Huayu: Starting from joining the mainstream entertainment industry in 96

Chapter 501, 499: The Tallest Tree Catches the Most Wind

January 2003, 12, afternoon.

The echoes of the symbolic gong sound at the Shanghai Stock Exchange had barely faded when a storm sweeping across the nation's public opinion landscape began to take shape.

As countless market observers predicted, the listing of Shengying Media (603888) on the A-share market is not just a headline in the financial section; it is more like a boulder thrown into a calm lake, the ripples of which quickly spread to every corner of society and culture.

That afternoon, from Beijing, Shanghai, and Guangzhou to newsstands in many second-tier cities, almost every print media outlet bearing the words "Evening News," "Metropolitan News," or "Entertainment News" prominently featured "Shengying Media Goes Public" as its most eye-catching headline.

The Beijing Evening News devoted a full page to the culture section with the headline, "The 'Shengying' aircraft carrier sets sail, and Chinese films enter the deep sea of ​​capital." The article detailed Shengying Media's eight-year journey from wedding videographer to global box office giant, accompanied by a large photo of Wang Sheng calmly striking the gong at the listing ceremony. The commentary stated, "This is not only a victory for a company, but also a symbol of an era's recognition of the value of the cultural industry."

The financial section of the Yangcheng Evening News offered an even more impactful perspective: "29.64 yuan! Shengying Media surges 30% at the opening, and the mysterious head of the company, Wang Sheng, instantly becomes worth over 170 billion yuan!"

The article simply and bluntly presents a calculation formula: Wang Sheng holds 7.7 million shares, multiplied by the opening price of 29.64 yuan, and the market value of his holdings has reached an astonishing 228.23 billion yuan.

This number, like a giant exclamation mark, struck the hearts of countless readers.

The term "billionaire," which sounded like a fantasy in 2003, was firmly attached to Wang Sheng's head.

The West China Entertainment News went even further, using a headline brimming with personality cult, "Wang Sheng: Eight Years of Dream Building, One Day of Godhood!" to portray Wang Sheng's entrepreneurial history as an inspirational legend. It emphasized the double joy of the hit movie "Kung Fu Hustle" and the successful IPO, calling it "a shot in the arm for all those who believe in dreams."

However, beneath the seemingly overwhelming praise, undercurrents had already begun to stir.

On some more critical and independent media outlets, as well as on the financial sections of emerging online forums such as "Xici Hutong" and "Tianya Community," voices of doubt and vigilance began to emerge.

A commentary in Southern Weekly had a relatively restrained title, but the content was extremely sharp: "Shengying's IPO: A Feast for the Cultural Industry or the Beginning of a Bubble?"

The article points out that Shengying Media's IPO price-to-earnings ratio of 48 times far exceeds that of traditional manufacturing companies and most technology stocks, and its valuation relies heavily on "optimistic expectations" of explosive growth in the future cultural consumption market.

"When the box office success or failure of a film is enough to affect the stock price fluctuations of a company with a market value of tens of billions, does this mean that capital has over-infiltrated cultural creation, turning it into a purely financial product?"

The article further questions whether Shengying Media, through its vast distribution channels via "China Film Shengshi Cinema Line" and its strong content production and distribution business, has initially formed a closed loop of "channels + content," and whether it is suspected of using its market dominance to squeeze out competitors and form an industry "trust."

"We welcome the emergence of China's own Disney, but we also need to be wary of the stagnation of innovation and the loss of market fairness caused by monopolies."

Some anonymous "industry insiders" and analysts, when interviewed by phone, spoke with a tone full of sour grapes and concern.

"This is a bubble created by capital! The success of a movie is highly accidental, and to pin your hopes on it is tantamount to gambling."

"Wang Sheng is too young. With such a huge amount of money in his hands, do he know how to manage it? I doubt it."

"Shengying's model is to dominate everything, from upstream IP to downstream cinemas, and even control the publicity channels. Is there any way for other small and medium-sized companies to survive?"

“I heard that their internal management is very domineering, and Wang Sheng’s word is law. Companies with such a strong personal style are extremely risky.”

Even worse, some unverified "internal reports" and malicious speculations circulating in small circles have begun to spread absurd claims that "Wang Sheng's IPO was just a way to raise money and cash out, and he is ready to flee overseas at any time," attempting to completely smear him morally.

Although these voices have not yet become mainstream, they have resonated strongly in specific circles—especially among competitors, traditional forces, and some conservative financial professionals who suffered losses during Sheng Ying's rise or who felt fear and discomfort with its model.

