Sharing Economy International Inc. (NASDAQ: SEII) shares rose marginally after the company announced plans to establish a new film and media production business.
The Hong Kong-based production company said that, in connection with this new business initiative, SEII's wholly-owned subsidiary, EC Creative Limited, signed an exclusivity agreement with Jidam Co., Ltd., regarding the potential acquisition by EC Creative of not less than 51% of the issued share capital of Jidam and further business cooperation agreements between EC Creative and Jidam.
In addition to the agreement with Jidam, SEII's wholly-owned subsidiary, Sharing Film International Limited, will lease workspaces totaling about 24,000 square feet in Shaw Studios, which is currently owned by Shaw Movie City Hong Kong Limited
For its part, Jidam was established in South Korea in 2005. Its main business consists of the production of TV content (drama, education, entertainment) and movies. Their TV series are highly welcomed by general audiences. At least six of its drama series ranked first during their broadcast period.
SEII Vice-Preisdent Parkson Yip said, "Our cooperation with the successful South Korean TV drama and film production company Jidam is the first step in establishing our new film and media business unit, which we will be run out of our newly leased space in Shaw Studios' state-of-the-art facilities in Hong Kong,
"We are very determined to express and share our mission of the sharing economy and related advanced technology developments with global communities."
Shares took on just more than a penny to $3.48
