×
You will be redirected back to your article in seconds

H.K.’s U Int’l profits soar, prod’n ramps up

40 local pics, one with China by year's end

HONG KONG — With profits rocketing over 90% at the end of last year, local outfit Universe Intl. Holdings is firmly on course to fulfill its expansion plans, which include completing 40 local pics and financing a $3.8 million Chinese co-production by the end of this year.

Positive outlook comes a year after the prolific film production and distributing company was listed on the Hong Kong stock exchange July 22, 1999. It initially raised $6.4 million and subsequently another $2.6 million in March this year when the company issued more shares.

Universe chairman and managing director Daneil Lam says his company is investing 70% of that money into its core business in film production and video distribution.

Per Universe’s latest interim report, net profit from June to December 1999 was $3 million, a 92% increase over the same period in 1998.

Asian concentration

Company will continue to focus its business in Asia, in particular Hong Kong and China. “It is very time-consuming to co-produce with overseas film companies, especially Hollywood majors. The whole process could take years,” Lam told Daily Variety.

Shooting of its as-yet-untitled co-production with a mainland Chinese company will start in September. Toplining Hong Kong comedian Stephan Chiao and directed by Lee Lik-chi (“God of Cookery”), fantasy about a sports genius will be shot entirely on the mainland.

Universe entered the China market over a decade ago. Company has sublicensed rights of more than 500 films into China in the last few years. “The country has opened up over the last three years but the authorities have yet to allow foreign investors to directly involved in distribution,” Lam said.

Popular on Variety

More Biz

  • Patrick Whitesell and Ari Emanuel WME

    Endeavor Targets Sept. 27 for Stock Debut, IPO Video Tells Company's Origin Story

    After years of preparation, Endeavor is set to make its formal Wall Street debut on Sept. 27, when its stock will begin trading on the New York Stock Exchange. Endeavor has targeted Sept. 26 for the final pricing of its shares. The stock will trade publicly the following day. Earlier this week, Endeavor said its [...]

  • Netflix - Apple TV

    Netflix Stock Drops After CEO Acknowledges 'Tough Competition' Coming From Disney, Apple

    Netflix shares fell as much as 7% Friday to a nine-month low, coming after CEO Reed Hastings commented that the November launches of Disney Plus and Apple TV Plus will introduce a “whole new world” of competition. Hastings, speaking at the Royal Television Society conference Friday in Cambridge, England, said, “While we’ve been competing with [...]

  • Charlie Rose Sexual Harassment

    Charlie Rose Sued for Sexual Harassment by Longtime Makeup Artist

    A makeup artist who worked for Charlie Rose for 22 years has filed a sexual harassment lawsuit, accusing the former CBS and PBS host of years of unlawful behavior toward female employees. Gina Riggi alleges that Rose was verbally abusive with her and would often make derogatory comments about her weight. She also alleges that [...]

  • Rob Stringer

    Sony Music Chief Rob Stringer on Sustaining Growth and Recovering From the 'Dark Times'

    The Goldman Sachs Communacopia conference, now in its 28th year, gives top executives at major companies the opportunity to make their case to investors — and the Goldman analysts the opportunity to keep things on the up and up. While the analysts don’t necessarily grill the executives, they don’t lob softball questions either. That was [...]

  • Frank Grillo'Avengers: Endgame' Film Premiere, Arrivals,

    Matt Phelps Tapped as President of Joe Carnahan, Frank Grillo's Warparty

    Frank Grillo and Joe Carnahan’s Warparty productikon banner has appointed Matt Phelps president of the company. Phelps will head the Los Angeles office and be responsible for overseeing all film and television projects. “We searched long and hard to find the right fit for Warparty and felt that Matt embodied everything that we were looking [...]

  • Jack Gilardi, Longtime ICM Partners Agent,

    Jack Gilardi, Longtime ICM Partners Agent, Dies at 88

    Jack Gilardi, a longtime ICM Partners agent who represented such stars as Burt Reynolds, Sylvester Stallone, Jerry Lewis, Charlton Heston and Shirley MacLaine, died Thursday at his home in Los Angeles. He was 88. Gilardi was known for his gentlemanly style, love of the Los Angeles Dodgers and his skill at representing top actors. He [...]

  • Nexstar Completes Tribune Acquisition, Sean Compton

    Nexstar Completes Tribune Acquisition, Sean Compton to Head Programming

    Nexstar Media Group has become the nation’s largest owner of TV stations after completing its $4.1 billion acquisition of Tribune Media. The deal creates a broadcasting colossus with more than 200 stations serving more than 100 markets, although a number of stations will be divested to keep Nexstar in compliance with FCC ownership limits. Nexstar, [...]

More From Our Brands

Access exclusive content