But in the eyes of the general public, especially among the younger generation and ordinary movie fans, it is a different story.

For them, complex capital operations, price-to-earnings ratios, trusts... these terms are distant and boring.

What they can truly feel is the exhilarating laughter and stunning visual effects in the Kung Fu movie theater, the convenient seat selection experience brought by Maoyan Movies, and the national pride brought by Night at the Museum.

Wang Sheng's name is closely associated with these high-quality, entertaining, and uplifting cultural products. "So what if we're listed on the stock exchange? Sheng Ying's movies are good, and I'm happy to pay to watch them!"

"They earn money through their own abilities, what's there to be envious of?"

"If Wang Sheng runs away, who can make a movie as amazing as 'Night at the Museum'?"

"Anyway, I support Sheng Ying and Wang Sheng!"

On online forums, similar pro-Wang sentiments overwhelmingly dominate.

Young white-collar workers like Lin Xiaoyue, when they see the newspaper articles slandering Wang Sheng for "absconding with money" during their lunch break, might even argue angrily with their colleagues.

In their view, Wang Sheng's journey from an ordinary child of the Beijing Film Studio to where he is today in eight years is a living, breathing local success story that deserves respect rather than denigration.

……

Beijing, New Pictures Film Studio.

The atmosphere in Zhang Weiping's office was as oppressive as an icebox.

Several different evening newspapers were spread out on the table, and without exception, the front page of each one was about Shengying's listing and Wang Sheng's soaring wealth.

The dismal box office performance of "Hero" under the overwhelming screenings and critical acclaim of "Kung Fu Hustle" is like a series of silent slaps to his face.

"Bubble! Trust! Money grab and run! Well said! Well said, fucking well said!" Zhang Weiping slammed a newspaper on the table, his face contorted with anger and a near-desperate jealousy. "See? We're not the only ones who think this way! This kid has become the target of everyone's ire!"

Sitting opposite him was a middle-aged man with a sinister expression. He was a public relations consultant hired by the company and also had connections with certain complex forces.

"Mr. Zhang, please calm down." The middle-aged man's voice was deep. "The current public opinion has both advantages and disadvantages for us. The advantage is that a considerable number of people are indeed uneasy about Wang Sheng and Shengying's rapid expansion. This includes some veterans in the cultural circle, as well as those in the capital market who are worried about a bubble, and even..."

He pointed meaningfully to the ceiling.

“The downside is,” he changed the subject, “that Wang Sheng and Sheng Ying have too high a reputation among ordinary people, especially young people. It’s difficult to shake their foundation by simply relying on media pronouncements. Their logic of ‘letting their work speak for itself’ is very effective at this stage.”

"What can we do? Just watch him go public with such a bang and then use the shareholders' money to squeeze us even further?" Zhang Weiping roared, his eyes bloodshot.

“Of course not.” The middle-aged man smiled coldly. “Public opinion is just the first step, the fuse that ignites the powder. What we need is more concrete action. Isn’t he enjoying immense success thanks to ‘Kung Fu’ and the IPO? Then let’s find a way to tear a hole in his most glorious spot.”

He paused for a moment: "I've heard that some older comrades at the higher levels are very displeased with private capitalists like Wang Sheng, who 'use capital to command the market' and even have the subtle ability to influence cultural direction. They believe he has broken the rules and challenged the order."

Zhang Weiping's eyes suddenly lit up, like a wild beast spotting its prey in the darkness.

"Yes! And what about his Maoyan Movies, which offers online seat selection? Doesn't that involve a fund pool? Are there any financial risks? Could it be considered illegal fundraising?"

The more he thought about it, the more feasible it seemed, and a sickly flush appeared on his face. "Even if I can't kill him, I'll make him suffer! I'll let him know that this industry isn't one that a junior like him can easily dominate!"

Similar conspiracies are not limited to New Picture.

In private club rooms in Beijing that are not open to the public, in tea parties among some financial tycoons in Shanghai, and even in overseas institutions whose interests were harmed by Wang Sheng's interception of projects... forces, whether overt or covert, are being activated and connected because of Sheng Ying's listing and Wang Sheng's sudden rise to prominence.

Some were indignant because their interests were harmed, some were wary because their status was threatened, and some were purely ideologically opposed, disapproving of the thoroughly market-oriented and capital-driven development path of the cultural industry represented by Wang Sheng.

(End of this chapter)