Ge Longhui March 1 丨 Huaxia Audiovisual Education (01981.HK) announced that the board of directors proposed changing the company's English name to “Cathay Media and EducationGroup Inc.” Changed to “Cathay Group Holdings Inc.” Also, the company's dual foreign name was changed from “Huaxia Audiovisual Education Group” to “Huaxia Group Holdings Co., Ltd.”
In view of the uncertainty of China's film and television production industry and the long revenue and receivables cycle, the Group is cautious about the future development of the film and television production and investment business. Starting in May 2023, the live streaming e-commerce and artist brokerage business was diversified, and the “Film and TV Production and Investment” business division was renamed the “Entertainment and Live Streaming E-commerce” business division. The company is an investment holding company, and the Group is mainly engaged in (i) higher education (media and art) and vocational education and (ii) entertainment and live streaming e-commerce businesses in China.
The Board believes that the proposed change in the company name will better reflect the Group's current business portfolio, strategic business plans and future development direction. The Board of Directors also believes that the new company name will better enhance the Group's corporate image and promote its future business development.