HNB to raise RMB5bn for sport business

China’s Beijing Hualu Baina Film & TV Inc. (HNB) is set to issue at most 104 million shares to raise at most RMB2.199 billion to boost their movies, variety shows and sports event operations, according to an announcement by HNB earlier last week.

As reported, HNB’s actual holder Hualu Group is planning to subscribe for shares valued at RMB550 million and 4 other investors, including Bosera Fund, Boshi Investment, SWS MU Fund Management and Great Wall Guorong Investment, are set to subscribe for the rest shares that HNB will issue.

The to-be-raised money will be used to invest into movie and television plays along variety shows, media resources as well as sports event operations, in which HNB will add another RMB5bn to their sports unit, launched earlier in June with Blue Flame.

HBN is a Beijing-based film and TV company which has newly invested RMB5bn into a joint sports venture in Jun. In July, HBN secured exclusive rights to Euroleague Basketball for the next 15 years in China. And the media company has also reached partnership with local authorities in Hebei Province to inject RMB1 billion to boost winter sports in Zhangjiakou which will co-host the 2022 Winter Olympic Games with Beijing.

Source: Cnstock