Zhitong Financial APP News, Emperor Culture Industry (00491) announced that on December 29th, 2021, King Cinema Beijing (as a tenant, an indirect wholly-owned subsidiary of the company) entered into a lease agreement with Shenzhen Wanchang (as the landlord) for the lease of the property. The property is part of all the operating cinemas on the 5th to 7th floors of Vanke Plaza. Used for theater operation and related business.
The company is an investment holding company and its subsidiaries are mainly engaged in entertainment, media and cultural development, including cinema operation, and investment in films and various cultural activities. King Film City Beijing is an indirect wholly-owned subsidiary of the company, mainly engaged in theater-related business in China. Through the newly opened Movie City, the Board sees the signing of the lease agreement as an opportunity for the Group to further expand its film projection network in China, which is in line with the overall business development direction of the Group.