Former Jimei group bets on Hollywood

Starlight Culture Entertainment Group, formerly known as Jimei Entertainment Group – chaired by mogul Jack Lam until his resignation and share sale mid-year – has seen its losses increase to HK$237.85 million in the first six months of the year, according to the group’s filing with the Hong Kong Stock Exchange. This compares to a profit of HK$28.55 million registered in the same period of last year.
The group’s revenue fell 84.8 per cent year-on-year during the period, hitting HK$20.19 million, as compared to costs amounting to HK$23.82 million.
The recent change of company name, coming in the wake of a shutdown of a facility operated under Lam in the Philippines late last year and Lam’s subsequent share sale and demission, ‘brings a fresh corporate image and more accurately reflects the Group’s commitment to diversifying its business in the future,’ notes the filing. The group points out this diversification aims to ‘start a new chapter in the development history of the Group’.
The group has engaged American film director Felix Gary Gray ‘in relation to the development and production of motion picture projects . . . [to] . . . tap into the business of film production and distribution’ for a three-year term to ‘develop three theatrical motion picture projects’.
In addition, as of July 3, the group has engaged Roland Emmerich, director of films such as ‘Godzilla’, ‘Independence Day’ and ‘The Day After Tomorrow’ for a three-year term also to develop three films with the same goal.
During the period the group’s loss in the entertainment and gaming segment amounted to HK17.27 million, while in the media and culture segment it reached HK$11.71 million.
The gaming segment, in particular, was affected by the termination of its junket arrangement via its subsid­iary with NagaWorld early this year.