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Public company info - Digital Domain Holdings Ltd. , 00547.HK

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Digital Domain Holdings Ltd., 00547.HK - Company Profile
Chairman Peter Chou
Share Issued (share) 4,294,967,295
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Movies & Entertainment
Corporate Profile Business Summary: The principal activities of the Company are property investment and media entertainment. Performance for the year: For the year ended 31 December 2016, the Group achieved a revenue of HK$763,501,000 (2015: HK$527,341,000), showing a modest growth of approximately 45% compared to that of last year. The loss attributable to the owners of the Company was HK$479,377,000 (2015: HK$156,298,000). The loss for the year ended 31 December 2016 was approximately HK$498,380,000 (2015: HK$179,507,000). BUSINESS REVIEW: Through the investment in Lucrative Skill - the holding company of the Post Production Office group of companies (collectively rebranded as “DDPO” upon completion of the acquisition in April 2016) - the Group made significant progress in establishing a strong operating platform in China with offices located in Beijing and Shanghai. DDPO primarily provides postproduction services for commercials, TV series, and feature films in China, including offline and online editing, compositing, colour grading, animation, CG and VFX production. It also provides production services for the making of commercials, VR/360° videos and feature films. In 2016, DDPO continued to provide post-production services for various high-profile commercials profiling leading brands like Tencent, Dell, BMW, Mercedes-Benz, Volkswagen, Samsung, TCL, Canon, China Mobile, Coca-Cola, P&G, Mengniu Dairy, Nestle, Alibaba and China Central Television (CCTV). Feature film projects included the starstudded I Love That Crazy Little Thing, For A Few Bullets, The Whisper, Cook up a Storm and Journey to the West: The Demons Strike Back. Cook up a Storm and Journey to the West: The Demons Strike Back were two of the most anticipated feature films released during the 2017 Chinese New Year festive season, the biggest box office schedule in the calendar year. Since April 2016, this business unit has expanded into VR/360° production for commercials, MTV, concerts, and feature film trailers for online media broadcasts. The key production projects it conducted in 2016 include: a Crossfire (a popular mobile game from Tencent) VR/360° commercial video that has attracted high viewerships on Eyeptizer and Youku; VR/360° music video for TFBoys (a popular local teenage band); VR/360° trailer for a feature film called Binding Souls; and a VR/360° live broadcast from Tencent VR Platform and Whaley online platform for Faye Wong’s (a legendary female singer in Asia) one show concert, which attracted a live online audience that peaked at over 100,000 concurrent viewers. In 2016, DDPO also provided production services for the making of the Lao Heng He commercial and Cook up a Storm. There were further CG and visual effectintensive commercial projects in 2016 such as Crossfire and Street Fighter (a commercial for Dell). DDPO also provided creative and VFX production services for the Faye Wong Concert. Virtual Human Business In 2014, Digital Domain Media (HK) Limited (“DDM”), an indirect wholly-owned subsidiary of the Company, and TNT Production Limited (“TNT”) entered into a co-operation framework agreement for the formation of a joint venture company to engage in the production and utilisation of 3D hologram technology relating to the music works of the deceased Taiwanese pop diva, Miss Teresa Teng, subject to the conditions precedent contained in the framework agreement. The joint venture company, DD & TT Company Limited (“DDTT”), was formed in 2015. DDTT is 60% owned by DDM and 40% owned by TNT. DDTT’s business focuses on the production of a series of 3D holograms of Miss Teng, targeting audiences in Chinese communities around the world. The latest 3D hologram technology can be widely applied in the entertainment business, including, but not limited to, concerts, albums, movies and advertisements. A series of Virtual Human Miss Teresa Teng concerts has been planned. Four concerts were held in Shanghai, Wuhan, Shenzhen and Xiamen in 2016 with more planned for other major cities in China in 2017. The Company is also negotiating with several business partners to hold concerts in other countries, such as Japan, Malaysia, and Indonesia, and develop other types of projects in China. DD3I used their expertise in virtual image reconstruction techniques to reproduce the glamour of the Taiwanese pop diva on stage. In May 2016, the Company announced a strategic partnership with the family of the late legendary Hong Kong pop singer Miss Anita Mui, for