BEIJING — Beijing’s privately owned producer and distrib Enlight Media has chosen China Securities Co Ltd (CITICS) as underwriter for its initial public offering and said it is on track to list by 2010.
“We will apply to the authorities in the second half of next year for permission to list and we expect that in 2010, maybe the second half, we will list on the A-share market,” said Wang Changtian, CEO and founder of Enlight. Group hopes to raise between 400 and 500 million yuan ($58-73 million), Wang told Variety. Wang has earned a reputation as one of the most dynamic figures in the biz, who has transformed Enlight into one of the top three private entertainment congloms in China.
The group has chosen Grandfield as its legal advisers, and will shortly identify an accounting company.
Last year Enlight’s market ambitions suffered a setback after a $160 million deal to merge with NASDAQ-listed mobile music producer and distributor Hurray Holding, which would have created one of the largest domestic entertainment content and distribution companies in China, but was called off over “strategic differences.”
Earlier this month the group unveiled an expanded slate of 15 pics for next year and announced a bullish outlook despite the economic slowdown. Formally established in 2006, Enlight maintains an entertainment library of more than 50,000 hours of content, and distributed five feature films and more than 200 hours of TV programming in 2007. In the last two years it has spent nearly 100 million yuan on nearly 20 television series, including some of China’s biggest skeins. Among its other businesses are TV programming, talent management, marketing and advertising, although its core remains investing in film and distribution.