DOCSLIB.ORG

Wanda Cinema

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Deutsche Bank Markets Research Rating Company Date 8 March 2016 Buy Wanda Cinema Company Update Asia China Reuters Bloomberg Exchange Ticker Price at 7 Mar 2016 (CNY) 80.30 Consumer 002739.SZ 002739 CH SHZ 002739 Price target - 12mth (CNY) 115.00 Hotels / Leisure / 52-week range (CNY) 244.89 - 72.59 Gaming HANG SENG INDEX 20,160 Suspended for major acquisition; we Tallan Zhou Karen Tang foresee an emerging movie kingdom Research Analyst Research Analyst (+852 ) 2203 6464 (+852 ) 2203 6141 Reason for suspension is to buy movie/TV assets from Dalian Wanda Group [email protected] [email protected] The Wanda Cinema suspension continues, but today it released an announcement saying that the company will acquire movie/TV-related assets from Dalian Wanda Group. Price/price relative 280 What are Dalian Wanda Group’s film/TV assets? 240 The three film/TV-related assets below are under the control of Wanda Group, 200 according to public news sources. 160 120 1. Wanda Pictures 80 40 2. Legendary Pictures (which Wanda Group acquired for USD3.5bn) 0 1/15 7/15 1/16 3. Wuzhou Film Distribution (五洲电影发行) (a 44.5% share, the largest Wanda Cinema shareholder) HANG SENG INDEX (Rebased) We cannot help linking this announcement to the news of Wanda Film’s IPO Performance (%) 1m 3m 12m The WSJ said recently that Wanda Group is seeking USD1.5bn from domestic Absolute -5.0 -28.1 -11.8 Chinese investors for Wanda Pictures, on a USD5.3bn valuation. The potential HANG SENG INDEX 4.5 -9.2 -16.6 IPO asset is also likely to include Legendary Pictures and Wuzhou Film Source: Deutsche Bank Distribution. Two possible scenarios, in our view We believe that there are two possible ways of restructuring Wanda’s movie segment. 1. Wanda Cinema would purchase shares from Wanda Pictures before it undergoes an IPO. Although the two companies are listed separately, the interests of the two companies would be aligned by such an arrangement. 2. Wanda Pictures would choose not to undergo an IPO at this stage. All the upstream assets would be injected into Wanda Cinema. Valuation and risks We derive our target price of RMB115 on a DCF-based valuation (an 8.3% WACC and a 4% terminal growth rate). Key downside risks include competition from online media and a lack of high-quality movies. Forecasts And Ratios Year End Dec 31 2013A 2014A 2015E 2016E 2017E Sales (CNYm) 4,022.6 5,339.0 7,577.6 14,369.2 20,145.8 EBITDA (CNYm) 961.7 1,310.2 1,839.5 3,496.4 4,779.5 Reported NPAT (CNYm) 602.5 801.0 1,173.2 2,069.1 2,848.7 DB EPS FD(CNY) 0.60 0.80 1.05 1.81 2.49 PER (x) – – 76.7 44.4 32.3 EV/EBITDA (x) – – 47.4 26.4 19.2 DPS (net) (CNY) 0.00 0.80 0.59 0.95 1.32 Yield (net) (%) – – 0.7 1.2 1.6 Source: Deutsche Bank estimates, company data 1 DB EPS is fully diluted and excludes non-recurring items 2 Multiples and yields calculations use average historical prices for past years and spot prices for current and future years, except P/B which uses the year end close ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. 8 March 2016 Hotels / Leisure / Gaming Wanda Cinema Model updated:02 December 2015 Fiscal year end 31-Dec 2012 2013 2014 2015E 2016E 2017E Running the numbers Financial Summary Asia DB EPS (CNY) 0.39 0.60 0.80 1.05 1.81 2.49 Reported EPS (CNY) 0.39 0.60 0.80 1.05 1.81 2.49 China DPS (CNY) 0.00 0.00 0.80 0.59 0.95 1.32 BVPS (CNY) 1.6 2.2 3.0 4.3 7.0 8.6 Hotels / Leisure / Gaming Weighted average shares (m) 1,000 1,000 1,000 1,120 1,145 1,145 Wanda Cinema Average market cap (CNYm) na na na 89,936 89,936 89,936 Enterprise value (CNYm) na na na 87,237 92,138 91,988 Reuters: 002739.SZ Bloomberg: 002739 CH Valuation Metrics P/E (DB) (x) na na na 76.7 44.4 32.3 Buy P/E (Reported) (x) na na na 76.7 44.4 32.3 Price (7 Mar 16) CNY 80.30 P/BV (x) 0.00 0.00 0.00 18.79 11.44 9.36 Target Price CNY 115.00 FCF Yield (%) na na na 1.0 1.6 2.3 Dividend Yield (%) na na na 0.7 1.2 1.6 52 Week range CNY 72.59 - 244.89 EV/Sales (x) nm nm nm 11.5 6.4 4.6 Market Cap (m) CNYm 89,936 EV/EBITDA (x) nm nm nm 47.4 26.4 19.2 EV/EBIT (x) nm nm nm 64.6 34.8 