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| Set to Enter High-end Media Entertainment & Film Production Market |
HONG KONG, Sept 23, 2013 - (ACN Newswire) - Digital Domain 3.0 Group, a subsidiary of Sun Innovation Holdings Limited ("Sun Innovation" or the "Group") (stock code: 547) showcased its latest visual effect (VFX) production at the Hong Kong and Taipei stops of Mr. Jay Chou's "The Opus Jay 2013 World Tour". The Group employed the latest "Virtual Image Reconstruction Technology" from Hollywood to create 3D images, bringing back the late international superstar Miss Teresa Teng to sing with Mr. Jay Chou on stage. The effects have been so enchanting that over 100,000 people have come to watch the shows. The success of this performance has also laid a solid foundation for Sun Innovation to enter the high-end media entertainment and film production market.
 | | Jay Chou Concert Showcases Sun Innovation's VFX Production Enjoys Highly Positive Reception |
Supported by Digital Domain 3.0 Group, the renowned VFX service provider under Sun Innovation, the late superstar Miss Teresa Teng became the first Chinese singer to be "reborn" through virtual image reconstruction technology. A professional team stationed in Hollywood, the U.S., was responsible for turning the initial concept into reality.
Mr. Zhou Jian, Chairman of Sun Innovation, said, "The successful performance marks the first step for Sun Innovation to enter the high-end media entertainment and film production market. The advanced technology that Digital Domain 3.0 Group possesses - a company that we recently acquired - and the investment and production agreement that it signed with major US film producers will allow us to invest in the entire production of the film as well as engage in digital content and promotion activities. The Group will then be able to enhance the overall profit potential of VFX projects through direct participation in film production, along with increase the long-term value of Sun Innovation by way of ownership of intellectual property rights from films, including ancillary revenue streams."
Digital Domain 3.0 Group is one of the leading providers of VFX for major motion picture studios and advertisers. It has four business segments, including feature films, commercial production, co-production and digital human business. Through its creative and technical team, Digital Domain 3.0 Group has participated in some of the most visually stunning films, including TRON: Legacy, the Transformers trilogy, The Curious Case of Benjamin Button, Apollo 13 and Titanic. The motion pictures and commercial production that Digital Domain 3.0 Group's creative and technical team has worked on have been recognized with numerous awards for excellence in VFX, including Academy Awards, Scientific and Technical Achievement Awards, BAFTA Awards and Cannes Lions Awards. Digital Domain 3.0 Group is capable of handling around 8 to 10 motion pictures and around 20 commercial projects per year.
Driven by the popularity of 3D films, the demand for 3D film production has increased substantially. According to statistics from the Motion Picture Association of America, there were only two 3D films released in 2003 in the U.S. and Canada, representing approximately 0.44% of the total films released during that year, but in 2012, the number increased to 36, accounting for approximately 5.32% of total films released that year. 3D films require large production budgets for VFX products; in turn driving the rapid and sustained growth of the VFX market.
The film market in China has been growing particularly fast, reaching a CAGR of approximately 35.8% since 2005. China now has the world's second largest film market after the U.S. Officially, Beijing supports the domestic film industry as part of broader efforts to increase China's "soft power", seeking to match its growing economic muscle in the cultural sphere. This was detailed in the 12th Five-Year Plan announced by the Chinese government last year. In response, Sun Innovation has prepared to enter the local film industry.
Moreover, Sun Innovation has also penetrated the film production sector via Digital Domain 3.0 Group. Digital Domain 3.0 Group has entered into an investment and production agreement with Ender's Game Holdings LLC and Odd Lot Entertainment, LLC, film producers in the U.S., to provide financing and production services to co-produce the VFX action movie Ender's Game. This is the first time that Digital Domain 3.0 Group has engaged in the co-production film business. The film is scheduled for theatrical release in the fourth quarter of 2013.
On 4 July 2013, Sun Innovation acquired 70% equity interest in Digital Domain 3.0 Group through its wholly-owned subsidiary. The consideration of the acquisition was HK$392 million, which was satisfied by issuing zero-coupon rate convertible notes that are due in two years. The convertible new shares accounted for about 49.92% of the enlarged share capital.
Contact:
Strategic Financial Relations Limited
Mandy Go
+852 2864 4812
mandy.go@sprg.com.hk
Ming Chan
+852 2864 4892
ming.chan@sprg.com.hk
Fax: +(852) 2527 1196
Topic: Press release summary
Source: Sun Innovation Holdings Limited
Sectors: Film & Video, Daily Finance, Cloud & Enterprise, IT Individual, Daily News
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From the Asia Corporate News Network
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