Leading theatrical distributor seeks mobile market
HONG KONG — Beijing Enlight Media, the Chinese production and distribution company behind last year’s “Lost In Thailand” (pictured) sensation, is to buy a stake in privately held Guangzhou Xianhai Internet Technology, an online games developer.
Enlight will pay RMB230 million ($37 million) for a 20% stake. Xianhai last year had revenues of $25 million and made net profits of $9 million. The company says it is expanding from online games into mobile. The acquisition is intended to help Enlight expand into mobile as well and Enlight says it will improve group earnings per share.
Xianhai’s core products include role playing games “Agni God of War,” “Wu Yi,” “Diablo Cultivation,” ” Dark Dragon” and “The God Journey.”
Enlight, which is headed by billionaire Wang Changtian, was one of the earlier Chinese film companies to list its shares on the stock market. It floated on the Shenzhen Stock Exchange in Aug 2011. It produces 3-5 movies per year and distributes up to 20 per year through its Enlight Pictures unit.
In the first quarter of 2014 Enlight Pictures was China’s top private sector distributor, with four films released and combined box office of $115 million (RMB716 million).
In December last year it paid $136 million for a 26% stake in New Classics Media, a TV drama producer.