BEIJING MEDIA (01000.HK): Wholly-Owned Subsidiary Jingjian Media Files for Bankruptcy Liquidation

NewTimeSpace News: On 20 October 2026, Beijing Media Corporation Limited (the "Company") announced that Jingjian (Beijing) Culture Media Co., Ltd. ("Jingjian Media"), a wholly-owned subsidiary of the Company, on 20 October 2026 filed a bankruptcy liquidation application with the First Intermediate People's Court of Beijing, requesting the court to adjudicate the bankruptcy liquidation of Jingjian Media; as of the announcement date, the court has not ruled on whether to accept the application.

The announcement disclosed that Jingjian Media is a limited liability company established in China principally engaged in government affairs agency operation and maintenance, online and offline event planning and execution, and new media advertising, with years of government service experience. According to its audited financial report for 2025, as of 31 December 2025 Jingjian Media had total assets of RMB 6,969.44 thousand, total liabilities of RMB 14,970.08 thousand and total owners' equity of negative RMB 8,000.64 thousand.

The Company stated that Jingjian Media's business suffered from low gross margins, long receivables collection cycles and reliance on external qualifications for some projects, resulting in poor overall input-output efficiency; in the first half of 2026, intensified market competition and tighter downstream customer budgets pressured business development, with revenue declining year on year and persistent funding strain, leaving it severely insolvent and unable to repay its debts. Bankruptcy liquidation is expected to help reallocate the Group's management resources to developing its existing businesses, and the board considers it in the overall interests of the Company and its shareholders. If the court accepts the application, the Company expects to lose control of Jingjian Media and to cease consolidating its financial results and position, although the board does not expect any material adverse impact on the Group's financial results and position. As the percentage ratio of Jingjian Media's total revenue for the year ended 31 December 2025 exceeds 5%, the application is required to be announced under Rule 13.25(1)(b) of the Listing Rules.

The Company also disclosed that Mr. Jing Enji, the Company's president and an executive Director, is a director of Jingjian Media, and that the bankruptcy liquidation constitutes an event under Rule 13.51(2)(l) of the Listing Rules, requiring disclosure of a change in information under Rule 13.51B(2). In addition, the Company provided further information on its 2025 annual report: as of 31 December 2025, the Group's other equity instrument investments amounted to approximately RMB 351,168 thousand, representing approximately 50.97% of the Group's total assets of RMB 688,938 thousand, all being unlisted equity investments designated at fair value through other comprehensive income; these comprised a 2.43% stake in Beiyang Publishing and Media with a fair value of RMB 275,955 thousand (40.06% of total assets), a 16.00% stake in Beijing Keyin Media at RMB 36,656 thousand (5.32%), an 11.44% stake in Beijing International Advertising and Media Group at RMB 36,492 thousand (5.30%) and a 5.00% stake in Beijing Youth Daily New Media at RMB 2,065 thousand (0.29%), with total investment cost of RMB 143,179 thousand.