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GHY indirect subsidiary invests in series of Jay Chou concerts in China

SINGAPORE – Mainboard-listed GHY Culture & Media on Monday said its indirect subsidiary entered into two cooperation agreements to invest in a series of Jay Chou concerts in China.

The agreements are part of the entertainment group’s plans to ramp up concert productions in Asia, it said. It anticipates a “strong rebound” of China’s live performance market following three years of dormancy due to the Covid-19 pandemic.

GHY added that it has the rights to undertake concert production for the Mandopop superstar’s concerts in Singapore, Malaysia, Australia, Thailand, Japan and China, excluding Hong Kong and Macau. This will either be on a long-term basis or “without any expiry in time”.

Prior to the cooperation agreements, the subsidiary – Beijing Changxin – invested in a series of Jay Chou’s Carnival World Tour concerts in Hohhot and Taiyuan. It was involved in the production of these concerts and named as an organiser.

The latest agreements were inked with Shanxi Xingtai Film, Culture & Entertainment, which GHY’s China concert production team collaborates with. The team also does liaison work with the artiste and his management team and provides marketing, publicity and logistical support for the concerts.

GHY executive chairman and group chief executive Guo Jingyu said Jay Chou is very popular in China, where he has a strong fan base.

“It has been nearly three years since his last concert in China and hence, we believe there will be strong demand for his large-scale concerts that we are excited to be a part of,” he said.

The group does not expect the agreements to have any material impact on its earnings per share or net tangible assets for the financial year ending Dec 31.

Shares of GHY closed flat at 38 cents on Monday. THE BUSINESS TIMES

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