According to Chinese media reports, the tycoon of Chinese film and television industry, H. Brothers has established their own sports corporation to explore their new business in the field of sports industry.
The Tianjin H. BROTHERS Sports Culture Co. Ltd (literally translated) was established on 19th September 2016 with registered capital of 7.24 million USD (50 million CNY). Their legal representative is Wang Zhongjun, who is also the President of H. Brothers. For now, the business of H.Brothers Sports involves organizing sports games, planning and organizing e-sport events, sports industries development and the development & operation of sports venues.
In fact, before establishment of H.Brothers Sports, this company has set up its business in the field of e-sports.H.Brothers purchased 20% of shares in Hero Entertainment and became the second-largest shareholder in November of last year, which H.Brothers could have taken over the controlling power of Hero through the new shares trade in this year. However, as the sides could not reach a common consensus on the final share price, Beijing Hero Entertainment terminated H.Brothers’s plan to invest further in on the 6th December. Although the eventual collapse of the deal stopped H.Brothers exploring further cooperation between the sides on e-sports, H.Brothers still enjoys the profits from this e-sports company, and is now trying to find a way to establish new capital cooperation currently.
According to Chen Shaofeng, the vice president of Peking University Institute of Cultural Industry, the sports industry may be a good choice for H.Brothers to keep expanding, as H.Brothers business has reached a certain stage in the film and television industry where intense competition in that market has gradually slowed down its growth.
Source: Sports Money, Beijing Business Today
Proofread by Sean O Diobhilin