(Yicai Global) April 23 -- Shanghai Tencent Pictures Culture Media Co., movie and TV production company under China’s internet heavyweight Tencent Holdings Ltd., has set up a wholly-owned subsidiary to be in charge of its movie distribution business, said the firm’s chief executive officer today.
Cheng Wu, CEO of Tencent Pictures, made the announcement at the Tencent Neo-Culture Creativity Eco-Conference held in Beijing.
Founded last December, the subsidiary, Horgos Tencent Pictures Distribution Co., HTPD, has a registered capital of CNY50 million (USD7.9 million) and will engage in the distribution, design, production and advertising of movies as well as performance organization and brokerage business, information from industry and commerce agencies show.
Tencent Pictures, a film and television platform operated by Tencent Interactive Entertainment, is the sole shareholder of HTPD. Gao Li, its general manager, will also serve as the general manager of the mobile gaming business of Tencent Interactive Entertainment.
Editor: Mevlut Katik