News

Poly Film acquires 21 cinemas of XingX Entertainment to accelerate the pace of its business layout

Date:March 8,2017

 

On 7th, March 2017, Poly Culture (03636.HK) announced that its wholly owned subsidiary, Poly Film, entered into the Equity Transfer Agreement with XingX Group and XingX Holdings, pursuant to which Poly Film will acquire 100% equity interest in XingX Entertainment from XingX Group and XingX Holdings for a total consideration of RMB680 million payable to XingX Group and XingX Holdings.

Established in December 2008, XingX Entertainment was a subsidiary of XingX Group, specialized in the investment, management and operation of culture and entertainment assets. Its registered capital is RMB 30 million with XingX group and XingX Holdings respectively holding 50% of its shares. By the end of 2016, XingX Entertainment has 21 opening cinemas (including 10 ones jointly held with Korean CJ GCV), 4 under construction, 12 signed but un-opening. XingX Entertainment has built a cinema chain across China.

As a subsidiary of Poly Culture, Poly Film focuses on cinema investment and management, R&D and promotion of film projection technology, investment of films and TV plays, etc. By the end of 2016, Poly Wanhe Cinema Chain has 130 franchises, 740 screens and in 2016 it realized more than 1 billion box office. From Poly Culture’s side, M&A is the future trend of film projection industry. This deal would increase Poly Film’s industry ranking and its brand influence rapidly which is essential for the company to build a whole industry chain.

 

 

TypeInfo: Company Event

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