Digital Domain Receives HK$550 Million Strategic Investment from Poly Culture
Greater China Market Further Strengthened by Technology and Business Innovation Synergies
March 25, 2019 ——Digital Domain Holdings Limited(the “Group” or “Digital Domain”; stock code:547), one of the largest and most innovative providers of visual effects and virtual reality (VR) experiences, is pleased to announce that the company has recently finalized an investment agreement with Poly Culture Group Corporation Limited (“Poly Culture”). Poly Culture has agreed to invest a total of HK$550 million as a strategic investment to help Digital Domain further expand into Greater China. Poly Culture will become the largest single strategic investor in Digital Domain with a shareholding ratio of approximately 16.61%.
"The global landscape has been steadily allowing Digital Domain to complete its entry into four major business sectors including visual effects (VFX), virtual reality (VR), virtual humans (VH), and original content in Greater China.” Mr. Daniel Seah, Executive Director and Chief Executive Officer of Digital Domain, said, “As the largest and most influential state-owned cultural enterprise in the nation, the three core business areas of Poly Culture are performance and theatre management, art pieces operation and auction, cinema investment management and now, the collaboration with Digital Domain. Poly Culture continues to explore four new businesses, including art education, cultural finance, cultural tourism, and cultural asset operation as well as management. Poly Culture will be aiding Digital Domain’s further development in the Greater China market through significant contributions such as capital, resources and more. The strategic support of Poly Culture represents the investors' recognition of and confidence in the advanced technology, sound business strategy and development vitality of Digital Domain. It accelerates our implementation of the established development strategy in Greater China as well as global business locations.”
Daniel Seah, emphasized: "We are looking forward to working with Poly Culture to strengthen the development of education and cultural tourism and seize market opportunities together. By combining the rich experience and abundant resources of Poly Culture, we will continue to expand the development and application of our unique visual effects, VR and virtual human technologies.”
"Digital Domain brings leading innovation and technology, which, combined with the existing Poly Culture focus will expand ground-breaking technology in the cultural sector. In the future, we will collaborate on a number of projects with Digital Domain to create infinite possibilities for the advancement of the local industry." Mr. Jiang Yingchun, General Manager of Poly Culture Group Corporation Limited, said: "Organized by Poly Group and other organizations responsible for cultural creativity and technical support, "The Night of the Forbidden City" not only caused a wide-spread social sensation but also benefitted society and achieved excellent brand recognition. Poly Culture will continue to explore the opportunities of similar projects in the future. With the world's leading creative strength and production technology from Digital Domain, I believe that it can bring renewed interest in traditional culture, performing arts, cultural tourism and more.”
About Digital Domain
Digital Domain creates transportive experiences that entertain, inform and inspire. Throughout the last quarter of a century, the studio has grown to lead the visual effects industry, expanding globally into digital humans, virtual production, previsualization and virtual reality, and adding commercials, game cinematics and episodics to the robust film roster. Digital Domain’s rich legacy consists of hundreds of blockbuster feature films for every major studio and thousands of commercials, music videos, game cinematics and digital content by world-renowned directors and brands.
A creative force in visual effects and premium content, Digital Domain and its predecessor entities have brought artistry and technology to films including Titanic,The Curious Case of Benjamin Button and blockbusters Avengers: Infinity Warand Ready Player One. Staff artists have won more than 100 major awards, including Academy Awards, Clios, BAFTA awards and Cannes Lions.
Digital Domain has successfully become the first independent visual effects studio to enter Greater China. In 2017, Digital Domain launched in Hyderabad. In 2018, Digital Domain acquired one of China's VR hardware equipment pioneers and leaders - VR Technology Holdings Ltd, Shenzhen（“3Glasses”).
Digital Domain has locations in Los Angeles, Vancouver, Montreal, Beijing, Shanghai, Shenzhen, Hong Kong, Taipei and Hyderabad. Digital Domain Holdings Limited is listed on the Hong Kong Stock Exchange (stock code: 547).
Digital Domain: www.digitaldomain.com
About Poly Culture Group
Poly Culture Group Corporation Limited, a subsidiary of China Poly Group Corporation and formerly known as Poly Culture & Arts Corporation Limited, was established in February 2000. In December 2010, the company completed its shareholding reform and was listed on the Hong Kong Stock Exchange in 2014 (Poly Culture Group Corporation Limited, 03636·HK).
Since its establishment 20 years ago, Poly Culture has formed an industry layout of performance and theatre management, art business and auction, and cinema investment and management, of which performance and theatre management, and art auction have been playing a leading role in the industry. Based on its three main businesses, Poly Culture is actively expanding art education, culture finance, culture tourism and culture asset management to promote industry upgrade.
Poly Culture was awarded "Cultural Industry Model Base" by the Ministry of Culture in 2004, and was conferred the title of the "Top 10 Most Influential National Demonstrational Bases in Cultural Industry" by the Ministry of Culture in 2011. From 2008 to 2016, the Company has been awarded the "Top 30 Cultural Enterprises of China" 8 times consecutively.
Poly Culture has over 100 wholly-owned and holding subsidiaries including Beijing Poly Theatre Management Corporation Limited, Beijing Poly International Auction Corporation Limited, Poly Auction (Hong Kong) Limited, Beijing Poly Art Center Corporation Limited, Beijing Poly Art Investment Management Corporation Limited, Poly Film Investment Corporation Limited, Poly Culture North America Investment Corporation Limited, Beijing Poly Music & Arts Development Corporation Limited and Poly Ronghe Financial Leasing Corporation Limited.
Poly Culture Group:www.polyculture.com.cn