Legendary East To Raise $220.5M Through Hong Kong For Film Studio From China

This announcement about another Hollywood-China deal was just posted to the Hong Kong Stock Exchange website in the past hour. It follows Legendary Entertainment’s June news that it formed Legendary East, a stand-alone entertainment company creating feature film and related content for a worldwide audience. Legendary East is based in Hong Kong, with Chinese management and international investors as well as Thomas Tull’s Legendary Entertainment. Today, Legendary East announced the investment vehicle to inject $220.5M of cash from Paul Y Engineering Group Ltd by issuing new shares on the Hong Kong stock market. The investment would allow Legendary East to become a fully funded studio operating from China. “A key feature of this structure is that it provides liquidity for those investors in Legendary East that are investing through PYE because PYE’s shares are publicly traded on the HKSE,” an insider emails me. Legendary East is led by CEO Kelvin Wu and Tull, its chairman who is also chairman/CEO of Legendary Entertainment. As previously announced, China media conglomerate Huayi Media will take a key role as local Chinese production and distribution partner and investor in Legendary East. Here’s today’s release: (more…)

This article was printed from https://deadline.com/2011/08/legendary-east-to-raise-220-5m-through-hong-kong-to-become-fully-funder-film-studio-from-china-161050/