Huayi Brothers Media Group, an integrated entertainment group in China, announced on Tuesday one of its subsidiaries will purchase 9 percent of the issued shares of GDC Technology Ltd for $20.92 million from CAG Digital Investment Holdings Ltd.
After the transaction, Huayi Brothers International Investment Ltd, the wholly owned subsidiary, will have the right to nominate a director to the board.
The advanced digital screening technology Huayi introduced is expected to attract a large young audience to the cinema, which will improve the company's performance, Securities Daily quoted an industry insider as saying.
A statement released by Huayi Brothers released said the move will have a positive effect on Huayi's film distribution, theater business development and international strategy.
Huayi's first cinema in Shenzhen is expected to open at the end of the year. Its size, design and decoration is expected to make it the best in China.
There are an increasing number of cinemas in China and competition is growing fierce. GDC's advanced technology will be an advantage to Huayi regarding competition, experts said.
As one of the world's leading global innovators for digital cinema, media delivery and display markets, GDC Technology has delivered and installed digital cinema servers, projection and 3D systems worldwide. GDC Tech is currently the largest supplier of digital cinema servers throughout Asia and the second largest provider of digital cinema servers worldwide, according to its website.
mengfanbin@chinadaily.com.cn
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