Baofeng Group to Establish Film and TV Drama Production Subsidiary
Baofeng Group, 7/17/16
Beijing-based media player software developer Baofeng Group (300431.SZ) recently announced that it has signed an agreement with affiliate Tianjin-based Baofeng Xinhui Business Management Partnership, Baofeng Group deputy general manager Lv Ning, and individual investor Wang Yuan to set up a film and TV drama production and distribution subsidiary.
Baofeng Group, Baofeng Xinhui, Lv Ning, and Wang Yuan will invest a total of RMB 10 mln to set up Beijing-based Baofeng Pictures. Baofeng Group will contribute RMB 3.5 mln for a 35% stake, Baofeng Xinhui will invest RMB 3 mln for a 30% stake, Lv Ning will invest RMB 2.5 mln for a 25% stake, and Wang Yuan will invest RMB 1 mln for a 10% stake.
The operating scope of Baofeng Pictures includes film production and distribution, TV and online drama production and distribution, game operations, and trade in intellectual property rights. The company will focus on developing original intellectual property and will engage in IP procurement and production, film and TV show procurement and production, and film and gaming derivative product development. Its operations will extend to IP resources in the film and television, variety show, online literature, animation, and gaming domains.
Baofeng Xinhui is directly controlled by Feng Xin, Baofeng Group's actual controlling shareholder, and Baofeng Xinhui is considered a legally related party with respect to Baofeng Group. The joint investment by Baofeng Group and Baofeng Xinhui constitutes a related parties transaction. Lv Ning is a deputy general manager at Baofeng Group and the joint investment by Baofeng Group and Lv constitutes a related parties transaction. Wang Yuan is unrelated to Baofeng Group's actual controlling shareholder, to other shareholders with a 5% or greater stake in Baofeng Group, or to the company's other directors, supervisors, or senior managers.
Keywords: Lv Ning Wang Yuan JV television film TV content production film content production Feng Xin TV drama 300431.SZ Baofeng Group Baofeng Xinhui
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