×

China Star Film Changes Hands

Charles Heung shuffles famous name film assets between listed companies.

HONG KONG – China Star Film Group, one of the best-known Hong Kong production houses of the 1990s and early 2000s, has been bought and sold by actor-turned-casino tycoon Charles Heung Wah Keung.

China Star Film, which previously produced or distributed movies with Andy Lau, Cecilia Cheung and Stephen Chow and Johnny To’s “Election” (pictured) and “My Left Eye Sees Ghosts,” is currently a joint venture between China Star Entertainment and China Media and Films Holdings.

It will be sold by China Star Entertainment to China Media and Films in a transaction worth just HK$4.34 million (US$560,000). Despite the lowball value, the transaction has to be declared to the stock market as Heung is chairman of both companies.

According to the transaction document China Star Film was essentially dormant in 2013 and made an unaudited loss of HK$41,000 (US$5,250).

According to China Star Entertainment’s previous 2013 end of year filing revenue for film distribution operations amounted to HK$641,000 (US$82,700) and its segment loss amounted to HK$4,673,000 (US$603,000), largely relating to impairment losses of HK$4,745,000 (US$613,000). The report said that the film division released no new titles in 2013, but planned to get back into production of a single title in the second half of 2014.

China Star Entertainment has scaled back on its film-making activities to instead become a significant player in the casino industry in nearby Macau. It owns a casino-hotel complex and organizes junkets which bring gamblers to the tables.

In a separate announcement it was revealed that China Media and Films Holdings is to change its name to China Star Cultural Media Group, and that its new Chinese name will be 中國星文化產業集團有限公司.

Popular on Variety

More Biz

  • Led Zeppelin Stairway to Heaven

    Department of Justice Backs Led Zeppelin in ‘Stairway to Heaven’ Copyright Case

    The U.S. Department of Justice has weighed in on the next big music copyright case on the horizon following the Katy Perry “Dark Horse” decision, and taken Led Zeppelin’s side in the long-running copyright dispute that pits the writers of the group’s anthem “Stairway to Heaven” against the publishers of the earlier song “Taurus” by [...]

  • Harvey Weinstein

    Harvey Weinstein Prosecutors Make Last-Minute Move to Bolster Case

    The Manhattan D.A.’s office is making a last-minute bid to strengthen its case against Harvey Weinstein, who is set to be tried next month on charges of rape and sexual assault. Prosecutors notified the court on Tuesday that they will seek a new indictment. The D.A.’s office wants jurors to hear from Annabella Sciorra, the [...]

  • Jeffrey Epstein

    Jeffrey Epstein's Autopsy Rules That He Died by Suicide

    Jeffrey Epstein’s death earlier this month has been ruled a suicide by hanging. The New York Times reported on Friday that the city’s medical examiner has officially made the ruling six days after Epstein was found dead in his jail cell at the Metropolitan Correctional Center in Manhattan. According to the Times, which cites a [...]

  • America Ferrera Eva Longoria

    America Ferrera, Eva Longoria and More Sign Letter to Latinx Community: 'We Will Not Be Broken'

    America Ferrera, Eva Longoria and more have signed a letter published in several media outlets on Friday standing in solidarity with the Latinx community. In response to the heightened tension surrounding President Trump’s immigration agenda, the El Paso shooting that targeted Latinx people and the ICE raids in Mississippi, the letter addresses the language used [...]

  • Research Firm Screen Engine/ASI Acquires TicktBox

    Screen Engine/ASI Acquires TicktBox, an Entertainment Marketing and Ticketing Startup

    Screen Engine/ASI, a market research firm that specializes in focus-group testing of movies and TV pilots, has acquired ticktBox, which operates a digital marketing and ticketing platform used by movie distributors, exhibitors, and TV networks. Terms of the deal, which closed Aug. 9, weren’t disclosed. With ticktBox, SE/ASI will have one of the largest databases of [...]

  • NEW YORK, NEW YORK - AUGUST

    Eric Reid, Jemele Hill – and Colin Kaepernick? - Take Jay-Z to Task Over NFL Partnership

    When news of the presumably lucrative entertainment and social-justice deal between Jay-Z’s Roc Nation and the NFL leaked on Tuesday, initially there was a surprising lack of public reaction or outcry. But after a press conference where Jay and NFL commissioner Roger Goodell officially announced the deal at Roc Nation’s New York offices yesterday — [...]

More From Our Brands

Access exclusive content