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Sea Ltd (Garena) ends first day on NYSE up 8%
Sea Ltd (Garena) ends first day on NYSE up 8% Sea Ltd, the gaming and e-commerce company formally known as Garena, closed its first day of trading up 8% on its list price of $15 and raised $884 million. Sea Ltd is the first major U.S. IPO from a Southeast Asian tech firm. We congratulate our friends at Sea on this milestone!
Wuhan City to establish esports hub
Wuhan city, the capital of Hubei province, plans to build a hub dedicated to esports that will be worth RMB 1 billion ($152 million) within the next three years. Wuhan’s municipal government has made joint efforts with multiple esports tournament organizers to raise the profile of the city in recent years. The city hosted the League of Legends World Championships in the past two consecutive years.
Hengyi Culture secures funding for esports
Hengyi Culture, an esports training firm, secured RMB 100 million ($15.5 million) in A-Round financing to expand its reach in the esports industry. Founded in 2016, the company has continued to invest in esports education and university resources such as teaching materials. Demand for esports training has grown since China’s Ministry of Education announced it would add esports management as a vocational education major.
Box Office Revenue Will Reach RMB 55 Billion This Year in China
China’s media regulator has estimated that box office revenues will increase 11.6% YoY in 2017 to RMB 55 billion ($8.31 billion). This would be higher than the 3.6% increase in 2016. Faster growth in the film market Is primarily being driven by the introduction of more hit blockbuster titles such as Wolf Warrior 2, the opening of more cinema screens, and the addition of service fees to online ticket sales.
Pokémon to hit Chinese cinemas for the first time in 20 years
‘Pokémon the Movie: Volcanion and the Mechanical Marvel,’ the 19th film in the iconic ‘Pokémon’ franchise, has been scheduled to open across China on November 11, China’s Single Day. This release will also mark the film’s first appearance on Chinese cinema screens in 20 years. Pokémon continues to grow its presence in China. Last year The Pokémon Company localised its 3DS game, Pokémon Sun and Moon, into simplified Chinese for the mainland China audience.