: “This is false information; we are reporting the relevant posts.”

However, Bona Film Group’s stance soon shifted: “The company has taken note of this matter and is currently investigating. The results will be announced through official channels. Yu Dong has been attending to his duties normally.”

Bona Film Group staff also emphasized that even if the investigation confirms the rumors, it remains a personal matter of the chairman and does not impact the company’s operations.

On the evening of March 10, the Daily Economic News published the lawsuit, revealing that Wynn Resorts (Macau) Ltd. (Wynn Macau) filed a lawsuit against Yu Dong in the Hong Kong High Court on March 3.

The complaint states that around May 1, 2024, Yu Dong was granted a HKD 10 million credit line by Wynn Macau and signed two drawdown confirmation letters totaling HKD 10 million. He later repaid part of the amount.

Around January 28, 2026, Wynn Macau, according to the credit agreement, filled in the amount on a blank check previously signed by Yu Dong as a guarantee, attempting to withdraw about HKD 5.73 million, but the bank refused payment citing “consulting the drawer.”

Wynn Macau pointed out that after the check was dishonored, Yu Dong repaid HKD 1 million around February 1, 2026, leaving an outstanding principal of about HKD 4.73 million.

The lawsuit states that the credit agreement requires repayment within 14 days of withdrawal, with an annual interest rate of 18% on overdue amounts until full repayment. The defendant, Yu Dong, is also responsible for all collection costs, including legal and court fees.

Wynn Macau emphasized that the loan was legally issued under Macau SAR law and can be enforced through legal procedures. The plaintiff requests the court to order the repayment of approximately HKD 4.73 million, plus interest and legal costs.

It’s also noted that Wynn Macau mentioned in the lawsuit that during the litigation, Yu Dong was a client operating a casino.

According to Yu Dong’s personal lawyer, after verifying with Wynn Macau, the amount involved has been fully repaid, and the legal proceedings have been terminated.

Yu Dong’s lawyer also stated: “This debt resulted from Yu Dong providing a third party with a credit guarantee.”

Private film giant, repeatedly facing market setbacks

Tianyancha data shows that Yu Dong is the founder, chairman, and CEO of Bona Film Group. As of the third quarter last year, Yu Dong directly held 20.53% of the company’s shares and is the actual controller.

Regarded as a film industry veteran, Yu Dong is a professionally trained film distributor. Born in 1971 in Beijing, he graduated in 1994 from Beijing Film Academy’s Management Department and was assigned to work at Beijing Film Studio.

Thanks to his excellent work ability, Yu Dong quickly rose to prominence and was soon recognized and promoted by Han Sanping, then director of Beijing Film Studio, becoming the youngest senior official in the studio’s history.

In 1999, Beijing Film Studio, China Children’s Film Studio, and six other film institutions established China Film Group Corporation. Yu Dong then transferred to China Film.

However, in the same year, Yu Dong chose to leave his stable job and founded Beijing Bona Cultural Exchange Co., Ltd., the predecessor of Bona Film Group. This was China’s first private film distribution company, awarded the first “Film Distribution License” by the State Administration of Radio, Film, and Television.

In the early days, leveraging his extensive experience and network, Yu Dong’s team distributed low-budget films like “My Brothers and Sisters,” Chen Kaige’s “Together with You,” and Michelle Yeoh’s “Legend of Tianmai,” quickly establishing a foothold in China’s film distribution industry.

Under Yu Dong’s leadership, Bona also began capital operations. In 2007, Bona completed its first round of financing, receiving $10 million from Sequoia Capital and SIG Haina Asia Venture Capital.

In December 2010, Bona Film Group successfully listed on NASDAQ, becoming China’s first film and television media company listed in the U.S., and the first Chinese film company to go overseas.

In the year of its successful U.S. listing, Bona released 13 new films, ranking first among domestic private distributors, with box office share accounting for 9% of China’s total domestic film box office at the time.

Yu Dong envisioned that with capital support, Bona would strengthen its distribution business, improve the industry chain, and transform into a “distribution machine,” not just distributing its own productions.

