GHY Culture & Media says that its indirect wholly-owned subsidiary Tianjin Xinhe Culture & Broadcast has entered into a joint investment agreement with Beijing iQIYI Science & Technology to collaborate in the co-production of a stage musical titled "Lion in the Dream", which is slated to be performed in China from August 2021 to August 2022.
Given the stabilisation of the Covid-19 situation in China, most businesses have returned to normalcy. This has, in turn, created opportunities for the group and in its aim to evolve speedily to innovate and diversify its pipeline of entertainment content. The group has leveraged on its content development, end-to-end production and intellectual property creation capabilities to create a diversified ecosystem of interactive content and multi-level entertainment products such as musicals and stage play.
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The co-production of this stage musical is part of the group's business strategies and growth plans to capitalise on the commercial success of the dramas, films and concerts produced by the group and expand its entertainment offerings.
To recap, GHY and iQIYI has previously in June entered into a joint venture to establish a talent management agency based in Singapore. As such, this new joint investment venture with iQIYI to co-produce the stage musical is another testament to the strong partnership between the Group and iQIYI. This further encourages the group's expansion plans and potential co-production ventures and collaborations in the media and entertainment industry in Singapore, the PRC and overseas.
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Shares in GHY closed 4.65% lower on July 27 at 62 cents.
Photo: GHY Culture & Media
