Creating a new line of offline entertainment for the youth in China
(Hong Kong, November 12, 2018) The well-known domestic media and entertainment group, China Media Capital Incorporation (CMC), and Lai Yuen Company Limited (Lai Yuen) jointly launched the “Wally Entertainment” project in Chengdu today. Both companies announced corporation plans to develop indoor electric go-karting entertainment, offline activities and dining business in Mainland China, which form a “new species” of the composite offline entertainment industry.
At the press conference, CMC and Lai Yuen announced that both parties will establish a joint venture named “Shanghai Wally Entertainment Incorporation” (tentative name) in Mainland China, with CMC accounting for 60% of the shares, and Lai Yuen accounting for 40%. They will carry out all-round cooperation from planning, design to operation, and rely on the resource advantages of Lai Yuen in go-karting venue operation, event organization, professional training, etc. Meanwhile, the said corporation will introduce CMC’s experience in the field of pan-entertainment, and create compliance and the trend of the offline entertainment field that meets the expectation of Chinese youth. Both companies aim to set a new benchmark for the industry in China and around the world.
For the positioning of “Wally Entertainment” project, both companies hope to build the brand image among the young generation with the elements of speed, passion, trend and fashion. With go-karting entertainment, competition and training as the cores, Wally will introduce high-quality resources and create a youth entertainment centre with “soul”. Both companies hope that in the future, they will make their outstanding contributions in the process of popularization and promotion of Chinese motorsports through the unique resources and pipelines in the field of car racing.
On the same day, both companies also unveiled the new names and logos of “Wally Entertainment” and its subordinary brands “Spark Lap” and “Sing! Show House”. It is reported that the first “Wally Entertainment” flagship store will be located in Chengdu, and is expected to be officially open in Chengdu Vanke Tianhui in 2020. Also, the two parties plan to deploy in the major first- and second-tier cities in Mainland China, strictly control the quality and content of the project, and create a line of “Wally Entertainment” stores that will bring a unique experience of offline entertainment.
According to the press conference, in the early stage of development, the project will combine the characteristics of different cities, fully tap the local cultural elements, and deeply study the local market and customer preferences, and strive to ensure that each store has its unique cultural label.
The first flagship store was located in Chengdu because the city is viewed as the most popular “City of Internet Celebrity”, it has enormous consumption potential and consumer awareness. At the same time, Chengdu Vanke Tianhui’s positioning of “Multiple Composite Culture Theme Business” combines young people’s favourite fashion trends, sub-culture, and unique dining elements, which coincides with the concept that “Wally Entertainment” wants to convey.
The actual participant from CMC for this project is its Chinese cultural city entertainment centre team, who focuses on real-life entertainment and offline entertainment product development. The team has a group of talents from the theme park industry so that they can perform full control of the entire industry chain, from the planning, design to operation stage.
Mr Xie Li, the Vice President of CMC and the President of CMC LBE, said “CMC has long experience in studying the entertainment consumer market and consumer experience, tapping consumer demand, persisting in long-term IP incubation, and integrating upstream and downstream resources. The cooperation with Lai Yuen is a new attempt. By building a large-scale go-karting track and combining surrounding amusement and catering facilities, we hope to create a comprehensive offline entertainment experience project for the Chinese urban youth.”
Mr Duncan Chiu, the Chairman of Lai Yuen, said “Hong Kong and the Mainland have always been complementary. The cooperation between Lai Yuen and CMC is a positive response to the “Mainland and Hong Kong Closer Economic Partnership Arrangement” (CEPA) and its supplemental agreement. With the advantage of CMC in the field of pan-cultural entertainment, we input the mature experience and working model from Hong Kong. On the one hand, Lai Yuen represents Hong Kong’s entertainment culture, but it does not adhere to tradition. The purpose of the in-depth cooperation is to further break the traditional framework of inherent capital, content and technical cooperation. We will strive to be a practitioner who promotes cultural exchanges, deepening cooperation and innovation and win-win between Hong Kong and the Mainland.”
About China Media Capital Incorporation
China Media Capital Incorporation was founded in 2015 by Mr Li Ruigang, and he serves as the Chairman and CEO. CMC is a leading media entertainment group in China, targeting global markets such as China, Hong Kong, Macau, Taiwan and North America. It has created three core businesses: Film and real estate and offline entertainment, Internet media and Internet technology. Under each sector, their teams launched a large number of online and offline phenomena-level entertainment products. Also, CMC also has a high-quality platform and brand content matrix of boutique cinema, financial information, fashion, lifestyle, retail, sports, games, music and so on.
About Lai Yuen Company Limited
Founded in 1949, Lai Yuen is a famous amusement park in Hong Kong and was gloriously completed in 1997. The Chairman Mr Duncan Chiu re-established the company in 2015 and transformed it into an entertainment production platform and created the “Super Summer” show in the waterfront of Central. Then in 2016, the innovative facility – the electric go-karting – was introduced. At the end of the same year, Lai Yuen organized an event outside Hong Kong for the first time and hosted the “Good Goods 2016 Guangzhou Expo”. In 2017, Lai Yuen set up its first dining outlet in Tsim Sha Tsui, a famous tourist area in Hong Kong, and is preparing to open a second branch in late 2018. Lai Yuen has just participated in the first “China International Import Expo” held in Shanghai to promote the “Lai Yuen” brand and hopes to take this opportunity to effectively connect with the potential partners in Mainland China and extend its advantage in the creative industry to the Greater China region.