ATIF Holdings Limited Expects Box Office Revenue to Hit Over $1 Million in Q3 2020 As Its Cinemas Officially Resume Operation from August 5
SHENZHEN, China, Aug. 5, 2020 /PRNewswire/ -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company"), a company providing business consulting and multimedia services in Asia, today announced that its majority-owned subsidiary, Leaping Group Co., Ltd. ("LGC"), a leading multimedia, advertising and theatre operating firm in Northeast China, has fully resumed operations of its cinemas with all new films also getting released from 5 August, 2020, as officially informed by local officials.
LGC is the cinema operator that owns the most (four cinemas) number of film theaters in Shenyang, capital city of Liaoning Province, and the Company expects LGC theaters' box office will hit over $1 million in the third quarter as its cinemas reopen from August 5. In addition, the Company's businesses in the four segments including film advertising, film promotion video production, cinema operation and investment, press and marketing services have also resumed working in full swing that aim for strong performance during the rest of this year.
Mr. Bo Jiang, the Chairman of LGC commented, "China's film industry gradually regained vitality since 20 July when we see a stable increase in the volume of online ticket booking after the central government gave green light to allow cinemas to reopen across the country. The upcoming National Holiday is also one of the most important periods for China's film industry over the year. A lot more new blockbuster films will announce their screening date in August and September which are likely to be scheduled during this important period. We can expect that we will see great growth on theatre operation business in the second half of this year."
A series of high-quality Chinese and international films are scheduled to be screened, including but are not limited to: The Eight Hundred, Bad Boys 3, Sonic, 1917, Interstellar and Ford v.Ferrari, among which "The Eight Hundred" was also being tagged as the "light" of the post-pandemic resurgence of China's film industry. Some commentators even believe The Eight Hundred is the most prominent and meaningful film of the year, if it was not due to Covid-19 that forced the film to postpone its screen date as cinemas nationwide were shut down since early 2020, it's box office could yield RMB5 billion this year. Now it has set the box office goal at RMB3 billion this year, which shall send positive signals for promising revenue growth to the Chinese film industry.
About ATIF Holdings Limited
Headquartered in Shenzhen, China, ATIF Holdings Limited ("ATIF") is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.
Forward-Looking Statements
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For more information, please contact Investor Relations at:
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Janice Wang
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SOURCE ATIF Holdings Limited
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