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Printmgr File 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 prospectus 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 Global Offering 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. It also provides services in connection with TV and online video market research and consulting as well as media events and conferences. The EntGroup was established in 2008 and operates from Beijing and Los Angeles. It is a member of the ComInsight Group, a business information service group focusing on internet, media, marketing, entertainment and financial markets in the PRC. EntGroup’s major clients include PRC government organisations such as SARFT and China Film Archives, as well as entertainment industry players such as Huayi Brothers, Le Vision Film and Huace Film & TV, and other clients such as Yili, Tencent, Alibaba and Rentrak. We have included certain information from the Industry Report in this prospectus because we believe it facilitates an understanding of the PRC film industry. The EntGroup prepared the Industry Report based on EntGroup’s own database EBOT (EntGroup Box Office Tracker). This comprises data from the government’s daily collection of box office data as well as data from user surveys conducted by EntGroup. The EntGroup predicts that the following macro trends will influence the development of the PRC film industry in the coming years, and in compiling and preparing the Industry Report, the EntGroup has adopted these predictions as assumptions: (i) the film market in the PRC will continue to grow at a fast and steady pace over the next five years, and the box office of both domestic and Hollywood films(1) will benefit from such growth; (ii) PRC audiences will demand more Chinese language films in different genres such as action, fantasy and science fiction; and (iii) the development of commercial real estate in the PRC cities will stimulate the development of cinema chain operations and the growth of screen numbers in the PRC at a rate similar to the historical trend in the last five years. Our Directors, after taking reasonable care, are of the view that there has been no adverse change in the market information since the date of the Industry Report which may qualify, contradict (1) Hollywood films include all imported films subject to the annual quota imposed by the PRC government. —56— INDUSTRY OVERVIEW or have an impact on the information therein. We agreed to pay the EntGroup a fee of RMB250,000 for the preparation of the Industry Report. For the purpose of this section, we have adopted exchange rate of RMB6.20 to US$1.00, which was the prevailing exchange rate as at 31 December 2014. OVERVIEW OF THE FILM INDUSTRY IN THE PRC The PRC film industry has experienced strong and consistent growth in recent years. According to the EntGroup, the box office in the PRC grew at a CAGR of 30.7% between 2010 and 2014, compared to a CAGR of (0.5)% in the U.S. and 4.2% globally over the same period. The PRC has also become the second largest film market globally behind the U.S. as measured by box office by 2014. In 1HFY2015, the PRC box office reached US$3.3 billion compared to the U.S. box office of US$4.6 billion. The PRC’s share of the monthly box office surpassed the U.S. for the first time in February 2015, making it the top film market in the world for February, according to EntGroup. EntGroup estimates that the annual box office revenue in the PRC will surpass that of the U.S. by 2017. The PRC’s share of the global box office grew from 5.1% in 2010 to 12.5% in 2014. This growth has been driven by a strong increase in admissions, which has in turn been fuelled by an increase in the number of screens. Total admissions for film has increased from 286.0 million in 2010 to 829.8 million in 2014, representing a CAGR of 30.5% during the period. In 1HFY2015, the total admissions for the PRC film market reached 556.2 million. Total number of screens increased from 6,256 in 2010 to 24,317 in 2014, representing a CAGR of 40.4% during the period. In 1HFY2015, the number of screens further increased to 26,244. According to the EntGroup, the box office in the PRC is expected to grow from US$4.7 billion in 2014 to US$11.7 billion in 2017, representing a CAGR of 35.2% during the period; the total admission for film theatres is expected to increase from 829.8 million in 2014 to 1,930.3 million in 2017, representing a CAGR of 32.5% during the period; and the total number of screens is expected to increase from 24,317 in 2014 to 40,123 in 2017, representing a CAGR of 18.2% during the period. Box Office in the PRC and the U.S. 20 15 11.7 10.9 11.0 11.3 10.6 10.2 10.8 10.4 10.7 10 8.7 6.4 4.7 4.6 5 3.5 2.7 3.3 1.6 2.1 0 2010 2011 2012 2013 2014 1HFY2015 2015e 2016e 2017e U.S. Box Office (US$Bn) PRC Box Office (US$Bn) Source: EntGroup ‘e’ means estimated —57— INDUSTRY OVERVIEW Film Admission in the PRC and the U.S. 2,000 1,930 1,457 1,500 1,339 1,362 1,344 1,283 1,268 1,243 1,218 1,193 1,099 1,000 830 613 467 500 370 286 0 2010 2011 2012 2013 2014 2015e 2016e 2017e U.S. Admission (MM) PRC Admission (MM) Source: EntGroup ‘e’ means estimated Number of Theatres and Screens in the PRC 50,000 40,123 40,000 36,476 30,396 30,000 24,317 26,244 20,000 18,398 13,118 9,286 8,720 9,591 10,000 6,256 5,813 6,413 7,266 2,000 2,800 3,680 4,583 0 2010 2011 2012 2013 20141HFY2015 2015e 2016e 2017e Theatres Screens Source: EntGroup Key Growth Drivers Continued Urbanisation, Higher Disposable Income and Increasing Entertainment Consumption According to the National Bureau of Statistics, the total urban population in the PRC increased from 669.8 million in 2010 to 749.2 million in 2014, and the urban population as a percentage of the total population increased from 49.9% in 2010 to 54.8% in 2014. According to the EntGroup, per capita annual disposable income of urban households in the PRC increased from US$3,082.1 in 2010 to US$4,652.3 in 2014. With rising affluence and improvements in lifestyle, the PRC population has shown a propensity for increased spending on cultural activities, including movies. According to the EntGroup, per capita annual entertainment expense of urban households in the PRC increased from US$262.5 in 2010 to US$370.0 in 2013. These factors have all contributed to a large and growing market for the PRC film industry. The urban per capita box office in the PRC increased from US$2.4 in 2010 (0.08% of per capita disposable —58— INDUSTRY OVERVIEW income of urban households) to US$6.3 in 2014 (0.14% of per capita disposable income of urban households). In comparison, the U.S. urban per capita box office was at US$34.2 in 2010 and US$32.5 in 2014, staying flat at around 0.3% of per capita disposable income. Per capita film attendance per annum in the PRC also increased to 0.6 visit in 2014 from 0.2 visit in 2010. Potential for Higher Penetration In comparison to film industries in developed markets, such as the U.S., the PRC film industry is far from saturation. Despite the continued and rapid growth in the number of screens in the PRC since early 2000, the number of screens per 100,000 people in the PRC was only 1.8 in 2014, which is significantly less than the 14.9 in the U.S. Per capita film admission is also at a much lower level: in 2014 per capita film attendance per annum in the PRC was 0.6 visit compared to 4.0 visits in the U.S. (2014 figures) Per Capita Film Number of Total Box Attendance Screens per Urban Per % Urban Office (Visits/ Number of 100,000 Capita Box Disposable Global Ranking by Box Office Country (US$Bn) person) Screens People Office (US$) Income 1 .....................
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