25.5 USDm 13,805 Income Statement (CNYm) Company Profile Sales revenue 3,031 4,023 5,339 7,578 14,369 20,146 Wanda Cinema was founded in January 2005 and has Gross profit 1,031 1,399 1,830 2,563 4,608 6,415 been ranked as the No.1 theatre circuit in China in terms EBITDA 745 962 1,310 1,840 3,496 4,780 of box office since 2009. As of July 2015, the company Depreciation 276 154 183 266 569 824 operates 195 theatres with over 1,700 screens across Amortisation 0 124 178 223 278 351 China. EBIT 469 684 949 1,350 2,650 3,605 Net interest income(expense) -3 5 15 26 -173 -220 Associates/affiliates 0 0 0 0 0 0 Exceptionals/extraordinaries -2 -6 -27 -6 0 0 Other pre-tax income/(expense) 62 106 120 179 267 392 Profit before tax 526 789 1,057 1,549 2,744 3,778 Price Performance Income tax expense 135 184 255 373 671 924 Minorities 2 2 2 2 4 5 280 Other post-tax income/(expense) 0 0 0 0 0 0 240 Net profit 388 603 801 1,173 2,069 2,849 200 160 DB adjustments (including dilution) 0 0 0 0 0 0 120 DB Net profit 388 603 801 1,173 2,069 2,849 80 40 Cash Flow (CNYm) 0 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Cash flow from operations 884 1,300 1,652 1,795 3,305 4,609 Net Capex -553 -537 -672 -874 -1,836 -2,456 Wanda Cinema Free cash flow 330 762 980 920 1,469 2,153 HANG SENG INDEX (Rebased) Equity raised/(bought back) 0 0 0 1,240 1,840 0 Margin Trends Dividends paid 0 0 0 -448 -656 -1,069 Net inc/(dec) in borrowings 0 0 0 0 0 0 26 Other investing/financing cash flows 27 -283 -409 -753 -5,161 -934 24 Net cash flow 357 480 571 959 -2,508 151 22 Change in working capital 350 208 253 132 520 737 20 18 Balance Sheet (CNYm) 16 Cash and other liquid assets 695 1,175 1,746 2,705 197 348 14 Tangible fixed assets 989 1,089 1,268 1,906 7,623 9,433 12 13 14 15E 16E 17E Goodwill/intangible assets 7 27 62 64 2,611 2,610 EBITDA Margin EBIT Margin Associates/investments 0 0 0 0 0 0 Other assets 907 1,162 1,498 1,922 2,492 3,274 Growth & Profitability Total assets 2,598 3,452 4,574 6,597 12,923 15,663 Interest bearing debt 0 0 0 0 2,394 2,394 100 34 Other liabilities 998 1,249 1,570 1,805 2,485 3,445 80 32 Total liabilities 998 1,249 1,570 1,805 4,879 5,839 60 30 Shareholders' equity 1,595 2,197 2,998 4,786 8,039 9,819 Minorities 5 6 5 6 6 6 40 28 Total shareholders' equity 1,600 2,203 3,003 4,792 8,045 9,825 20 26 Net debt -695 -1,175 -1,746 -2,705 2,196 2,046 0 24 12 13 14 15E 16E 17E Key Company Metrics Sales growth (%) 37.2 32.7 32.7 41.9 89.6 40.2 Sales growth (LHS) ROE (RHS) DB EPS growth (%) -36.4 55.2 32.9 30.8 72.5 37.7 Solvency EBITDA Margin (%) 24.6 23.9 24.5 24.3 24.3 23.7 EBIT Margin (%) 15.5 17.0 17.8 17.8 18.4 17.9 40 150 Payout ratio (%) 0.0 0.0 99.9 55.9 52.8 53.0 20 ROE (%) 27.7 31.8 30.8 30.1 32.3 31.9 0 100 Capex/sales (%) 18.3 13.4 12.6 11.5 12.8 12.2 -20 Capex/depreciation (x) 2.0 1.9 1.9 1.8 2.2 2.1 -40 50 Net debt/equity (%) -43.5 -53.3 -58.1 -56.5 27.3 20.8 -60 Net interest cover (x) 137.1 nm nm nm 15.3 16.4 -80 0 Source: Company data, Deutsche Bank estimates 12 13 14 15E 16E 17E Net debt/equity (LHS) Net interest cover (RHS) Tallan Zhou +852 2203 6464 [email protected] Page 2 Deutsche Bank AG/Hong Kong 8 March 2016 Hotels / Leisure / Gaming Wanda Cinema Wanda Pictures in 2015 Box office performance Figure 1: Box office revenue, 2015 Figure 2: Box office market share, 2015 Box office (RMBbn) 8.00 7.00 Wanda Pictures, 6.00 Others, 24.8% 5.00 35.6% 4.00 Enlight 3.00 Media, 2.00 13.3% 1.00 LeTV, Bona, 11.6% - Huayi 8.5% Wanda Enlight Media Bona LeTV Huayi Brothers Brothers, Pictures 6.2% Source: Company data Source: Company data List of movies productions Figure 3: Wanda Pictures’ movie productions in 2015 Investment % Movies Box office (RMBm) NA 警察故事 2013 Police Story 2013 534.38 NA 北京爱情故事 Beijing Love Story 405.53 NA 催眠大师 The Great Hypnotist 273.87 NA 一生一世 But Always 228.52 NA 魁拔 3 Kuiba 3 24.30 NA 归来 Coming Home 291.46 25% 十万个冷笑话 One Hundred Thousand Bad Jokes 119.81 10% 奔跑吧兄弟 Hurry Up, Brother 434.28 10% 咱们结婚吧 Let's Get Married 284.46 10% 煎饼侠 Jian Bing Man/ A Hero Or Not 1,160.14 51% 滚蛋吧！肿瘤君 Go Away Mr.
Recommended publications
  • 9780367508234 Text.Pdf

