China Media and Entertainment Weekly News Bulletin – ISSUE 7 Week of 15 July 2024
(1) Lack of Transparency and Consumer Rights in Online Concert Ticket Refunds Despite Regulations
Online Concert ticket sales remain problematic despite the regulations issued by the Ministry of Culture and Tourism and the Ministry of Public Security.
(2) Xiaohongshu’s Phenomenal Growth Attracts Investors
Chinese platform Xiaohongshu sells shares worth US$17 billion, showcasing impressive growth with millions of users and profitable operations but its IPO plans remain uncertain.
(3) Successor Emerges as Summer Box Office Champion
Film Successor exceeds 350 million yuan in Chinese box office within two days.
The producers discuss the challenges faced by Hong Kong filmmakers, including production risks, investments from mainland China, and the closure of the STAR Chinese Movies channel.
(5) Mega Event Boosts Local Economy
The successful Doraemon exhibition at Victoria Dockside boosts sales at K11 MUSEA, aligning with the local government’s plans to stimulate the economy through hosting Mega Events.
(6) Hong Kong Book Fair 2024: Uniting the Worlds of Film and Literature
This year’s Hong Kong Book Fair draws visitors with film and literature exhibits.
(7) A major esports tournament is coming to Macao
Teamfight Tactics heads to Macao for its second live competition, featuring 512 competitors competing for prizes and titles.
(8) Khalil Fong Returns to the Music Scene with his Latest Album
Khalil Fong announces his comeback with the upcoming album The Dreamer, set to be released in October 2024.
(9) Coco Lee’s New Single – Always On My Mind
CoCo’s 30th-anniversary album features unreleased songs produced by her, starting in 2016.
(1) Lack of Transparency and Consumer Rights in Online Concert Ticket Refunds Despite Regulations
A citizen from Changzhou, China, recently purchased a ticket for a Jolin Tsai concert on Maoyan but realized she had chosen the wrong showtime. She promptly requested a refund; however, Maoyan only refunded 50% of the ticket price, citing a handling fee deduction and claiming that refunds are irreversible according to platform rules.
In 2023, the Ministry of Culture and Tourism and the Ministry of Public Security jointly issued a notice (關於進一步加強大型營業性演出活動規範管理促進演出市場健康有序發展的通知) to enhance the regulation and management of large-scale commercial performance activities. Despite these efforts, many platforms continue to operate independently, disregarding the guidelines.
A lawyer highlighted that purchasing concert tickets often involves time limitations and a short timeframe, leaving little opportunity for buyers to fully understand platform rules. These rules, in essence, undermine consumers’ right to be informed. The lawyer emphasized that platforms should clearly and comprehensively inform consumers about potential risks before allowing them to make voluntary choices. In cases where consumers encounter issues with platform fees, they have the option to file complaints with local authorities or take legal action to seek a refund.
News Source: HK01 – 江蘇女花1590元買錯蔡依林演唱會場次 秒退票仍被扣795元喊冤 https://www.hk01.com/article/1038562?utm_source=01articlecopy&utm_medium=referral
(2) Xiaohongshu’s Phenomenal Growth Attracts Investors
Xiaohongshu , a Chinese e-commerce and social platform platform often referred to as the “Chinese Instagram”, recently sold existing shares valued at US$17 billion. The investment round involved DST Global, Sequoia China, Hillhouse Investment, Boyu Capital, and CITIC Capital.
The company’s latest data reveals impressive growth, with 312 million monthly active users in 2023, generating US$3.7 billion in revenue and a net profit of US$500 million. This transition from loss to profit has attracted potential investors.
While Xiaohongshu has been the subject of IPO rumors, there is no further information available regarding a US or Hong Kong listing. The company has not confirmed any definitive IPO plans.
News Source: EToday – 多次被爆上市傳聞！「小紅書」老股轉讓 最新估價5583 億元 | ETtoday大陸新聞 https://www.ettoday.net/news/20240715/2777526.htm
(3) Successor Emerges as Summer Box Office Champion
During the Chinese New Year season this year, YOLO garnered 3.46 billion yuan in box office earnings. This summer, Successor, within just two days of previews, has already surpassed 350 million yuan in box office revenue. It is expected to continue its success and become the champion of the summer season. With limited competition from other films, Successor has a high chance of achieving a box office total exceeding 4 billion yuan.
News Source: 163 – 《抓娃娃》逆跌，2天破3.5亿，有望超《热辣滚烫》夺年度票房冠军 https://www.163.com/dy/article/J73FQ9UB0517CI7M.html
(4) Producers of Twilight of the Warriors: Walled In Discussed Challenges in the Hong Kong Movie Industry
(Photo Credit: HK01)
The movie Twilight of the Warriors: Walled In, produced by Infinite Power Industries Limited, led by Angus Chan and Kinnie Cheung, has achieved excellence in local box office revenue. Building upon its strong performance, the movie has expanded its reach to Southeast Asia and will be released in the United States and Canada in August 2024.
The production house started with low-budget films, allowing them to take bold risks as the profit and loss margins were manageable. STAR Chinese Movies (“STAR”) played a crucial role by acquiring the screening rights for Asia and DVD sales. This support enabled them to break even with box office revenues of around HK$ 3 to 4 million, even though their smaller-scale productions cost around HK$ 8 million.
However, with the closure of STAR, a movie needs to secure HK$ 7 million solely from box office revenue, making it extremely challenging for smaller-scale productions. Meanwhile, streaming services like Netflix primarily focus on Taiwanese and Korean productions, which offer limited assistance to local films.
