Headlines from China: Huayi Brothers Takes A $103 Million Loan from Alibaba Pictures

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Huayi Brothers Takes A $103 Million Loan from Alibaba Pictures

On January 24th, Alibaba Pictures announced that its affiliated company Beijing Asian Union Culture and Media Investment Ltd. would make a five-year loan of 700 million yuan (US$ 103 million) to Huayi Brothers. According to the framework agreement, the two companies will start a five-year partnership in film financing, production, marketing, and streaming. Last year, due to tax scandals and poor box office of its movies, Huayi Brothers’ market value declined to 14 billion yuan from 60 billion yuan. After the deal with Alibaba Pictures was announced, both companies’ stock prices went up. Read more on Mtime

‘Some Like It Hot 2’ Cancels Its Release 

Chinese rom-com Some Like It Hot 2 cancelled its theatrical release yesterday, only one day before its scheduled opening. The distribution company of the film explained the cancellation was because of “technological issues.” However, many believe that the cancellation has more to do with the film’s lead actor Wu Xiubo’s recent scandal, which has taken Chinese social media by storm. It’s also rumored that the film will be reshot with a new actor replacing Wu. Read more on National Business Daily

‘How to Train Your Dragon: The Hidden World’ Scores China Release Date

Upcoming American animated fantasy film How to Train Your Dragon: The Hidden World, which is produced by DreamWorks and distributed by Universal Pictures, has been set to release in China on March 1. In North America, the film will open on February 22, one week before its China release. The film is based on the book series of the same name and is the third installment in the How to Train Your Dragon movie series. Written and directed by Dean DeBlois, the sequel continues to follow Hiccup who continues to rescue dragons with his fellow dragon riders and friends one year after the events of the second movie. Read more on Mtime

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