Headlines from China: Chinese Sci-Fi Movie ‘The Wandering Earth’ to Open in North America in February

Chinese Sci-Fi Movie ‘The Wandering Earth’ to Open in North America in February

The Wandering Earth, the so-called first Chinese science-fiction blockbuster, has been set to release in North America on February 8. The film’s North American distributor is CMC Pictures, which has also acquired North American rights to Han Han’s Pegasus. According to The Hollywood Reporter, The Wandering Earth will be released in 22 U.S. cities, 3 Canadian cities and several cities in Australia. Founded in 2016 as a wholly owned subsidiary of CMC (China Media Capital), CMC Pictures is the only global distribution company in China. So far, the company has released over 10 Chinese films in the U.S., Australia, Europe, and other Asian countries. The Wandering Earth is based on Liu Cixin’s science fiction novel of the same name. It will be released in China on February 5 during the Chinese New Year holiday. Read more on Mtime

Huayi Brothers Reports Negative Net Profit for the First Time Since 2009

On January 30, Huayi Brothers released a preliminary report on the company’s performance in 2018 . According to the report, Huayi Brothers saw a negative net profit in the range between RMB982 million and  RMB987 million (US$146 – 147 million) during the reporting period. This is the first time the company reports a negative net profit since it was listed in 2009.  The report mentions two major reasons for the loss: first, the company’s three main business areas, including film, TV and location-based entertainment (LBE), didn’t reach revenue goals; secondly, the company’s reputation was seriously damaged in 2018. At a shareholders meeting held on the same day, the company’s chairman Wang Zhongjun analysed the company’s disappointing performance and also revealed its plans for 2019. This year, Huayi Brothers will continue to focus on film production and LBE and possibly retrieve capital from other areas to support the two main areas. In addition, Wang Zhongjun will return to the company’s Green-light Committee to oversee the selection of projects. Read more on yiqipaidianying

Chinese Sportswear Brand Li-Ning Bought eSports Team SNAKE

In early January, Li Qilin, Executive Director of Chinese sportswear brand Li-Ning and Viva China Holdings Limited attended the launch ceremony of Tencent’s eSports joint venture Teng Jing Sports (腾竞体育)and revealed his new role: the owner of Sichuan-based eSports team SNAKE. Founded by Chinese Olympic gymnast Li Ning in 1989, Li-Ning has become a prominent local sportswear company in China, endorsing a number of athletes and teams both in China and around the world. In the past, LI-Ning company has sponsored eSports games and collaborated with eSports teams to design and release eSports-themed outfits. This time, the company spent 500 million yuan ($74.5 million) on the acquisition of SNAKE, according to sources familiar with the matter. Read more on entgroup.cn