Headlines from China: Huayi Tencent Entertainment to Finance South Korea’s First Sci-fi Movie

Huayi Tencent Entertainment to Finance South Korea’s First Sci-fi Movie

South Korean media reported that China’s Huayi Tencent Entertainment would finance The Victory (胜利号), a science fiction film starring Song Jung-ki. Through this investment, Huayi Tencent Entertainment will gain rights to distribute this film in mainland China. Directed by Jo Sung Hee, The Victory is South Korea’s first science fiction film. Eying a 2020 release, the shooting of the film will start this year in July. Huayi Tencent Entertainment is a new media company listed on Hong Kong Stock Exchange. Huayi Brothers Media Corporation and Tencent are the controlling shareholders of the company. Read more on Mtime

Wanda to Build 159 New Cinemas in China by 2021

On May 27, Wanda Film announced that the company planed to raise RMB 4 billion through convertible bonds. The majority of the funds will be used to build new cinemas while the remaining funds will be used to ease the company’s cash flow. According to a feasibility report released by Wanda, Wanda Film plans to build 159 new cinemas between 2019 and 2021. While the market is slowing down in China, Wanda Film points out that the film exhibition sector is facing further consolidation and top companies will have the edge to become more predominant in the market, which makes Wanda’s expansion necessary. Read more on Ent Group

‘Toy Story 4’ Encourages Chinese Audiences to Do Charity Through Toys 

At the end of Toy Story 3, Andy gave his toys to the girl next door because Andy had grown up and didn’t need toys any more. This scene touched many audiences and has also inspired the marketing team behind Toy Story 4 to collaborate with local Chinese charity organizations to launch an initiative that encourages people to donate used toys to children who can’t afford to buy toys. This initiative will be carried out between May 29 to June 8 in ten Chinese cities as part of the promotional campaign for the upcoming release of Toy Story 4 in China. Read more on Mtime