Songcheng Performing Arts acquires regional Tibetan folk opera
Songcheng will invest RMB87 million to acquire 60% holding in famous Tibetan folk opera Jiuzhaigou County Ronzhong Erjia Cultural Productions.
Songcheng Cultural Performing Arts Development will invest RMB87 million (approx: US$14 million) via cash and equity transfer to acquire 60% holding in famous Tibetan folk opera Jiuzhaigou County Ronzhong Erjia Cultural Productions.
Jiuzhaigou Productions was established in 2005. Its premier production is the large-scale Tibetan folk opera “Tibetan Dream”.
A collaboration of “Peacock Princes” actress Liping Yang and Tibetan folk music legend Erjia Rongzhong, Tibetan Dream is a grandiose authentic Tibetan-style folk opera and dance show.
After the acquisition, Jiuzhaigou Productions will change its company name to “Jiuzhaigou County Tibetan Dream Cultural Productions”, and its parent company will be distributed net profits for its 60% equity stake.
Songcheng said this strategic investment in Jiuzhaigou Productions will give it a second competitive cultural stage production and will enhance the quality of its Romance of Jiuzhai and Tibetan Dream operas. “We will be able to reach a broader audience and lead the market through differentiation of artistic productions and attracting top class performers to Jiuzhaigou’s team,” the company said.
Meanwhile, Songcheng Performing Art recorded net profits estimated at between RMB89.8915 million to RMB99.8794 million(approx: US$14.5 -16million) in Q1 2015, a growth of 80% -100% y-o-y and higher than the previously predicted growth rate of 40%-60%, according to its financial report.Translation by David)