BaiYan Film and TV Culture Co., Ltd. was Exposed to be Owing Money, will “Juvenile Jinyiwei” be Cancelled?

Boyan Pictures Co. Ltd., noted for the animation The Young Imperial Guards, is now having a hard time. Not only has its B-round financing been delayed, but it fell behind in paying its employees’ salaries.

A number of employees of Boyan Pictures Co. Ltd. have reported to Digital Entertainment Company that Boyan has defaulted on paying their salaries in August and has intended to lay off employees in various means.

“More than 100 of our employees have received word of late payment of wages while the company did not give any explanation. The promised paying time was postponed to September 25th after the Mid-Autumn Festival. But when the day arrives, however, Boyan Pictures Co. Ltd. has not fulfilled its previous promises,” said an employee of Boyan.

In the past two days, staff of Boyan Pictures Co. Ltd. have begun to talk to employees of various departments, telling them that the social security fund will be provided until the end of September. The wages in arrears are being raised. .

“This is obviously violent layoffs, forcing employees to leave their positions without giving compensation.”

Founded in 2015, Boyan Pictures’ full name is “Zhejiang Dongyang BaiYan Film and TV Culture Co., Ltd. ” Prior to this, Boyan Pictures had a good development track: at the end of December 2016, Boyan Pictures acquired tens of millions RMB of Angel Investment from Nanshan Capital; in March 2017, Boyan Pictures announced the completion of A round financing of 30 million, jointly invested by Youku and Caesar culture.

However, through the industrial and commercial system, in the current shareholding structure of Boyan Pictures, Chen Boyan is still the largest shareholder (with 66.12% shares) and Nanshan Lanyue has 13%, yet there is no appearance of Youku and Kaiser culture.

Along with the financing trajectory, the first and second seasons of “TheYoung Imperial Guards” produced by Boyan Pictures were launched at the beginning and end of 2017 respectively, receiving high acclaim and on-demand subcriptions.

“Despite the achievements in the past, the company is messed up now, with Chen Boyan (the actual controller of Boyan Pictures) more like an artist than a businessman and other leaders charging the company.” A former employee of Boyan Pictures evaluated his old boss.

For a long time, Boyan Pictures is almost a frequent visitor to several domestic animation festivals. At the Hangzhou Animation Festival in April this year, Chen Boyan said that the company would start the B round  of financing. At the same time, it was announced that the derivative crowdfunding from December 1, 2017 to January 30, 2018 had reached the target amount of 1.52 million, and the revenue from direct sales through various channels had reached 3 million yuan.

“There was no revenue but boasting. Our company merely lived on financing.” When talking of the earnings of Boyan Pictures, the company’s staff signified.

In addition to the derivatives, the animation “DOUBLE FACED” customized by Boyan Pictures for Tencent’s video, should have been a source of the company’s revenue. The first quarter of the animation contains 13 episodes, which were originally planned to be released in 2018. But so far, Boyan Pictures only uploaded a PV of 2 minutes and 31 seconds. According to Boyan Pictures’ staff, the project is still in the early stage, and will be delayed until 2019 without receiving Tencent’s investment.

If the B round of investment cannot be provided in time, the capital chain of Baiyan’s paintings is about to break up.” Qingke has been doing FA for a while, but later did not talk about the achievements.” Insiders of Boyan Pictures told Digital Entertainment Corporation.

At present, Boyan Pictures has more than 100 employees, and various functional departments such as film & television, directing, production, art, scriptwriting, design, products, VR, and Dissemination & Distribution. However, according to insiders, the company will only retain 30 people in the end, which means that more than two-thirds of the employees will be laid off.

“In this period of time, the founder of the company, Chen Boyan, has not appeared, saying that he has not recovered from his illness. His family conduct the business of the company for him, and the company is basically in a state of stagnation.” For some of the employees who entered the company due to Chen Boyan’s reputation, such an ending can be cruel.

Digital Entertainment Corporation has also received news that Nanshan Capital, the investor of Boyan Pictures’ Angel Investment, has already dispatched managing personnel, but this may further intensify internal contradictions. “We now suspect that this layoff plan is from Nanshan,” said an employee of Boyan Pictures.

What is foreseeable is that in the golden autumn of October, there will be a large number of retired people from Boyan Pictures flooding into the manpower market, and what will be the fate of this animation company?




Source: Digital Entertainment Company

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