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CITYNEON Holdings Limited on Wednesday said that its wholly owned subsidiary, Victory Hill Exhibitions Pte Ltd (VHE) has entered into a non-binding term sheet with Beijing Starclouds Entertainment Development Co Ltd to host and operate the Transformers Experience touring exhibitions produced by VHE in China.
Starclouds will host and operate the exhibitions in mainland China (excluding Hong Kong, Taiwan and Macau) for a period of two years on an exclusive licence from the date of the operating of the first exhibition.
The first exhibition is expected to be open in December 2016.
Starclouds is owned by its founders and state-owned company under the purview of the office of the People's Government of Beijing Municipality. The key management includes Li Yao Han, chairman of Starclouds, who was also the previous founder and chairman of Wanda Cinema Line and former senior vice-president at Wanda Group.
Starclouds chief executive is Charles Lyu, a 14-year "veteran in the entertainment industry" in China and was Wanda's first general manager of the joint venture project between Wanda and Franco Dragone Group.
The term sheet is subject to the execution of a definitive exhibition tour agreement by April 30, 2016.