Chinese entertainment agency Jaywalk Studio is known to be partly owned by Yang Mi (楊冪). While the company had many years of success, it is exposed to owe $100 million yuan to creditors and is having difficulties making payments.
For many years, many netizens believed that Yang Mi has full control over Jaywalk; however fellow Jay Walk’s artiste Zhang Yunlong (張雲龍) reveal that Zheng Jia (曾嘉) holds 45% of the company shares while Yang Mi is the company’s third largest shareholder with 15% stake.
Recently, it has been reported that Yang Mi sought to leave Jaywalk after 9 years over allegation that Jaywalk greenlighted historical drama Jiao Zang <嬌藏> without her knowledge. Yang Mi was reportedly frustrated that her name was used for promotion even when the drama has yet to sign on a director, other actors or a script. Given the internal turmoil in the company, fans are saddened that Yang Mi had been used by the studio as well as being dragged into Jaywalk debt debacle.
Jaywalk Fails to Pay Creditor
Details are emerging on the extent of Jaywalk’s debt. According to a netizen, Jaywalk borrowed 90 million yuan in 2017 and drafted a loan and equity agreement. However, after Jaywalk received the funds, the creditor did not receive their equity shares and Jaywalk refused to offer compensation. As a result, Jaywalk reportedly owned the original 90 million yuan plus interest of 18.7 million yuan. During this time, Yang Mi was still part of the Jaywalk, and thus Yang Mi could also be held responsible for the debt.
As online chatter continues to spread, Jaywalk enlisted a lawyer and issued their statement, “Jaywalk Studio is operating well. Jaywalk and Guangzhou Fields were engaged in a normal business transaction. The transaction was terminated after Guangzhou Fields defaulted. Jaywalk and its relevant shareholders will take legal measures against Guangzhou Fields to safeguard its legitimate rights.”
Despite Jaywalk’s official statement, netizens express pity that Jaywalk made no effort to clear Yang Mi’s name and agree that Yang Mi is a victim in the mess. Many netizens believe that in recent years, Yang Mi was pushed to make bad dramas to help promote the company’s other green artistes.
Many netizens are showing support for Yang Mi and criticized Jaywalk for using Yang Mi as a shield. Urging Yang Mi to cut her ties with Jaywalk, the fans share that they will celebrate the day that Jaywalk goes bankrupt without Yang Mi’s help.
Source: Up Media
This article is written by Sammi for JayneStars.com.