However, despite its initial success in the U.S. stock market, Bona’s performance in the subsequent years was lackluster, with its market value remaining low. Feeling undervalued, Bona completed a privatization in 2016 and delisted from the U.S. stock market.

After leaving the U.S. market, Bona began planning an A-share listing, but the process was fraught with difficulties.

In October 2017, Bona filed its IPO application with the Shenzhen Stock Exchange’s main board, but it wasn’t until August 2022 that Bona finally went public, completing a five-year capital marathon.

As of March 12, Bona’s stock price was 7.43 yuan per share, a significant drop from the peak of over 15 yuan (adjusted for splits), with a current market value of 10.213 billion yuan.

Over four years, losses exceeded 2.7 billion yuan, with Yu Dong frequently embroiled in controversies.

During the pursuit of capital growth, Bona gradually explored innovative ways to express patriotic themes and achieved notable box office success.

Looking back, from 2009’s “Founding of a Republic” to 2017’s “Wolf Warrior 2,” Bona’s influence is evident in these blockbuster patriotic films.

In 2014, Bona collaborated with director Xu Ke to produce “The Taking of Tiger Mountain,” which grossed 883 million yuan domestically, earning industry-wide recognition.

Subsequently, Bona released “Operation Mekong” and “Operation Red Sea,” forming the “Mountains, Rivers, and Seas Trilogy,” which collectively grossed over 5.7 billion yuan.

In 2019, Bona launched the “Chinese Pride Trilogy” with “China’s Chosen,” “Fire on the Plain,” and “Decisive Moment,” earning over 4.7 billion yuan.

In 2021, Bona produced “The Battle at Lake Changjin,” which grossed 5.775 billion yuan, making it the highest-grossing film in Chinese history until last year when “Nezha: Conqueror of the Seas” surpassed it.

Thanks to the success of “The Battle at Lake Changjin,” Bona managed to thrive amid the pandemic, achieving significant growth in 2021.

That year, Bona’s revenue reached 3.124 billion yuan, a 94.05% increase; net profit attributable to shareholders was 363 million yuan, up 90.19%.

However, in recent years, audience fatigue with patriotic films has led to market failures for films like “Jiaolong Action,” causing substantial impacts on company performance.

In 2024, Bona’s annual revenue shrank to 1.461 billion yuan, less than half of its peak.

More concerning, from 2022 to 2025, Bona faced losses for four consecutive years, with total net losses exceeding 2.7 billion yuan.

According to its latest earnings forecast, Bona expects a net loss of between 1.261 billion and 1.477 billion yuan last year.

The company explained that during the reporting period, the total box office of its films declined compared to the previous year, with some films suffering large losses. The number of films and TV dramas released in 2025 was insufficient, with many still in production stages and not yet generating revenue.

Additionally, based on cautious estimates of future operations, the company and its subsidiaries have made impairment provisions for assets that may suffer value loss.

While Bona faces operational difficulties, many shareholders have reduced their holdings in recent years. As the company’s leader, Yu Dong has also frequently been in the media spotlight.

In April last year, Bona announced that Yu Dong’s approximately 137 million shares (48.7% of his holdings) were frozen for three years due to personal reasons.

In May, Bona and Yu Dong received a regulatory warning from the Xinjiang Securities Regulatory Bureau.

Investigations revealed that in 2022, Bona and its subsidiaries provided funds totaling 210 million yuan to related parties through third-party channels, constituting non-operational related-party funds occupation.

In 2023, Bona and its subsidiaries provided a total of 261 million yuan to Yu Dong and related parties via third-party channels, also constituting non-operational related-party funds occupation.

As of the end of last year, these funds had been repaid. However, Bona did not disclose related-party transactions and non-operational fund flows as required.

Ultimately, the Xinjiang Securities Regulatory Bureau ordered corrective measures, issued warnings to Yu Dong and Qi Zhi, and recorded the incidents in the market integrity archive.

Can Yu Dong and Bona Film Group emerge from this series of setbacks? Radar Finance will continue to monitor.