A filing shows Crazy Maple Studio slipping out of consolidation

The figure or the record

On 29 April 2025, COL Group (中文在线集团股份有限公司, stock code 300364, Shenzhen Stock Exchange) filed its 2024年年度报告 (2024 Annual Report) with cninfo.com.cn. Inside the equity-investment table is a capital fact distinct from the overseas-revenue line this site has already recorded: Crazy Maple Studio, Inc — the US studio behind ReelShort — appears not as a subsidiary but as an associate, accounted for by the equity method, with COL Group holding 49.24 per cent of its shares but only 47.81 per cent of its votes, because Crazy Maple's stock is split into A, B and C classes carrying different voting rights. The filing states plainly, in the cash-flow notes, that Crazy Maple Studio, Inc is 'no longer included in the scope of consolidation' (不再纳入合并范围).

What the documents establish

Two further details in the same filing corroborate the change of status rather than merely assert it. The cash-flow note records a comparative-period outflow of RMB28,050,339.72 tied to Crazy Maple 'no longer included in the scope of consolidation,' while the current period's disposal-of-subsidiaries table lists only two much smaller entities, not Crazy Maple, confirming no share sale of the studio happened during 2024 itself. Read together, these establish that Crazy Maple stopped being a consolidated subsidiary before the reporting year began and that COL Group now records it as a minority equity stake rather than a controlled unit. The filing's related-party table separately shows small, continuing 2024 dealings with Crazy Maple, including payments described as 'technology operation services' and 'short-drama business,' read in the original Chinese. A company overview on Crazy Maple Studio's own site confirms 'Crazy Maple Studio, Inc' as the entity behind ReelShort, matching the name used throughout COL Group's filing.

Scope and caveats

The filing does not state a precise date on which control was lost, nor the transaction, dilution, or share issuance that caused it; that gap is itself notable in a document this detailed, and it is recorded here rather than filled with a guess. The equity-method investment-income line in the same report (RMB9,924,786.43) is blended across several associates, including Crazy Maple, so it cannot be read as Crazy Maple's contribution alone. This is a Chinese-language, RMB-denominated, calendar-year filing audited to Chinese accounting standards; it says nothing about ReelShort's own dollar-denominated revenue, which this site has covered separately through store-level analytics.

What to watch

Editorially, COL Group's 2025 annual report, due in spring 2026, should show whether the 49.24 per cent stake and its associated equity-method income line move again, and whether any future filing finally dates and explains the change in control.

• Does a listed parent's stake in an overseas operating unit sit above or below the consolidation threshold, and has that changed?
• Where a filing states a change in status without a date, does a later filing, court record, or press report ever supply one?
• Is an 'equity-method investment income' line specific to one associate, or pooled across several?

A stake can shrink from control to influence without any press release marking the moment; the annual report's own accounting classification is sometimes the only public trace of a change this consequential.