Headlines from China: Beijing Culture Transfers Ownership to State-owned Enterprise

A screenshot from the company Beijing Culture website

Beijing Culture Transfers Ownership to State-owned Enterprise

State-owned enterprise Beijing Wenke, or a third party company appointed by Wenke, will become the new biggest shareholder of Beijing Culture, the film company behind Wolf Warrior 2, Wandering Earth, and the upcoming Fengshen Trilogy, according to a statement released by Beijing Culture on the night of February 11. Beijing Culture faced huge financial pressure with a loss of RMB2.45 billion (US$351.41 M) in 2019. The prospective shareholder Beijing Wenke promised to help with Beijing Culture’s current financial crisis even if the equity acquisitions may not reach in the short term. In the past year, it has become a trend for state-owned companies to invest in listed film and television companies at low prices, as many firms have been suffering from the entertainment industry’s “cold winter.” Read more on ylwanjia

‘Better Days’ Leads Hong Kong Film Award Nominations with 12 Nods

On February 12, Hong Kong Film Awards announced the nominations for its 39 edition. Derek Tsang’s Better Days leads all films this year with 12 nominations including Best Picture, Best Director, Jackson Yee for Best Actor and Best New Performer, Zhou Dongyu for Best Actress. The school bullying drama is followed by Heiward Mak Hei-yan’s Fagara with 11 nods, Aaron Kwok-starring drama I’m Livin’ It with 10, and gay romance Suk Suk, directed by Ray Yeung, with 9. Hong Kong singer-actress Sammi Cheng Sau-man was nominated twice in the Best Actress category for her respective performance in Fagara and Fatal Visit. In response to the coronavirus outbreak, the awards committee said that this year’s ceremony will change its format to avoid crowds gathering, according to the committee chairman Derek Yee. The winners will be announced in May instead of April. Read more on zhipianrenneican