Bingo Group plans joint venture with Shanghai’s CineChina.
Hong Kong actor and director Stephen Chow (CJ7, Kung Fu Hustle) will invest in cinema development in mainland China. Hong Kong-based Bingo Group, in which Chow is an executive director and majority shareholder, will set up a joint venture with Shanghai-based cinema design and development company CineChina. The new joint venture plans to open 36 cinemas China in the next three years.
According to the MOU between Bingo Group and CineChina, Bingo will own 70% share in the new company while CineChina holds 30%. CineChina will transfer its cinema development business to the new company.
“Making a movie requires a very good script and a genius director. It is not very easy and usually risky. This is why I choose to invest on cinemas,” said Chow upon signing the MOU.
According to Chan Cheong-yee, executive director of Bingo Group, the first four cinemas will be built in Shanghai, Chongqing, and Dongguan city.
Chow in 2010 acquired major shares of Hong Kong-listed Emcom International Limited and changed its name to Bingo Group Holdings. Emcom International’s business was electronic products and telecom services. After the acquisition the company’s main business is now changed to film production, licensing of film derivative products and cinema development.
It is understood that Bingo Group is currently developing the prequel of Chow’s 1994 film A Chinese Odyssey, in which Chow will produce and co-direct the film with Hong Kong director Derek Kwok (Gallants, The Moss).