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Tencent to acquire 4.6% of Huayi Brothers Media
By Ding Yining |
May 9, 2011, Monday
|
Online Edition
Online Edition
TENCENT Holdings said it will spend 450 million yuan (US$69 million) to become a shareholder of China's biggest listed film maker Huayi Brothers Media Corp to capitalize on the growing demand for high quality films and online videos.
The 4.6 percent stake will allow Tencent to become Huayi Brothers' largest institutional investor, according to Huayi's filing to the Shenzhen Stock Exchange.
Alibaba Group Chairman Jack Ma, film director Feng Xiaogang and other media tycoons have sold more than 24.49 million of Huayi Brothers' shares after the lock-up period, according to a separate statement.
Huayi Brothers' shares surged 8.52 percent to 15.80 yuan.
"Investment in Huayi is a strategic partnership that will allow new attempts from both sides to combine the film industry with the new media sector," Tencent Holdings President Liu Chiping said in a statement.
"Huayi Brothers is shifting from the production of films and TV series and artist agent service to new sectors including content distribution and derivative products. It's a big trend to combine entertainment industry with the new media," said Wang Zhongjun, chairman of Huayi Brothers.
In China, the overall advertising market in the online video market nearly tripled in 2010 to 2.17 billion yuan.
The 4.6 percent stake will allow Tencent to become Huayi Brothers' largest institutional investor, according to Huayi's filing to the Shenzhen Stock Exchange.
Alibaba Group Chairman Jack Ma, film director Feng Xiaogang and other media tycoons have sold more than 24.49 million of Huayi Brothers' shares after the lock-up period, according to a separate statement.
Huayi Brothers' shares surged 8.52 percent to 15.80 yuan.
"Investment in Huayi is a strategic partnership that will allow new attempts from both sides to combine the film industry with the new media sector," Tencent Holdings President Liu Chiping said in a statement.
"Huayi Brothers is shifting from the production of films and TV series and artist agent service to new sectors including content distribution and derivative products. It's a big trend to combine entertainment industry with the new media," said Wang Zhongjun, chairman of Huayi Brothers.
In China, the overall advertising market in the online video market nearly tripled in 2010 to 2.17 billion yuan.
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