Angus and Kinnie noticed that film companies in the mainland China have become reluctant in investing and distributing Hong Kong films. Despite having renowned actors like Sean Lau, Francis Ng, and Nicholas Tse, movies like Crisis Negotiators and Customs Frontline only earned slightly above HK$ 100 million at the Chinese box office. After deducting the distributor’s share, the actual earnings were around HK$ 60 million. Considering that promotional efforts cost around HK$ 50 to 60 million, it has become more challenging to sustain the production of such films, making mainland investors more hesitant.
Before 2010, there was intense competition amongst the 20 film production companies in Hong Kong. However, as the market declined, few companies remained, creating an opportunity for Angus and Kinnie. Angus said Twilight of the Warriors: Walled In carries its risks, particularly as an action film requiring significant investments in set designs while maintaining the essence of the concept. Aside from having prominent stars like Sammo Hung and Louis Koo, the movie mainly stars five young actors.
News Source: HK01 -專訪｜未敢為《九龍城寨》興奮 出品人陳羅超︰內地對港片失信心https://www.hk01.com/article/1037786?utm_source=01articlecopy&utm_medium=referral;
HK01 – 九龍城寨之圍城｜打到去美加8月上映 預告自定城寨三大規條 | 香港01 https://www.hk01.com/article/1037098?utm_source=01articlecopy&utm_medium=referral
(5) Mega Event Boosts Local Economy
The 100% Doraemon & Friends exhibition held at the Victoria Dockside has been a major attraction for both citizens and tourists. The exhibition, which took place at the K11 MUSEA mall (a subsidiary of New World Development) located in Victoria Dockside, has generated significant traffic and sales. In fact, there has been a remarkable 40% to 50% growth in dining, fashion, sports, and electronics sales at K11 MUSEA compared to the previous week.
Featuring the world’s tallest Doraemon inflatable sculpture, as well as over 30 life-size sculptures and an exclusive screening of original animated films, the exhibition has captivated visitors and garnered widespread attention.
The success of this exhibition aligns with the Hong Kong government’s plans for over 210 MEGA events, which are expected to attract 1.7 million visitors and contribute approximately HK$4.3 billion to the local economy. Notably, the Victoria Dockside has hosted numerous large-scale events in the past, including Art Basel, drone shows, fireworks displays, the Louis Vuitton 2024 fashion show, and Art March 2024.
News Source: Sing tao – 多啦A夢展開幕首周末 K11 MUSEA人流飆升3成：盛事成增長關鍵
(6) Hong Kong Book Fair 2024: Uniting the Worlds of Film and Literature
The Hong Kong Book Fair is underway at the Wan Chai Exhibition Centre. Early attendees have noticed a lighter crowd compared to previous years. Some people arrived as early as 5 am to queue for the fair, hoping to buy books by their favorite authors.
This year’s fair revolves around “Film and Literature”. It features exhibits related to the film and novel Twilight of the Warriors: Walled In and a model of the Kowloon Walled City. Visitors are attracted to the nostalgic aspects of the fair and hope that future events will incorporate nostalgia as a theme to help youngsters learn more about local history.
News Source: RTHK – 有市民說今年書展氣氛較淡靜 有市民為「九龍城寨」模型逛書展 https://news.rthk.hk/rthk/ch/component/k2/1761922-20240717.htm
(7) A major esports tournament is coming to Macao
Teamfight Tactics (“TFT”) is heading to Macao, scheduled for 13 – 15 December, for its second-ever live competition. The three-day esports event, which debuted in Las Vegas last year, will feature 512 competitors vying for a share of the US$300,000 prize pool, the Tactician’s Belt trophy, and the Macao Open title.
TFT is a strategy video game and League of Legends spinoff released by the US-founded company Riot Games in mid-2019. Riot Games was acquired by one of China’s biggest tech companies, Tencent, in 2011.
News Source: the macao news – A major esports tournament is coming to Macao (https://macaonews.org/life/sports/teamfight-tactics-macau-esports-tournament-macao/)
(8) Khalil Fong Returns to the Music Scene with his Latest Album
(Photo Credit: Instagram)
Music prodigy Khalil Fong has reduced his music production in recent years. This week, he suddenly announced on Instagram that he will be returning to the music scene. After overcoming his health issues, he is on the path to recovery and is set to drop his new album titled The Dreamer in October 2024.
Besides his fans, Fong’s comeback news has also attracted support from many local artists, including Fiona Sit, Kay Tse, Gin Lee, Cloud Wan, and Mike Tsang.
News Source: Yahoo – 方大同退居幕後多年宣布回歸樂壇 相隔8年再推出大碟：我終於從抱恙的日子走上了康復之路
(9) Coco Lee’s New Single – Always On My Mind
(Photo Credit: LINE Music)
2024 marks the 30th anniversary of CoCo’s debut, and an album featuring her unreleased classics recorded during her lifetime will be progressively released.
CoCo personally produced these songs, starting in 2016. They encompass her personal and family favorites, heartfelt expressions of emotions, and reimagined renditions of influential classics that resonate with the modern world.
CoCo’s newly released single, Always On My Mind, is a heartfelt tribute to her mother’s idol, Elvis Presley, chosen to convey her deep love and filial devotion.
News Source: Bastille Post -李玟遺作將陸續面世 唱片公司舉行「與CoCo最美好回憶影像」募集活動 (https://www.bastillepost.com/hongkong/article/14196399/)
