HONG KONG, March 25, 2015 /PRNewswire/ — Pegasus Entertainment Holdings Limited ("Pegasus" or the "Company", stock code: 1326) is pleased to announce the kickoff of principal photography of "Ip Man 3", the Company’s prominent 3D action film of the year, on 26 March in Shanghai. It is expected that the film will be scheduled for release during the Chinese New Year in 2016. The Company is holding a large-scale press conference in Shanghai today.
"Ip Man 3" is one of the mega film productions of Pegasus this year, with an estimated production budget of RMB300 million. As an extension of the storyline and creativity of the "Ip Man" film series, the core production team of "Ip Man 3" will maintain the talents from the first two episodes, including Mr. Wong Pak Ming, Chairman of Pegasus, as the film’s executive producer, Wilson Yip as the film’s chief director, Wong Chi Woon Edmond as the screenwriter; joined by award-winning new members including Yuen Woo-Ping as stunt coordinator; in order to continue the successful track record of the "Ip Man" film series. Apart from Donnie Yen playing the character of Ip Man as the leading actor, innovative contents and effects will be introduced to this third episode, including appearance by heavyweight boxing world champion Mike Tyson in the film, the reincarnation of Bruce Lee on the screen created by advanced computer graphics technology, altogether with Ip Man in the context of an ultimate battle.
The"Ip Man" film series have gained market recognition since the release of the first episode in 2008, and outperformed in box office for both mainland China and Hong Kong markets. With "Ip Man 3" being one of the major film production projects of Pegasus, the Company believes it will serve as a means to help increase the Company’s penetration in the PRC market and thereby potentially generate remarkable box office income, and furthermore strengthen the market leading position of Pegasus in the film industry.
China is currently the fastest growing film market, recording significant growth in box office income consecutively for the recent years. According to statistics from State Administration of Press, Publication, Radio, Film and Television of the PRC, the total box office revenue in China for 2014 reached RMB29.6 billion, recording a 36.2% year-on-year increase, of which Chinese domestic films contributed 54.5%. Other market statistics suggest China may possibly become the largest film market globally in the near future. With respect to the local market, the Hong Kong SAR Government has announced several measures this year to encourage the development of the film industry, with an aim to increase the quantity of local films to be produced.
Mr. Wong Pak Ming, Chairman of Pegasus, says, "Our Company will continue to place strong emphasis on film production as our core business, which is also in support of the Government’s measure to increase resources in promoting the local film industry. The vigorous growth in the PRC’s film market brings potential opportunities to the Hong Kong film industry. With the increasing cooperation between Hong Kong and mainland China film production companies in the form of co-productions as seen in recent years, it provides Hong Kong industry participants the access to capture the huge market potential in China. In addition to "Ip Man 3", the next film in our project pipeline to follow will include the sequel to "Z Storm". With a strong cast including Louis Koo, Cheung Chi-Lam and Vic Chou, coupled with our Company’s excellent film advertising platform and experienced production crew, we are confident that films produced by Pegasus as such will perform well in the box office. As a diversified cultural business group, Pegasus intends to use its competitive edge in the film production business to drive and develop its other complementary business segments, and strives to produce films with increasing influence, so as to efficiently capture the opportunities offered by the rapid development of the PRC cultural industry."
About Pegasus Entertainment Holdings Limited
Pegasus Entertainment Holdings Limited, as a diversified cultural business group, is principally engaged in the business of films and television series production, distribution, licensing of film rights, film exhibition and post-production.