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Bien Perez

Entertainment and media company See Corp saw its share price open more than double higher at 87 HK cents, the highest it has reached in 3-1/2 years, following a deal that made actor and entrepreneur Nicholas Tse Ting-fung the firm's single biggest shareholder.
The stock finished with a gain of 97 per cent at 75 HK cents in heavy trading.
In a regulatory filing on Thursday, See said it had agreed to acquire 60 per cent of Tse's wholly owned Lucrative Skill Holdings for HK$122.5 million, payable in 350 million new shares at 35 HK cents each.
The transaction would provide Tse with an 18.98 per cent stake in See.
The company's shares resumed trading yesterday after being suspended since October 23.
Lucrative Skill has operations in Hong Kong, Beijing and Shanghai which provide post-production services on films, television shows, music videos and advertisements, as well as internet and mobile applications content.
Post-production services include video and sound editing, special effects and animation, graphics, soundtrack and 2D-to-3D film conversion.
See chairman Hoffman Ma Ho-man described Lucrative Skill as one of the few large domestic players in its industry that is "well-positioned to gain from the fast-growing multimedia advertisement and filmmaking industries" on the mainland.
Lucrative Skill is expected to open this month a large visual special effects and computer graphics production house in Beijing to serve films being made on the mainland and overseas.
Ma said the deal provided See, which has engaged in the film and television production business since 2005, with the opportunity "to acquire quality assets to complement its expansion strategy".
In the past financial year to June, See's losses widened to HK$66.8 million from HK$52.8 million in the previous year.


See eyes fresh growth after deal with artist Nicholas Tse

Nicholas Tse will sell 60 per cent of post-production firm Lucrative Skill to entertainment and media firm See. Photo: SCMP Pictures

Business

Companies

See Corp saw its share price open more than double higher at 87 HK cents, the highest it has reached in 3-1/2 years, following a deal that made actor and entrepreneur Nicholas Tse Ting-fung the firm's single biggest shareholder.
