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| Further capturing the strong growth in one of the next multitrillion-dollar businesses |
HONG KONG, Nov 17, 2016 - (ACN Newswire) - Sky Light Holdings Limited ("Sky Light" or the "Group") (stock code: 3882), a leading digital imaging device and solutions provider is pleased to announce the launch of its own Virtual Reality ("VR") business under the name of iON Group ("iON") - a US-based camera provider that owns brands, intellectual property licenses and sales channels. The Group intends to manufacture and sell its own branded VR camera by utilising iON's sales channels and further capturing the strong growth in VR market.
In order to fully expand our VR business, apart from the completed acquisition of iON, the Group has respectively invested an amount of US$3 million in the share capital of CryWorks Inc. ("CryWorks") and an amount of RMB20 million in the registered capital of Shenzhen Kandao Technology Limited ("Kandao") to further expand the Group's development and maximize the value along the VR value chain.
Mr. Tang Wing Fong Terry, Chairman of Sky Light, said, "Through strategic acquisitions and investments, we are pleased that the Group is becoming a brand-driven, one-stop, vertically integrated smart imaging devices and solutions provider. We are also with pleasure to announce co-operations and collaborations with some of the leading companies in the VR industry. Their knowledge and experience in respect of VR content development and technology will be complementary to our business."
CryWorks is an end-to-end VR production house specialising in the creation, development, production and distribution of VR experience. The management of CryWorks has over 20 years of industry experience and has involved in projects with some of the cutting edge companies such as Disney's Image and Pixar. In addition, one of their co-founders, Mr. Hans H. Uhlig, has served as computer graphics supervisor on six feature films that received ACADEMY AWARD(R) nominations for "Best Visual Effects". The Group has obtained a seat on CryWorks's board and will jointly develop certain VR cameras and cooperate in manufacturing and distribution.
Besides, Kandao is a company principally engaged in the research and development of technology in relation to the production, compression and stitching of VR related video content. The founders of Kandao have enormous work experience in technology companies like Tencent and Netease, with solid education background and resources in famous universities such as The University of Hong Kong, Tsinghua University and National University of Singapore. Despite the RMB20 million already invested in Kandao, the Group will form a joint venture with Kandao by a further investment of RMB20 million, of which both will cooperate in manufacturing, technology development and sales of VR camera. At the same time, Kandao will grant an exclusive technology license to the Group in respect of its production, compression and stitching of VR related video content for certain countries during a specified period.
According to a report published by SuperData Research, Inc.[1], the global VR related businesses is expected to generate US$6.4 billion revenue in 2017 and US$75.2 billion revenue in the next 3 years following 2017.
Terry adds, "We are positive on the Group's future development, and with VR market still at its ramp-up stage, it is expected to undergo strong growth in the coming few years. We believe now is the right time for us to leverage the Group's own manufacturing and R&D capability, continue to make investments in start-up companies that are ought to provide synergies to the Group's business along our value chain, and to maintain our market position with broaden product portfolio, aim to expand revenue streams and create long term and stable return to our shareholders."
[1] SuperData Research: https://www.superdataresearch.com/virtual-reality-forecast/
About Sky Light Holdings Limited
Sky Light Holdings Limited ("Sky Light" or "the Group"; stock code: 3882.HK) is a leader in providing digital imaging device and solutions globally. It is principally engaged in developing and manufacturing home imaging products, virtual reality products, action cameras and other digital imaging products such as police cameras, car camcorders and digital camcorders for various uses. With more than 10 years of experience in developing a diverse range of digital imaging products, the Group is dedicated to offering design-driven JDM and ODM solutions to its customers and is striving to become a brand-driven, one-stop, vertically integrated smart imaging devices and solutions provider.
Media enquiries
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Topic: Press release summary
Source: Sky Light Holdings Limited
Sectors: Daily Finance, Daily News
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