Beijing-based Chengtian, also know by its English name of Orange Sky, has completed its takeover of Hong Kong’s Golden Harvest, with some name changes and the ramping up of the combined group’s production activities.
Following a shareholder’s special general meeting on July 20, Golden Harvest will be renamed Orange Sky Golden Harvest Entertainment Holdings.
In addition, Golden Harvest subsidiary, Golden Harvest Motion Pictures, has bought out Chengtian’s Beijing-based production unit, Chengtian Zhihong Film & TV Production, and will start making movies again.
Founded by Raymond Chow in the 1970s, Golden Harvest produced over 600 films and launched the international careers of Bruce Lee and Jackie Chan, but since 2003 has shifted its focus to exhibition.
Chengtian chairman We Kebo acquired a 24.78% stake in Golden Harvest from Chow in November 2007, becoming the company’s largest shareholder. He has since increased his stake, while the company remains listed on the Hong Kong stock exchange.
The new company will produce two to four small to medium-sized films a year. It will also co-produce and co-finance big-budget productions, according to chief financial officer Winnie Chan.
The company will also retain its focus on cinema development in China. It currently owns a cinema in Shenzhen and has started constructing cinemas in Chengdu and Guangzhou. Chan said the company will open five more cinemas before the end of the year.