Asking about the progress of restructuring, the secretary of the board responds with the number of shareholder accounts; Baina Qiancheng's "divine reply" is mocked by investors.
Major shareholder Hualu Capital once again announces a plan to reduce holdings.

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In early April 2026, Beijing Baina Qiancheng Film and Television Co., Ltd. (300291.SZ) was thrust into the spotlight due to a series of interconnected events. At a critical moment when major asset restructuring was stalled and financial data faced expiration and invalidation, a “non-responsive” reply from the company’s secretary on the investor interaction platform ignited investor sentiment—facing sharp questions about when the restructuring suspension announcement would be issued, the response turned out to be shareholder household data. What further unsettled the market was that the major shareholder, Hualu Capital, again announced a plan to reduce holdings, aiming to cash out more than 67 million yuan.

**　　Secretary’s “Master Reply”: When asked about restructuring progress, responds with shareholder household data**

The trigger for the incident occurred on April 2 on the investor interaction platform. An investor directly asked Baina Qiancheng: “The financial data reference date (September 30, 2025) has passed. When will the company release the ‘Announcement on the Progress of Major Asset Restructuring and Receipt of Suspension Review Notice’?”

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This was a pointed follow-up question. According to “Guidelines for Content and Format of Information Disclosure by Publicly Issued Securities No. 26,” the financial data used for major asset restructuring is valid for six months. The financial data reference date for Baina Qiancheng’s restructuring was September 30, 2025, meaning its validity expired on March 30, 2026. Once expired, if the company does not submit an updated audit report before the deadline, the exchange will suspend review according to the rules, and the company must issue an announcement explaining the situation.

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However, the secretary’s reply was jaw-dropping: as of March 31, 2026, the total number of stockholders was 35,329. This response was mocked by investors on the stock forum as “highly myopic,” and quickly went viral on the platform. Some investors commented directly: “This secretary should be fired.”

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Looking back at the interaction records since late March, the secretary team’s responses regarding restructuring progress were almost uniformly “standard scripted responses”—“The company will strictly fulfill its information disclosure obligations in accordance with relevant laws, regulations, and regulatory rules regarding the follow-up progress of the restructuring project,” “Please pay attention to investment risks and follow the company’s subsequent announcements.” Even when only 11 days remained before the financial data expired, some investors explicitly described the situation as a “countdown to death,” yet the secretary continued to respond with template content, remaining silent on specific audit arrangements and subsequent plans.

**　　Restructuring deadlock: What to do after financial data expires?**

Baina Qiancheng launched a major asset restructuring in December 2025, planning to acquire 100% equity of Zhonglian Century. However, months have passed since the announcement, and the company has not disclosed a formal draft or applied for an extension of the audit. With the financial reference date expired, the market generally believes the restructuring has “become a certainty to be terminated.” Some analysts pointed out that the reason for the progress being dragged into a “countdown to death” is closely related to the year-end timing, the audit difficulty of the target assets, and the deadlock in negotiations without a “betting agreement.”

According to Shenzhen Stock Exchange rules, after financial data expires, the company has two options: apply for an extension of the audit and continue, or announce the restructuring is terminated. Regardless of the choice, timely information disclosure is a basic requirement. As of April 2, Baina Qiancheng had not issued any substantive announcements regarding the follow-up arrangements for the restructuring, leaving investors to digest their anxiety in endless waiting.

**　　Major shareholder “adds fuel to the fire”: Hualu Capital plans to reduce holdings by another 70 million yuan**

Just one day before the secretary’s “master reply” triggered public outrage, on the evening of April 1, Baina Qiancheng announced that shareholder Hualu Capital Holdings Limited, holding 6.08% of shares, planned to reduce holdings starting April 24, within three months, by no more than 10.36M shares, accounting for 1.1% of the total share capital. Based on the intra-day quote of 6.5 yuan at the time of publication, the cash-out amount was approximately 67.34 million yuan.

The announcement vaguely attributed the reduction to “Hualu Capital’s capital planning arrangements.” However, this was Hualu Capital’s second round of reduction in Baina Qiancheng. Data shows that Hualu Capital initially held 64.59 million shares, accounting for 6.86% of total shares, and began reducing holdings in June 2023. Over two rounds, it reduced a total of 7.3027 million shares, cashing out about 63.03 million yuan. If this reduction is completed smoothly, Hualu Capital’s total cash-out will exceed 130 million yuan.

More troubling is that Hualu Capital’s reduction coincided precisely with the deadlock in restructuring. On one side, the restructuring prospects are uncertain; on the other, the major shareholder continues to reduce holdings for cash. This inevitably leads to speculation that “the major shareholder lacks confidence in the company’s prospects.” Although the announcement emphasized that this reduction would not lead to a change in control or significantly impact governance and ongoing operations, in the context of stalled restructuring and a silent secretary, investors are likely to worry about the company’s fundamentals.

**　　Trust deficit: Investors’ patience is running out**

In the context of capital markets, investors’ questions are never about flowery words but about substantive information involving real money. When the window for restructuring has passed, the major shareholder is continuously retreating, and performance is losing billions, a secretary’s non-responsive reply on the interaction platform is no longer just a “mistake,” but a reflection of severe corporate governance and information disclosure failures. Once trust is lost, rebuilding it costs far more than imagined.