    9780367508234 Text.Pdf

    Development of the Global Film Industry The global film industry has witnessed significant transformations in the past few years. Regions outside the USA have begun to prosper while non-traditional produc- tion companies such as Netflix have assumed a larger market share and online movies adapted from literature have continued to gain in popularity. How have these trends shaped the global film industry? This book answers this question by analyzing an increasingly globalized business through a global lens. Development of the Global Film Industry examines the recent history and current state of the business in all parts of the world. While many existing studies focus on the internal workings of the industry, such as production, distribution and screening, this study takes a “big picture” view, encompassing the transnational integration of the cultural and entertainment industry as a whole, and pays more attention to the coordinated develop- ment of the film industry in the light of influence from literature, television, animation, games and other sectors. This volume is a critical reference for students, scholars and the public to help them understand the major trends facing the global film industry in today’s world. Qiao Li is Associate Professor at Taylor’s University, Selangor, Malaysia, and Visiting Professor at the Université Paris 1 Panthéon- Sorbonne. He has a PhD in Film Studies from the University of Gloucestershire, UK, with expertise in Chinese- language cinema. He is a PhD supervisor, a film festival jury member, and an enthusiast of digital filmmaking with award- winning short films. He is the editor ofMigration and Memory: Arts and Cinemas of the Chinese Diaspora (Maison des Sciences et de l’Homme du Pacifique, 2019).
  • IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1970)

    IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1970)

