GHY indirect subsidiary invests in series of Jay Chou concerts in China
GHY Culture & Media on Monday (Sep 11) said its indirect subsidiary entered into two cooperation agreements to invest in a series of Jay Chou concerts in China.
The agreements are part of the entertainment group’s plans to ramp up concert productions in Asia, GHY said. It anticipates a “strong rebound” of China’s live performance market following three years of dormancy due to the Covid-19 pandemic.
GHY added that it has the rights to undertake concert production for the Mandopop superstar’s concerts in Singapore, Malaysia, Australia, Thailand, Japan and China, excluding Hong Kong and Macau. This will either be on a long-term basis or “without any expiry in time”.
GHY indirect subsidiary Beijing Changxin entered into the cooperation agreements with Shanxi Xingtai Film, Culture & Entertainment Co. Prior to the deals, Beijing Changxin invested in a series of Jay Chou’s Carnival World Tour concerts in Hohhot and Taiyuan, where it was involved in concert production process and named as an organiser.
The group’s concert production team also does liaison work with the artiste and his management team, providing marketing, publicity and other logistical support for the concerts.
GHY executive chairman and group chief executive Guo Jingyu said Jay Chou is hugely popular in China, where he has a strong fan base.
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“It has been nearly three years since his last concert in China and hence, we believe there will be strong demand for his large-scale concerts that we are excited to be a part of,” Guo said.
The group does not expect the agreements to have any material impact on its earnings per share or net tangible assets for the financial year ending Dec 31.
Shares of GHY closed 2.7 per cent or S$0.01 higher at S$0.38 on Friday.
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