HONG KONG, July 7, 2017 /PRNewswire/ -- Silverman Holdings Limited (''Silverman'' or the "Company", Stock Code: 1616.HK) is pleased to announce that, subject to shareholder approval at the extraordinary general meeting, the Company will dispose of the entire issued share capital of its fabrics subsidiary, and change the Company name to Starrise Media Holdings Limited. Going forward, the Company will focus on the film, television and media industry with the aim of becoming the biggest film and television production company in China.
Over the recent years, the textile industry in the PRC has faced various challenges, including increasingly fierce competition, rising domestic production costs, and weakening market demand for textiles both within and outside of the PRC. In light of this, and with consideration to the expected future challenges facing the textile industry in the PRC, the Company has decided to dispose of all the issued share capital of the fabrics subsidiary for the total consideration of RMB145.2 million, which shall be settled in full by payment in cash. This disposal will allow the Company to focus on its television and film media business, which has recorded positive financial performance with healthy growth prospects. For the year ended 31 December 2016, the television and film media business generated revenue of approximately RMB120.3 million and gross profit of approximately RMB64.3 million.
In line with this disposal, Silverman has also proposed a change of company name to Starrise Media Holdings Limited. The Company believes that the new name will better reflect the current status and strategic direction of the Company, and will also provide it with a new corporate image which will benefit future business development.
Looking ahead, the Company will focus on further developing its television and film media business through both investing in new television dramas as well as production of new film media. The Company achieved very positive results with two recent television dramas, the Great Eastern Battlefield (Dongfang Zhanchang), which was ranked top three nationally within the PRC, and Yichang Defense (Yichang Baowei Zhan), which recorded an average audience share of 5.81% and ranked number one throughout the 12-day period of its broadcast. Silverman will continue to build on its success in the television and film media industry, and the net proceeds from the disposal is expected to further assist the Company's television drama production activities, which are generally capital intensive in nature. The Company will continue to actively seek out new development opportunities, and will strive to generate healthy profit and return for shareholders.
Silverman Holdings Limited (1616.HK), listed on the Hong Kong Stock Exchange in 2012, operates business in film, television and media industry in pursuit of new growth driver and aims to be the biggest film and television production company in China. In 2015, Silverman completed the acquisition of Beijing Huasheng Taitong Media Investment Company Limited, a domestic film and television production company led by Mr. Meng Fanyao, a National Top Ten TV Producer. Beijing Huasheng Taitong Media owns a production scale of over one hundred episodes per annum and has gained excellent production capacity, with premium television series including Qiao's Grand Courtyard, Mazu, and The Wild Duck, as well as its TV series ''Eastern Battlefield," a 66-episode history drama on Chinese People's War of Resistance against Japanese Aggression. Meanwhile, Silverman owned Starrise Pictures, an emerging content producing platform aiming at young audiences, having works include a TV drama series ''The Unforgettable Years'', a youth web drama ''Goddess From the Future'', IP movie ''Li Lei and Han Meimei'', to further strengthen the Group's market coverage in the PRC media industry by new media forms such as web dramas and others.
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