Welcome!

News Feed Item

State-run Hollywood Film Import License Holder Invested in HK Listed CNCG



Hong Kong, July 23, 2014 - (ACN Newswire) - China National Culture Group Limited ("CNCG" or the "Group"; stock code:745) announced on 22 July 2014 that three significant investors have invested in the Group as major shareholders which believed to be a key support for the Group in developing and managing its film importation and distribution businesses in the PRC, which including one of only two Hollywood film importation license holder, China National Culture & Art Corporation ("CNCAC") a state-owned enterprise under Ministry of Culture of the PRC.

Huge Leader Holding Limited ("Huge Leader") a substantial shareholder of the Group entered into a conditional sales and purchase agreement ("S&P Agreement") with three buyers: namely,(China National Culture & Art (Hong Kong & Macau) Limited), Mr. Wan Boao("Mr. Wan") and Mr. Hu Yidong("Mr. Hu"). Huge Leader has conditionally agreed to sell and the three buyers agreed to buy a total of 1,723,000,000 Shares and 1,811,200,000 Convertible Preference Shares in the Company, of which China National Culture will buy 1,500,00,000 Shares, Mr. Wan will buy 223,000,000 Shares and 800,000,000 convertible preference shares and Mr. Hu will buy 1,011,200,000 convertible preference shares.

Mr. Wan has been the honorary consultant of the Group since 5 February 2014. He is an experienced media industry professional, the President of China Biographical Literature Society. Mr. Wan is also the eldest son of Mr. Wan Li, the former Politburo member and Secretary of the Central Committee of the Communist Party of China, former Chairman of the Standing Committee of the National People's Congress and Vice Premier of the People's Republic of China.

Mr. Hu is the former Chairman and Executive Director of SMI Corporation Limited (HKSE:198), a company listed in the Main Board of the Hong Kong Stock Exchange and the second largest cinema chain operator in China mainly engaged in cinema operator and film investment and distribution. He is currently the CEO of SMI Corporation in PRC, the parent company of SMI Corporation Limited (HKSE:0198). Mr. Hu is an independent third party and is not a connected person to the Group.

Huge Leader currently holds 1,723,000,000 shares and 1,811,200,000 convertible preference shares and its holdings in ordinary shares and the aggregate of which represent approximately 24.13% and 49.49% respectively of the total issued share capital of the Group.

According to an Exclusive Partnership Agreement signed on 26 Sept 2013 between the Group and CNCAC, CNCG is able to import foreign films from Hollywood as well as from other countries to China. The shares investment from China National Culture & Art (Hong Kong & Macau) Limited, Mr. Wan and Mr. Hu who possesses extensive experience in cinema operation and films distribution in China will further strengthen the capabilities of the Group in importing Hollywood films into China as well as distribution. In 2013, ticket sales for imported movies totaled US$1.458billion, accounting to nearly 50% of total box office. Currently, the annual importing quota of 34 revenue-sharing foreign films are shared among two film importation license operators in China. With the support of new shareholders, CNCG is confident that the Group will be able to tap into the blooming and flourishing film market in China.

The Group is now considering to raising necessary funds by means of placing of new Shares and grant of options under the Group's share option scheme for the development of film importation and film distribution business in Mainland China.

China National Culture Group Limited is principally engaged in film import and distribution in the PRC region, film and TV studios development and operation, and mobile digital advertising and marketing in Hong Kong and the PRC region.


Source: China National Culture Group Limited

Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...