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1970) BUSINESS UPDATE WANDA CINEMA LINE CORPORATION LIMITED AGREES TO ADD 150 IMAX THEATRES The board of directors of IMAX China Holding, Inc. (the “Company”) announces that the Company (through its subsidiaries) has entered into an agreement (“Installation Agreement”) with Wanda Cinema Line Corporation Limited (“Wanda Cinema”). Under the Installation Agreement, 150 IMAX theatres will be built throughout China over six years, starting next year. With the Installation Agreement, the Company’s total number of theatre signings year to date has reached 229 in China and the total backlog will increase nearly 60 percent. The Installation Agreement is in addition to an agreement entered into between the Company and Wanda Cinema in 2013 (“Previous Installation Agreement”). Under the Previous Installation Agreement, Wanda Cinema committed to deploy 120 new IMAX theatres by 2020. The key commercial terms of the Installation Agreement are substantially similar to those under the Previous Installation Agreement. The Company made a press release today regarding the Installation Agreement. For
  • The Next Growth Strategy for Hallyu 79

    The Next Growth Strategy for Hallyu 79

    Lee & Kim / The Next Growth Strategy for Hallyu 79 THE NEXT GROWTH STRATEGY FOR HALLYU A Comparative Analysis of Global Entertainment Firms Yeon W. Lee Seoul School of Integrated Science and Technology [email protected] Kyuchan Kim Korea Culture and Tourism Institute [email protected] Abstract Previous policy approaches on Hallyu have been focused on the role of government engagement, particularly in fostering diversity and equal business opportunities for small-and-medium enterprises (SMEs). However, a more strategic approach to the cultural industries should be implemented by carefully examining the role of the private sector, particularly the role of large enterprises (LEs). his is important because LEs have an overarching and fundamentally diferentiated role in increasing the size of industry through their expansive value-creating activities and diversiied business areas. his study focuses on the complementary roles of SMEs and LEs in facilitating the growth of Hallyu by bringing in the perspective of value chain diversiication and the modiied value chain framework for the ilm industry. By conducting a comparative analysis of the global entertainment irms in the US, China, and Japan, this study reveals how LEs in the global market enter and explore new industries within culture and continue to enhance their competitiveness. By forming a business ecosystem through linking their value-creating activities as the platform of network, this study looks into the synergistic role among enterprises of diferent size and scale and suggests that Korea’s policy for Hallyu should reorient toward a new growth strategy that encourages the integrative network of irms where the value activities of LEs serve as the platform for convergence.
  • The London School of Economics and Political Science a Neoliberalizing

    The London School of Economics and Political Science a Neoliberalizing

    The London School of Economics and Political Science A neoliberalizing Chinese cinema: political economy of the Chinese film industry in post-WTO China Xiaoxi Zhu A thesis submitted to the Department of Media and Communications of the London School of Economics for the degree of Doctor of Philosophy London, March 2019 1 Declaration I certify that the thesis I have presented for examination for the MPhil/PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorisation does not, to the best of my belief, infringe the rights of any third party. I declare that my thesis consists of 71012 words. 2 Abstract This thesis aims to investigate the industry restructuration of the Chinese film industry in the context of China integrating into the global neoliberal capitalist system since its WTO entry in 2002. By interrogating the power dynamics between the Party-state, domestic capital and transnational media capital, this thesis explores respective roles each of the three stakeholders have played in shaping the commercialization and marketization of the Chinese film industry. Methodically, this thesis primarily relies on elite interviews with industry professionals, together with critical discourse analysis of one key policy document, and secondary data collected from news outlets, trade publications, industry reports, etc.
  • Mapping the EU-China Cultural and Creative Landscape

