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
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
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 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 solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...