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Rising Dreams In The Orient: Oriental DreamWorks To Establish Headquarters In Xuhui

Stocks in this article: DWA

SHANGHAI, Aug. 6, 2012 /PRNewswire/ -- Oriental DreamWorks, one of the largest international investment projects in China, today officially announced the establishment of its headquarters in Shanghai Xuhui.

At 9:00 a.m. at the Shanghai Xuhui Riverside Planning Exhibition Hall, a signing ceremony and press conference was jointly held by Xuhui District Committee of CPC, the People's Government of Xuhui District, Shanghai Municipality, China Media Capital and DreamWorks Animation SKG, Inc. (Nasdaq: DWA). Distinguished guests included Zhengsheng Yu, member of the Politburo of the CPC Central Committee & Secretary of Shanghai Municipal Committee of the CPC; Zheng Han, Deputy Secretary of Shanghai Municipal Committee of the CPC & Mayor of Shanghai Municipality; Pimin Zhang, Deputy Director-General of the State Administration of Radio Film and Television of China; Yicui Yin, Deputy Secretary of Shanghai Municipal Committee of the CPC; Guangshao Tu, member of the Shanghai Municipal Standing Committee of the CPC  & Deputy Mayor of Shanghai Municipality; Zhenwu Yang,  member of the Shanghai Municipal Standing Committee of the CPC & Director of Propaganda Department of the CPC Shanghai Committee; and Peikang La, the Deputy Director of Film Bureau of the State Administration of Radio Film and Television of China. DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg was also present.

Oriental DreamWorks' plan and logo – a panda sitting on a red moon fishing for dreams – was unveiled by Zhengsheng Yu, Secretary of Shanghai Municipal Committee of the CPC; Zheng Han, Deputy Secretary of Shanghai Municipal Committee of the CPC & Mayor of Shanghai Municipality; and Pimin Zhang, Deputy Director-General of the State Administration of Radio Film and Television of China. For the first time, representatives of Oriental DreamWorks discussed future business plans. Oriental DreamWorks intends to principally engage in content production and its derivative industries, and the joint venture's partners also intend to develop "Dream Center," an integrated tourism destination that will be located in Xuhui Binjiang.

Shanghai Oriental DreamWorks Film & Television Technology Co., Ltd., which was established at today's signing ceremony, will primarily focus on film and television content production and its derivative industries. Over the next several years, it is anticipated that more than 2,000 animation film and television production professionals from China and around the world will join Oriental DreamWorks in order to apply leading-edge CG creative processes and production technology toward the creation of animated content featuring Chinese cultural elements.

Oriental DreamWorks also announced today that " Kung Fu Panda 3" will be made in China as a co-production and is expected to be released globally in 2016. The first feature-length animated film solely created by Oriental DreamWorks is expected to be distributed worldwide in 2017. After its inaugural feature production, Oriental DreamWorks plans to release one to three event films per year, building up a production capacity and operational standard that could compete with any international animation company. Based on its high-quality animated content, Oriental DreamWorks plans to explore a full range of family entertainment business extensions, including consumer products, online games, musicals, and other live entertainment ventures. Oriental DreamWorks will work toward the goal of becoming the largest animation production base in China.

The parties also announced that "Dream Center," a must-see cultural and entertainment destination for tourists and Shanghai citizens alike will open in 2016. With an investment exceeding ¥20 billion, "Dream Center" will be built on a T-shaped block in Xuhui Riverside. Plans feature designs from a number of international architectural masters and incorporate a series of theaters, cinemas, creative enterprises, tourist attractions, restaurants and commercial facilities. "Dream Center," together with the neighboring "Media Port of the West Riverbank," will create Shanghai's new landmark: a world-class cultural destination that is envisioned to be comparable to New York's Broadway and London's West End.

"Xuhui Riverside is one of the key regions to be explored in Shanghai during the 'next National Twelfth Five-Year Plan' period. The speed and quality of the construction will have a significant impact on the future development of Shanghai. The projects of Oriental DreamWorks will play a vital role in speeding up Xuhui's development. People's lives will be enriched with brand new and high-quality urban cultural and entertainment services, and a stage will be built for creative industry workers to pursue and realize their dreams," said Guangshao Tu, Deputy Mayor of Shanghai.

"The Chinese film industry has been growing at a rate of more than 30% per year, which makes China a vital region of international film consumption. I anticipate that Oriental DreamWorks will not only surprise us with great films, but also will achieve success across the entertainment industry landscape," said Pimin Zhang, Deputy Director-General of the State Administration of Radio Film and Television of China. "Oriental DreamWorks is a creative exploration of Chinese and foreign cultural exchanges.  Our shared dream is to make full use of precious cultural resources, develop a world-class production team, create world-class animated films, and thus contribute to the exchange of Chinese culture throughout the world."

Oriental DreamWorks is a joint venture established by China Media Capital (CMC), Shanghai Media Group (SMG), Shanghai Alliance Investment, Ltd. (SAIL) and DreamWorks Animation (DWA). The Chinese companies will hold a majority stake of approximately 55% in Oriental DreamWorks and DreamWorks Animation will hold approximately 45%. Representatives from all investors of Oriental DreamWorks, together with leaders from the People's Government of Xuhui District, signed a cooperation agreement at today's ceremony.

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