Headlines From China: Tencent To Become Second Largest Shareholder Of New Classics Media

Tencent To Become Second Largest Shareholder Of New Classics Media

Enlight Media has entered into an equity transfer agreement with Linzhi Tencent Technology, an industry fund under Tencent, that it will sell 27.64% stake in New Classics Media (新丽传媒)for approximately 3.317 billion yuan ($524 million). Upon completion, Enlight Media will cease to have stake in New Classics Media, making Tencent the second largest shareholder of New Classics Media. New Classics Media has also abandoned the A-share IPO plans. New Classics Media has produced a series of hit films in recent years, including Jian Bing Man and Goodbye Mr. Loser. Read more on entgroup.cn

‘Operation Red Sea’ Tops Chinese New Year Box Office

Operation Red Sea’s box office reached 3.286 billion yuan ($518 million) last weekend, replacing Detective Chinatown 2 as the Chinese New Year box office winner. Opening on the day of Chinese New Year, Operation Red Sea did not start strong but quickly caught up mostly due to positive reviews. Still showing in cinemas in China, the film is expected to become the second highest-grossing film in China’s history, right after Wolf Warrior 2. Read more on ifeng.com

Are “Little Fresh Meat” Actors Making The Transition?

Known as “little fresh meat,” China’s young attractive actors like Li Yifeng, Kris Wu, and Lu Han have had much success in the past with their massive following online and offline. But social influence and good looks do not always guarantee commercial success; in 2018, Kris Wu continues to star in films, even working with veteran actor Tony Leung, while Li Yifeng challenges himself in difficult roles. It definitely looks like the many of these actors are trying to make themselves known as actors, rather than celebrities with a pretty face. Read more on yiqipaidianying

Enlight Media Invests Additional Capital in Suzhou-Based Film Company

Film production company Lanbaihong, has received further funding of 30 million yuan ($4.7 million) from Enlight Media, increasing Enlight’s stake in the company to 6.52%. Established in 2017, Lanbaihong is a co-producer of Operation Red Sea, and has produced a few other TV and film projects. Enlight Media believes this is a strategic move that will lead to partnerships on many levels in the future. Read more on entgroup.cn