the exclusive use of the intellectual property rights of her works in order to reproduce her work in Virtual Human form. Incorporating the Group’s advanced 3D Virtual Human technology, audiences in the Greater China region, Singapore, Malaysia, Thailand, Japan, South Korea and indeed, around the world, will be able to relive her enchanting performances via Virtual Human concerts, advertisements, movies and films. The strategic cooperation with the family of Miss Mui once again marks the successful production and utilisation of the Company’s Virtual Human technology following its first project to revive the highly popular diva Miss Teng in 2013. Film Co-production The film Ender’s Game was released in November 2013 in the US. The film continues to generate income from non-box office channels both within and outside the US. Ender’s Game is based on a best-selling, award winning novel. It is an epic adventure starring Harrison Ford, Asa Butterfield, Hailee Steinfeld, Viola Davis, Abigail Breslin and Ben Kingsley. It is distributed by Summit Entertainment in association with OddLot Entertainment and is a Chartoff Productions / Taleswapper / OddLot Entertainment / K / O Paper Products / DD3I production. The profit sharing from DD3I’s participation rights in Ender’s Game was recognised as “Other income and gains” in the Group’s consolidated income statement. Property Investment Segment The Group owns two shops on the ground floor and ten car parking spaces at the Citicorp Centre, Causeway Bay, Hong Kong. All shops and most of the car parking spaces were leased out in the year under review. The property investment portfolio of this segment continues to contribute a steady income for the Group. For the year ended 31 December 2016, the revenue of this segment increased by approximately 45% to HK$8,059,000 (2015: HK$5,560,000). The increase was caused by the change of a tenant in late 2015. The revenue accounted for approximately 1% of the Group’s overall revenue during the year under review. The profit of this segment increased during the year under review, amounting to HK$6,974,000 (2015: HK$4,261,000). Prospects: The Group will continue to leverage its extensive experience in the VFX industry and seek new projects and business opportunities despite a highly competitive market environment. Through the acquisition of Lucrative Skill (including Post Production Office Limited and its subsidiaries), the Group is proactively exploring opportunities to develop its Greater China market in the VFX, VR, CG, Virtual Human and immersive entertainment businesses. The Group has begun setting up its own subsidiary in India for VFX and VR productions. A production facility in Hyderabad, India, will support the Group’s operations worldwide. The expansions in China and India will increase the working capacity of the Group and reduce production costs in the long run. The effectiveness and efficiency of these expansions will be visible in the coming years. Building on the patents acquired from Immersive and Micoy, Digital Domain is uniquely positioned to play a key role in the VR content market. Following years of experience creating visual effects for Hollywood feature films, advertisements, and video games, in 2016 the company made advances in 360° livestreaming, producing VR experiences like the recent Nobel Peace Prize Concert in Norway and the Faye Wong Moments Live concert in China. Thanks to the Company’s new and innovative super high-definition 360° VR cameras, Zeus and Kronos, the Group is well positioned for further expansion in 360° shooting, livestreaming and VR business. In addition to 360° shooting and livestreaming, the Group is developing cinematic VR series and games. Digital Domain’s Monkey King episodic VR experience introduces a new chapter for supernatural simian Sun Wukong, aka the Monkey King, one of the most famous literary figures in Chinese mythology. The Group is in discussion with new business partners regarding potential collaborations on feature films and TV series as well as variety shows and concerts for Virtual Human Miss Teresa Teng. The Group will continue to explore Virtual Human business opportunities by developing new technologies that will enhance the interactivity between Virtual Humans and their audiences. Following a rapid expansion of business operations and investment diversification, the Group will continue to seek opportunities for financing and collaboration with strategic partners (such as CITIC and SoftBank China during 2016), as well as recruitment of global talent in order to upgrade its shareholding and management structures. Looking ahead, the Group will continue to leverage its strengths and strive to maximise the benefits for our valued customers, shareholders, investors and staff.

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