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Huayi betting on Galloping Horse

Huayi betting on Galloping Horse

By Kevin Ma

Fri, 28 June 2013, 14:50 PM (HKT)

Corporate News

The Chinese-language finance publication China Business News (第一財經日報) is reporting that Huayi Brothers Media Corporation 華誼兄弟傳媒股份有限公司 recently made a failed attempt to acquire Beijing Galloping Horse Group 北京小馬奔騰集團.

According to a 2013 Q1 company report by Shenyin & Wangguo Securities (申銀萬國證券), Huayi Brothers's recent rise in profit is primarily driven by its film department, having distributed several recent blockbusters.

In comparison, revenue from Huayi's television division has fallen 71.4% from the same period in 2012. Last year, its television department suffered a 6.1% decrease in profits due to rising production costs and a weakened market.

The alleged acquisition attempt has been interpreted as a move by Huayi to revive its television division and to diversify its business interests to minimise financial risks. The company recently acquired a game company and a small production firm.

In an interview with China Business News, Huayi's Dennis WANG 王中軍 predicted a a major restructuring in China's exhibition sector. "Some mid-level cinema chains are looking for buyers. If the price is right, we may acquire a cinema operator this year."

Galloping Horse, who also has its own ambitious film division — currently in pre-production on John WOO 吳宇森's The Crossing 太平輪 — is recognised as one of China's most successful television producers.

It reportedly rejected Huayi's offer and is aiming for an IPO in the near future. Galloping Horse has already denied China Business News' report.

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