    Mapping the EU-China Cultural and Creative Landscape

    MAPPING THE EU‐CHINA CULTURAL AND CREATIVE LANDSCAPE A joint mapping study prepared for the Ministry of Culture (MoC) of the People's Republic of China and DG Education and Culture (EAC) of the European Commission September 2015 1 CO-AUTHORS: Chapters I to III: Cui Qiao - Senior Expert, BMW Foundation China Representative, Founder China Contemporary Art Foundation Huang Shan - Junior Expert, Founder Artspy.cn Chapter IV: Katja Hellkötter - Senior Expert, Founder & Director, CONSTELLATIONS International Léa Ayoub - Junior Expert, Project Manager, CONSTELLATIONS International http://www.constellations-international.com Disclaimer This mapping study has been produced in the context and with the support of the EU-China Policy Dialogues Support Facility (PDSF II), a project financed jointly by the European Union and the Government of the People's Republic of China, implemented by a consortium led by Grontmij A/S. This consolidated version is based on the contributions of the two expert teams mentioned above and has been finalised by the European Commission (DG EAC). The content does not necessarily reflect the opinion of Directorate General Education and Culture (DG EAC) or the Ministry of Culture (MoC) of the People’s Republic of China. DG EAC and MoC are not responsible for any use that may be made of the information contained herein. The authors have produced this study to the best of their ability and knowledge; nevertheless they assume no liability for any damages, material or immaterial, that may arise from the use of this study or its content. 2 Contents I. General Introduction ....................................................................................................... 5 1. Background .............................................................................................................................. 5 2. Project Description .................................................................................................................
  • Negotiating Transnational Collaborations with the Chinese Film Industry

    Negotiating Transnational Collaborations with the Chinese Film Industry

    University of Wollongong Research Online University of Wollongong Thesis Collection 2017+ University of Wollongong Thesis Collections 2019 Negotiating Transnational Collaborations with the Chinese Film Industry Kai Ruo Soh University of Wollongong Follow this and additional works at: https://ro.uow.edu.au/theses1 University of Wollongong Copyright Warning You may print or download ONE copy of this document for the purpose of your own research or study. The University does not authorise you to copy, communicate or otherwise make available electronically to any other person any copyright material contained on this site. You are reminded of the following: This work is copyright. Apart from any use permitted under the Copyright Act 1968, no part of this work may be reproduced by any process, nor may any other exclusive right be exercised, without the permission of the author. Copyright owners are entitled to take legal action against persons who infringe their copyright. A reproduction of material that is protected by copyright may be a copyright infringement. A court may impose penalties and award damages in relation to offences and infringements relating to copyright material. Higher penalties may apply, and higher damages may be awarded, for offences and infringements involving the conversion of material into digital or electronic form. Unless otherwise indicated, the views expressed in this thesis are those of the author and do not necessarily represent the views of the University of Wollongong. Recommended Citation Soh, Kai Ruo, Negotiating Transnational Collaborations with the Chinese Film Industry, Doctor of Philosophy thesis, School of the Arts, English and Media, University of Wollongong, 2019.
  • BSAC Business Briefing China on the Global Media Stage April 2017

    BSAC Business Briefing China on the Global Media Stage April 2017

    BSAC Business Briefing China on the Global Media Stage April 2017 This paper was commissioned by BSAC and presented at a BSAC Council Meeting on 21 February 2017 accompanied by a complementary presentation and discussion by Ben Keen. It was subsequently revised and published in April 2017. This Business Briefing is a short introduction to the business dynamics within China as well as the opportunities emerging internationally from the rapid evolution and global expansion of the major Chinese media and technology groups. After years of widespread of piracy, particularly in the home video sphere, there is a prevalent assumption in the West that Chinese consumers spend little on media content. In fact, Chinese consumers paid out a staggering $31.4 billion in 2016 to access media content. And this disregards the massive additional media-related revenue streams generated via advertising. Nearly three quarters of this spend was on subscriptions to pay TV and about a fifth went towards purchasing cinema tickets, with the balance spent on paid-for video services delivered online. BSAC Business Briefing: China on the Global Media Stage April 2017 1 Cinema exhibition China is now the second largest cinema market by gross box office value after the USA, but has now overtaken the USA as the country with the largest number of screens. Last year, an average of 26 new screens were opened every day in China. Despite this rapid growth, there is still considerable scope for further development: China has just 30 screens per million people, as opposed to 125 per million in the USA.
  • CJ CGV (079160) 3Q19 Preview : 컨센서스 하회 예상

