2015-07-07
sanxiang co., ltd announced its plan to issue new shares to finance asset purchasing on the night of july 6. the intended acquisition of impression wonders arts development co., ltd at 1.9 billion yuan will mark sanxiang’s entrance into the culture and tourism industry.
according to regulations, documents on the issuing are to be reviewed by shenzhen stock exchange. trading will be suspended from july 7th pending the review results. the plan also needs approval or verification from the second meeting of the board of directors, the annual general meeting, commerce authorities and china securities regulatory commission.
impression wonders, run by zhang yimou, wang chaoge and fan yue creates and stages performing arts in top tourist destinations. it is one of the best known and most successful players in the field in terms of art creation and patenting. performances in nature scenes and interactive live performances are the major categories impression wonders has been working on. zhang yimou, wang chaoge and fan yue are pioneers in staging performances in nature scenes. their ‘impression’ series and ‘encore’ series, including impression liu sanjie, impression lijiang, impression west lake, impression dahongpao tea, impression putuo, impression wulong, encore pingyao and encore wutai mountain, have become local success stories.
these artistic projects are each viewed by an audience of over 5 million every year and generate a box office gross of nearly 1 billion yuan. more importantly, they contribute to local cultural image and frequently feature in state-level diplomatic events. with these projects, impression wonders has enhanced the synergy between local tourism and commerce, the service industry and real estate, thus blazing a trail for modern culture and creative industries.
impression wonders are held by impression creative inc. and shanghai impression wonders jointly. behind the former are well-known institutional investors including yunfeng capital and idg; and the latter are jointly owned by zhang yimou, yunfeng capital and li jianguang with 65.12% of shares held by mr. zhang yimou. impression wonders has pledged to generate a minimum annual net profit of 100 million, 130 million and 160 million yuan during the 2015, 2016 and 2017 financial year respectively for the parent company (irregular items excluded).
the planned acquisition is feasible thanks to sanxiang’s resource advantages as a listed company and its marketing expertise developed in the real estate market; on the other hand, the prestige of impression wonders will add lustre to the sanxiang brand. sanxiang also intends to explore the synergy between real estate and culture by setting foot in the tourism and creative industries and bringing an artistic touch to real estate development. the company is confident that the acquisition will enhance profitability.