A day after the global premiere of Zhiyin Hao, the first immersive play on a steamboat, Sanxiang Impression made yet another great move: it reached a tripartite strategic agreement with IDG Capital and Yunfeng Capital on the afternoon of May 20. The framework agreement was signed by Sanxiang Impression CEO Xu Wenzhi, IDG Partner Yu Xinhua and Yunfeng Partner Huang Xin.
The great moment was witnessed by Xiong Xiaoge, global chairman of IDG Capital; Yu Feng, co-founder and chairman of Yunfeng Capital, Pang Liwei, general manager of Zhang Yimou Studio; Chen Jingsong, chairman of Impression Wonders and Sanxiang Impression executives.
Ms. Pang Liwei was MC of the signing ceremony
The tripartite cooperation, grounded on the common pursuit of sustainable development, was long-term, complementary and mutually beneficial in nature. According to the agreement, parties would become each other’s preferential business partner throughout the duration of the agreement and cooperate in the art and tourism sectors. They would jointly invest in and manage art projects in top tourist destinations, operate culture projects and coordinate development of art, culture and tourism businesses. New technologies and trends, including the internet, e-commerce and big data would be leveraged for jointly developing smart tourism and the possibilities of setting up a special fund for project development would be discussed.
Acquisition of Impression Wonders marked a strategic partnership rooted in the common goal of promoting traditional Chinese culture. Director Zhang Yimou and influential institutional investors including IDG Capital and Yunfeng Capital became stake holders of Sanxiang Impression following the acquisition. Impression Wonders led by Directors Zhang Yimou, Wang Chaoge and Fan Yue was a standard bearer in the creative art and tourism industry. It created and licensed the best art projects and cooperated only with a select few of tourist destinations in China. With four brands Most Memorable, Impression, Encore and Coming home, the company had created the first performance in a natural setting (Impression Liusanjie)and the first indoor interactive play(Encore Pingyao). Other works included: Most Memorable Is Hangzhou, the opening gala of the G20 Summit by Zhang Yimou, highly commended by heads of governments; Encore Dunhuang and Encore Malacca by Wang Chaoge, an echo of the spirit of the One Silk One Road and an advocate of ties between different peoples; and Zhiyin Hao by Fan Yue,a patriotic expression and a cultural ambassador for Wuhan. Impression Wonder’s spectacular works were viewed by 5.3 million audience each year, generating a box office revenue of 1.1 billion yuan and contributing to local image and development.
From pioneering in building sustainability to a dual mission of real estate and culture, Sanxiang Impression was optimising its business structure based on the strategy of rapid expansion in the culture sector and a steady growth of its real estate business for greater resilience, profitability and potentials. The company aimed to consolidate its position as a leader in green buildings and build the best art and culture brand in China. It would seek synergies in terms of resources, brand influence and project development for long-term growth.
Xu Wenzhi, Sanxiang Impression CEO said at the signing ceremony that thanks to the tripartite effort of Sanxiang Impression, IDG Capital and Yunfeng Capital, Impression Wonders had delivered satisfactory performance following the acquisition. The strategic agreement signed today promised greater achievements ahead. Sanxiang would strengthen communication with related parties to build a stable and sustainable cooperation platform for a win-win scenario.
Xiong Xiaoge, IDG Capital Global Chairman and Yu Feng, co-founder and chairman of Yunfeng Capital also delivered speeches. Mr. Xiong was optimistic about Sanxiang Impression’s dual mission and the potential of the tripartite agreement. He expressed his wish that the three parties would each contribute their advantages and consolidate resources for the joint effort. “The best is yet to come”, he enthused. Mr. Yu noted that the untapped potential of the art, culture and tourism sectors, the dedication of the directors and the inspiring works were reasons for Yunfeng Capital’s investment decision. Yunfeng Capital shared Sanxiang Impression’s beliefs and was confident of Sanxiang Impression’s future.
Xu Wenzhi, Xiong Xiaoge, Yu Feng and Pang Liwei also answered questions from representatives of over 80 institutional investors at the signing ceremony.
The tripartite cooperation indicated the potential of the art, culture and tourism sectors. Sanxiang Impression would leverage this cooperation for a more rapid transformation and unlock the growth potential.