    CJ CGV (079160) 3Q19 Preview : 컨센서스 하회 예상

    Company Report 2019.10.14 CJ CGV (079160) 미디어/엔터 3Q19 Preview : 컨센서스 하회 예상 3Q19 Preview 연결실적은 매출액 5,247억원(+11% YoY), 영업이익 289억원(-12% YoY), 지배주주 귀속순이익 -8억원(적전 YoY)을 기록해 영업이익 기준으로 컨센서스를 20% 이 상 하회 예상. 3Q19 실적이 기대치에 미치지 못하는 핵심이유는 8~9월 한국 박스오피스 부진에 따른 본사 감익 때문. 부문별 영업이익은 본사 189억원, 4DX 59억원, 중국 59억원(중국 본사+ 연결사이트), 베트남 21억원, 인도네시아 25억원, 터키 -44억원. 참고로, 3Q19에도 터키 관련 TRS 평가손익이 거의 없을 것으로 추정 ▶본사 : 3Q19 한국 박스오피스 매출액은 5,175억원(-8% YoY)으로 감소. 본사 실적은 매출액 2,841억원(+1% YoY), 영업이익 189억원(-26% YoY) 추정. 전국 박스오피스 감소에도 불구하 투자의견 HOLD (M) 고 전년수준의 매출을 기대하는 이유는 직영점 점포수 증가(+7개 YoY)와 특화관 영화 강세에 기 목표주가 43,000원 (M) 인. ▶중국 : 3Q19 원/위안 평균환율은 170원(+3% YoY)을 기록해 YoY로 큰 변화는 없었음. 현재주가 (10/11) 31,350원 중국 CGV 티켓매출액은 4.5억위안(+1% YoY)으로 정체. 중국 CGV 사이트수는 3Q18 107개 상승여력 37% → 3Q19 134개(+25% YoY)로 증가. 중국 영업이익(중국 본사+연결사이트)은 59억원(-22% YoY)으로 감소 예상. 감익 예상이유는 티켓매출 정체구간에 사이트수가 급증한 점에 기인. ▶터 시가총액 6,634억원 키 : 3Q19 원/리라 평균환율은 211원(+4% YoY)을 기록해 YoY로 큰 변화는 없었음. 19년 총발행주식수 21,161,313주 27~39주차(7월5일 ~ 10월3일) 터키 박스오피스 누적매출액은 1.42억리라(+19% YoY)로 증가. 60일 평균 거래대금 35억원 3Q19 터키 박스오피스는 YoY로 증가하지만, QoQ로는 10% 가량 감소할 것으로 추정. 터키 영 60일 평균 거래량 101,197주 업적자는 YoY로 축소, QoQ로 확대 예상 52주 고 48,100원 52주 저 31,000원 외인지분율 8.13% 단기 주가모멘텀 양호할 듯 CJ CGV는 4Q19 중국과 터키 중심의 증익 기대.
  • The Chinese Film Industry: Features and Trends, 2010-2016

    The Chinese Film Industry: Features and Trends, 2010-2016

    THE CHINESE FILM INDUSTRY: FEATURES AND TRENDS, 2010-2016 Jinuo Diao A Thesis Submitted for the Degree of PhD at the University of St Andrews 2020 Full metadata for this item is available in St Andrews Research Repository at: http://research-repository.st-andrews.ac.uk/ Please use this identifier to cite or link to this item: http://hdl.handle.net/10023/19497 This item is protected by original copyright The Chinese Film Industry: Features and Trends, 2010-2016 Jinuo Diao This thesis is submitted in partial fulfilment for the degree of Doctor of Philosophy (PhD) at the University of St Andrews December 2019 Candidate's declaration I, Jinuo Diao, do hereby certify that this thesis, submitted for the degree of PhD, which is approximately 80,000 words in length, has been written by me, and that it is the record of work carried out by me, or principally by myself in collaboration with others as acknowledged, and that it has not been submitted in any previous application for any degree. I was admitted as a research student at the University of St Andrews in September 2015. I received funding from an organisation or institution and have acknowledged the funder(s) in the full text of my thesis. Date 18 December 2019 Signature of candidate Supervisor's declaration I hereby certify that the candidate has fulfilled the conditions of the Resolution and Regulations appropriate for the degree of PhD in the University of St Andrews and that the candidate is qualified to submit this thesis in application for that degree.
  • 404610 Gianmaria Maggioni M

