Co-founded by Mr. Raymond Chow, Mr. Leonard Ho Koon-cheung and Mr. Leung Fung in 1970, Golden Harvest Group was listed on the Hong Kong Stock Exchange in 1994 and is currently an influential powerhouse in the film entertainment business of the Chinese markets. Its businesses range from film financing and distribution to exhibition and processing.
Film Financing and Distribution
Golden Harvest has shifted its focus to film financing and distribution from film production in recent years and has since financed and distributed approximately 45 movies. Film distribution is one of Golden Harvest's core businesses. The Group plays a key role in the theatrical distribution of Chinese-language films in Hong Kong via its operating vehicle "Gala" and owns a film library with approximately 140 films for global distribution. Apart from Chinese-language films, Golden Harvest also actively acquires the distribution rights of quality independent films for the HK, Taiwan, PRC and Singapore regions via its brand "Panasia" and its joint ventures so as to consolidate its leading distribution position in Hong Kong and Southeast Asia.
Film Exhibition
Golden Harvest is now a leading cinema operator in the Asian region. As at 30 June 2007, we operate 33 multiplexes in SE Asia countries consisting of a total of 260 screens.
In recent years, the Group has made a strategic move to extend its cinema network to mainland China and Taiwan. Given the gradual liberalization of the film distribution and exhibition markets in mainland China, the Group launched its first brand name flagship multiplex in Shenzhen at the Mixc mall in City Crossing. The first phase consisting of 7 screens was officially opened in January 2005. Setting a new milestone for modern multiplex design and management, it is the first multiplex in mainland China to pioneer technology such as advance ticket booking through internet and mobile phone messaging. The cinema has performed distinctively since its opening and had signal honour of being No. 1 in the whole mainland China in terms of box office takings. Currently it holds 35% of the total market share of Shenzhen. The Group will strengthen its presence in Shenzhen and plans to open two more multiplexes there by 2008. Besides, we have created a digital screen advertising network in Shenzhen covering cinemas accounting 80% of Shenzhen's box office. We plans to penetrate the Beijing market this year to achieve the same.
In February 2005, Golden Harvest acquired the largest cinema chain in Taiwan, Warner Village (now renamed as "Vieshow") which operates 8 multiplexes and 79 screens. Golden Harvest currently shares approximately 30% of the Taiwan market.
In Singapore, GV VivoCity, the new flagship of Golden Village Multiplex opened its doors in October 2006 at VivoCity, HarbourFront. This new, state-of-the-art 15-plex occupies a stunning 90,000 sq feet of space with 2,173 seats and is expected to entertain over a million patrons per year. With GV VivoCity, the Group currently operates 9 multiplexes and 73 screens and is expected to attain 50% of the total market share in Singapore.
In Hong Kong, Golden Harvest runs 5 multiplexes and 24 screens and in Malaysia, Golden Harvest has one remaining cinema circuits comprising 8 multiplexes and 63 screens. Golden Harvest sold the other circuit they owned in Malaysia in February 2007.
Prospects
Over the past few years, the Group has made consistent efforts in identifying and strengthening its exhibition and distribution network in the territories which show higher market potential and better returns. Our strong cinema network has enabled the Group to step up its non-Chinese language films distribution business in the region. We will continue to reinforce this business by acquiring and distributing more popular films in the region.
Given the continued opening of the film distribution and exhibition markets in mainland China and the increase in investment opportunities there, we believe that this is an opportune time for the Group to redeploy its resources to strengthen its presence in mainland China. The Group plans to open more cinemas in Shenzhen and in other principal cities such as Beijing, Shanghai, Hangzhou, Suzhou and Wuxi in the years ahead. Apart from cinema operations, the Group has also started a digital screen advertising business in Shenzhen and plans to expand this to other cities in mainland China in the near future.
updated 23rd June, 2009
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