Sunac to Fully Take Over Wanda’s Cultural and Tourism Projects
Wanda Group CEO Wang Jianlin is getting ready to let Sunac China Holdings Ltd. completely take over his cultural tourism business, Caijing Magazine has exclusively learned from unnamed sources. In July 2017, Sunac agreed to purchase a 91 percent stake of 13 cultural and tourism projects from Wanda. Back then, the plan was to make Sunac the majority shareholder while letting Wanda continue to operate the 13 projects. However, in the new deal, Wanda will repackage the offerings and let Sunac take over the development and operations of the 13 projects as well. Sunac and Wanda did not respond to Caijing reporter’s requests for comments. Read more on caijingEleven
Making Sense of Tencent’s Investment in Bilibili
On October 3, Tencent and Bilibili jointly announced that Tencent would invest $317.6 million in Bilibili. After the transaction, Tencent’s stake in Bilibili will increase from 5.2% to 12%. Focused on ACG (animation-comic-game) content, Bilibili is a leading Chinese video platform that targets a younger demographic. When Bilibili went public on Nasdaq back in March, the anticipation was high. However, the company’s performance after its IPO is not as good as expected, and the biggest concerns are around the company’s revenue structure. Although Bilibili is widely known as a video platform, its main revenue source is gaming content. As the world’s largest game company, Tencent shares Bilibili’s struggle, especially given Chinese authorities’ tightened control over the gaming sector. More importantly, Bilibili’s market share in the ACG sector and its massive number of Gen Z users will give Tencent an edge to further engage young people in China and actualize the commercial potential of the ACG market. Read more on TMT Post
Japanese Animated Film ‘Detective Conan: Zero the Enforcer’ Set for November 9 China Release
Detective Conan: Zero the Enforcer, a 2018 Japanese animated crime thriller film directed by Kobun Shizuno, has been scheduled to release in China on November 9. The film is the twenty second installment of the Detective Conan film series based on the manga series of the same name. Two other films in the series, Detective Conan: The Darkest Nightmare and Detective Conan: Sunflowers of Inferno, have been released in Chinese theaters in the past. Read more on Mtime