    404610 Gianmaria Maggioni M

    Cand. Merc. Program IMM International Marketing and Management Co-Production Efforts between China and US: Globalisation, Soft Power and Cultural Relevance in the movie industry An exploratory study of Dalian Wanda’s acquisition of Legendary Entertainment Gianmaria Maggioni Date of submission: 15th of September 2017 Supervisor: Kristina Vaarst Andersen 80 Pages and 165942 Characters !1 of !139 Co-Production E"orts between China and US: Globalisation, Soft Power and Cultural Relevance # in the movie industry$1% 0. Abstract$6% 1.0 Introduction$7% 1.1 The Philosophy behind Cinematography$8% 1.2 Contemporary Landscape$8% 1.2.1 Chinese Landscape$9% 1.2.2 American Landscape$11% 1.3 Shifting the Paradigm$11% 1.4 Dalian Wanda Group$12% 1.4.1 Chinese Financial Situation$13% 1.5 Legendary Entertainment$14% 2.0 Research Problem$16% 3.0 Theoretical Framework$18% 3.1 Defining Soft Power$18% 3.2 Soft Power through Movies$18% 3.3 Soft Power in China$19% 3.3.1 Steps Toward a Cultural Centrality$20% 3.3.2 Complications Regarding Chinese Soft Power$21% 3.4 Keane Cultural Timeline$22% 3.4.1 Cultural Timeline Stages$23% 3.4.1.1 Standardised production$23% 3.4.1.2 Imitation$24% 3.4.1.3 Collaboration$24% 3.4.1.4 Trade$25% 3.4.1.5 Clusters$25% 3.4.1.6 Creative Communities$25% 3.5 Co-Productions$26% 3.5.1 Benefits of Co-Production$27% 3.5.2 Costs of Co-production $27% 4. History of China and US Film Relationship$29% 4.1 Motion Pictures in the Early 1900s$29% !2 of !139 4.2 The Quota System Introduction$29% 4.3 Sino-American Joint Ventures$30% 4.3.1 Cinematic Imports$30%

  • Printmgr File

    THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW This section contains information relating to the film industry in the PRC. The information and statistics contained in this section and elsewhere in this [REDACTED] have been derived from publicly available government and official sources, industry statistics and publications and the market research report prepared by EntGroup which we commissioned. We believe that the sources of such information and statistics are appropriate and we have taken reasonable care in extracting and reproducing such information and statistics. We have no reason to believe that such information or statistics are false or misleading in any material respect or that any fact has been omitted that would render such information or statistics false or misleading in any material respect. Such information and statistics have not been independently verified by us, the Sole Global Coordinator, the Sole Bookrunner, the Sole Sponsor or any other party involved in the [REDACTED] or any of our or their respective directors, officers or representatives. No representation is given as to their correctness or accuracy. Accordingly, you should not place undue reliance on such information or statistics. SOURCE OF THE INDUSTRY INFORMATION We commissioned the EntGroup, an independent third party consulting firm, to produce an industry report on the film industry in the PRC (the “Industry Report”). The EntGroup specialises in providing consulting services and conducting market research relating to the PRC entertainment industry, which includes the PRC film industry.

  • IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1970)

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. IMAX CHINA HOLDING, INC. (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1970) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018, FINAL DIVIDEND ANNOUNCEMENT AND INSIDE INFORMATION OUR CONTROLLING SHAREHOLDER IMAX CORPORATION RELEASED ITS FOURTH QUARTER AND FULL YEAR 2018 FINANCIAL RESULTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2018 ANNUAL RESULTS ANNOUNCEMENT The Board of Directors of IMAX China Holding, Inc. (the “Company” or “IMAX China”) is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2018 as follows. FINAL DIVIDEND ANNOUNCEMENT The Board of Directors of the Company is pleased to announce its recommendation of a final dividend of US$0.02 per share (equivalent to approximately HK$0.157 per share) to the shareholders. Subject to the approval of the shareholders at the forthcoming Annual General Meeting and subject to further announcement(s) in respect to the book closure date, record date and payment date, the proposed 2018 final dividend is expected to be distributed to shareholders on or around 31 May 2019. There will be no scrip dividend option for the 2018 final dividend. 1 INSIDE INFORMATION This is an announcement made pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap.