HONG KONG, Jan. 9, 2015 /PRNewswire/ — Pegasus Entertainment Holdings Limited ("Pegasus" or the "Group", GEM stock code: 8039) transferred listing from the Growth Enterprise Market ("GEM") to the Main Board of the Stock Exchange of Hong Kong Limited ("SEHK") today, with the new stock code 1326.
Mr. Raymond Wong, Chairman of Pegasus, says "We believe the transfer of listing will enhance the profile of the Group and improve the trading liquidity of shares, and that we could gain a wide recognition among larger institutional and retail investors."
Pegasus is principally engaged in films and television series production, distribution and licensing of film rights in Hong Kong, the PRC and South East Asia through its established channels. Since its listing on GEM in October 2012, the Group has continued to diversify its businesses into international film production investment, film exhibition and post-production. Pegasus is developing a one-stop integrated cultural business, as well as to better monitor and control its production costs, time and quality of its films which will benefit the Group in terms of improved production efficiency, cost effectiveness and provide the Group with more flexibility.
Major customers of the Group include: (i) co-producers; (ii) distributors and licensees; and (iii) advertisers and sponsors. Revenue of the Group increased by 40.4% from approximately HK$137 million for the year ended 30 June 2012 to approximately HK$192 million for the year ended 30 June 2013. The Group records revenue of HK$134 million for the year ended 30 June 2014. The Group’s profit attributable to owners of the Company for the year amounted to approximately HK$26.4 million (2013: HK$19.1 million).
On the film and television series production and distribution front, the Group intended to produce 6 films for the year ending 30 June 2015 in the Asian market. The Group has also expanded beyond the Asian market by investing in a sci-fi movie intended to be produced for global distribution through international cinemas in the second half of 2016. The movie has received considerable pre-sale amounting to approximately US$40 million in the Cannes Film market last year.
The Group has entered into the film exhibition business in recent years and has successfully secured a ten-year lease for the cinema situated at Langham Place, which is located in the prime area of Mongkok. The cinema has been opened for trial operation in mid-November 2014 under the name "Cinema City Langham Place" and has officially commenced operation on 5 January 2015.
Looking forward, Mr. Raymond Wong says, "the PRC film market has entered a golden phrase of development. Pegasus strategically positioned the Hong Kong cinema market as the first step for the Group’s future endeavours in the film distribution business with an aim to expand into the cinema market in the PRC to establish a strong vertically integrated production and distribution in its key market, which is complementary to the Group’s continuous strategy to explore business opportunities associated with its core business so as to expand its revenue base."
About Pegasus Entertainment Holdings Limited
Pegasus is principally engaged in films and television series production, distribution and licensing of film rights in Hong Kong, the PRC and South East Asia. In recent years, the Group has diversified its businesses into international film production investment, film exhibition and post-production to develop a one-stop integrated cultural business.