文｜文娱先声 在公众视野消失多年的邵氏兄弟，最近登上了热搜。 近日，香港邵氏兄弟控股（00953.HK）发布公告，拟与主要股东华人文化签署买卖协议，将包括正午阳光在内的多家影视公司纳入麾下，一时间引发大 众关注和行业热议。 自香港电影产业衰退以来，邵氏兄弟的名号几乎销声匿迹。此次一次性整合多家知名影视资产，其规模罕见，也让市场重新聚焦这家公司的动向。 那么，邵氏兄弟"蛇吞"华人文化的背后，黎瑞刚下了怎样的一盘资本大棋？ 左手倒右手的资本局 从交易结构本身来看，这并不是一次常规意义上的并购，而更像是一场经过精心设计的资本重组。 根据公告显示，邵氏兄弟将以45.765亿元人民币的价格，收购华人文化（CMC）旗下核心影视资产，其中包括剧集制作龙头正午阳光50%股权、电影投资 与制作公司上海华人影业100%股权、海外发行业务平台CMC Pictures、影视发行业务平台同乐影视、综艺节目制作公司日月星光传媒，以及旗下拥有超 过50家UME高端影院的上海思远等。 这笔交易并未采用现金支付，而是全额通过发行新股完成：邵氏兄弟将以每股0.32港元的价格，向HoldCo及指定接收方配发约159.3亿股新股，扩股后新 股占比高 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 邵氏兄弟控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2月2日 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00953 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 ...

Core Viewpoint - Recently, Shaw Brothers Holdings Limited (00953.HK) announced an agreement with its major shareholder, CMC Inc., to acquire several core film and television assets through a new share issuance, with a total transaction value of approximately 4.577 billion RMB [2] Group 1: Acquisition Details - The focus of the acquisition is on a 50% stake in Noon Sunshine, a leading domestic drama production company [2] - The asset portfolio includes Shanghai Chinese Film, CMC Pictures, and the nationwide UME cinema network, which is considered a "flagship lineup" in the industry [2] - This transaction aims to create a fully integrated "production-distribution-exhibition" industry chain, positioning Shaw Brothers as the first listed company in China to integrate content production, distribution channels, and cinema operations [2] Group 2: Noon Sunshine Overview - Noon Sunshine, founded in 2011, is a leading producer of domestic dramas, known for hit series such as "Nirvana in Fire" and "Ode to Joy" [3] - The company has a standardized production process that separates production management from content creation, contributing to its success [3] - Financially, Noon Sunshine has shown stable profitability, with net profits of 291 million RMB, 202 million RMB, and 280 million RMB from 2022 to 2024, and 144 million RMB in the first three quarters of 2025 [3] Group 3: CMC Inc. Background - CMC Inc. was established in 2015 and operates across various sectors, including film, television, media, and sports [4] - The company has a history of strategic investments, including a stake in TVB, which enhances its content production and distribution capabilities [4] - CMC has expanded its portfolio to include several prominent companies and has engaged in successful collaborations in the film industry [4] Group 4: Industry Analysis - The acquisition reflects a deep cultural integration between mainland China and Hong Kong, aiming to build a complete industry chain rather than merely a financial maneuver [5] - The Chinese film industry is experiencing rapid growth and intense competition, with a focus on profitability and innovation amid challenges like content homogenization and reliance on star power [5] - Shaw Brothers' acquisition of Noon Sunshine is seen as a strategic move to enhance its market position and leverage synergies across the industry [6] Group 5: Historical Context - Shaw Brothers has a rich history in the film industry, dating back to 1925, and has played a significant role in shaping Chinese cinema [6] - The company faced challenges in recent years, with net losses reported from 2022 to 2024, but showed signs of recovery with a revenue increase of 734.61% in the first half of 2025 [7] - The acquisition is viewed as a pivotal step for Shaw Brothers to revitalize its brand and adapt to the evolving market landscape [8]

Core Viewpoint - The acquisition of core film and television assets by Shaw Brothers Holdings from its major shareholder, CMC Inc., represents a significant vertical integration in the Chinese film industry, aiming to create a full industry chain from content production to distribution and exhibition [1][4]. Group 1: Acquisition Details - Shaw Brothers Holdings announced a deal to acquire a package of core film and television assets from CMC Inc. for approximately 4.577 billion RMB, including a notable 50% stake in Noon Sunshine [1]. - The assets being injected into Shaw Brothers include Shanghai Huaren Film, CMC Pictures, and the nationwide UME cinema network, enhancing the company's revenue potential significantly [1][2]. - This transaction is characterized as a precise vertical integration rather than a traditional reverse listing, focusing on consolidating resources for business expansion and value enhancement [1][4]. Group 2: Noon Sunshine Overview - Noon Sunshine, established in 2011, is a leading domestic drama production company known for successful series such as "Nirvana in Fire" and "Ode to Joy," with a revenue model primarily based on drama distribution [2]. - The company has demonstrated stable profitability, with projected net profits of 291 million RMB, 202 million RMB, and 280 million RMB from 2022 to 2024, indicating a strong financial foundation [2]. - Noon Sunshine's industrialized production process allows for standardized operations, separating production and creative roles, which contributes to its success [2]. Group 3: CMC Inc. Background - CMC Inc. was founded in 2015 and has expanded its business across various sectors, including film, television, and digital marketing, establishing a significant presence in the entertainment industry [3]. - The company has strategically partnered with TVB to enhance content production and distribution channels, leveraging its resources for mutual benefit [3]. Group 4: Industry Context - The Chinese film industry is experiencing rapid growth and intense competition, with a shift towards diversified content and the rise of streaming platforms challenging traditional cinema [5]. - Despite facing issues like content homogenization and reliance on star power, the acquisition by Shaw Brothers is seen as a pivotal move to adapt to these industry changes [5][7]. - The historical significance of Shaw Brothers in the film industry, dating back to its founding in 1925, positions it uniquely to leverage its legacy while transitioning into new market dynamics [6][7]. Group 5: Strategic Implications - The acquisition is viewed as a strategic initiative to deepen the integration of Hong Kong and mainland cultural industries, potentially revitalizing the Hong Kong film sector through access to mainland markets [4][7]. - Shaw Brothers aims to explore market potential in the Greater Bay Area and the global Chinese community, aspiring to become a leading content production and planning institution in the Asia-Pacific region [7].

Group 1 - The core point of the article is that Shaw Brothers Holdings (00953.HK) announced an agreement to acquire core assets from its major shareholder, CMC Inc., for a transaction value of 45.765 billion RMB (approximately 50.98 billion HKD), which is nearly 12 times its current market value of around 400 million HKD [1] - The acquisition includes significant assets such as the leading drama production company Noon Sunshine, the film investment and production company Shanghai CMC Pictures, the overseas distribution business CMC Pictures, and a network of over 50 cinemas operating under the UME brand [1] - Shaw Brothers aims to leverage this acquisition to explore market potential in the Greater Bay Area and the global Chinese community, aspiring to become a leading content production and planning institution in the Asia-Pacific region [1] Group 2 - UME (Ultimate Movie Experience), founded in 2002, is a cinema management company fully operated by CMC since 2017, focusing on high-end cinema investment and operations [2] - Shaw Brothers Holdings, a Hong Kong film investment holding company, was established in 2009 and listed on the Hong Kong Stock Exchange in 2010, primarily engaged in film and drama production investment, as well as artist and event management [2] - Historically, Shaw Brothers was a dominant player in the film industry during the 1960s to 1980s, producing numerous films and launching the careers of major stars, but has faced declining performance in recent years, with net losses reported from 2022 to 2024 [2] - In the first half of 2025, Shaw Brothers reported revenue of 106 million RMB, a year-on-year increase of 734.61%, and achieved a net profit of 7 million RMB, marking a turnaround from previous losses [2] Group 3 - The key figure in this transaction is Li Ruigang, the current chairman and CEO of CMC, who is perceived to be injecting CMC's core assets into Shaw Brothers to fulfill his ambition of taking the company public [3] - Despite aspirations for an IPO, CMC has not been able to achieve this goal in nearly five years, as the overall film industry has faced significant challenges [3]

Core Viewpoint - The article discusses the acquisition agreement between Shaw Brothers Holdings (00953.HK) and its major shareholder, CMC Inc., for the purchase of core assets valued at approximately 45.765 billion RMB (around 50.98 billion HKD), which is nearly 12 times Shaw Brothers' current market value of about 400 million HKD [3][4]. Group 1: Acquisition Details - The acquisition includes key businesses from CMC Inc., such as leading drama production company Zhengwu Sunshine, film investment and production company Shanghai CMC Pictures, overseas distribution business CMC Pictures, and a cinema network operating over 50 UME-branded theaters [3]. - Shaw Brothers aims to leverage this acquisition to explore market potential in the Greater Bay Area and the global Chinese community, aspiring to become a leading content production and planning organization in the Asia-Pacific region [3]. Group 2: Company Background - Shaw Brothers Holdings, a Hong Kong-based film investment holding company, was established in 2009 and listed on the Hong Kong Stock Exchange in 2010. The company was previously known as Shaw Film and was renamed in 2016 after CMC became the largest shareholder [4]. - Historically, Shaw Brothers was a dominant player in the film industry during the 1960s to 1980s, producing numerous films and launching the careers of many stars. However, its recent performance has been disappointing, with net losses reported from 2022 to 2024 [4]. Group 3: Key Individuals - The key figure in this transaction is Li Ruigang, the Chairman and CEO of CMC Inc. The injection of CMC's core assets into Shaw Brothers is perceived as a step towards fulfilling his ambition for an IPO, which has been delayed due to the overall downturn in the film industry [5].

Group 1 - The core asset involved in the acquisition is the production company Zhengwu Sunshine, which is a leading player in the domestic film and television industry [1] - Shaw Brothers Holdings announced an agreement to acquire core assets from CMC Inc. for a transaction value of 4.5765 billion RMB (approximately 5.098 billion HKD), which is nearly 12 times its current market value of around 400 million HKD [1] - The acquisition aims to explore market potential in the Greater Bay Area and the global Chinese community, positioning the company as a leading content production and planning institution in the Asia-Pacific region [1] Group 2 - UME (Ultimate Movie Experience), founded in 2002, is a cinema management company that has been fully operated by CMC Inc. since 2017, focusing on high-end cinema investment and operations [2] - Shaw Brothers Holdings, a Hong Kong film investment holding company, was established in 2009 and listed on the Hong Kong Stock Exchange in 2010, primarily engaged in film and television production investment [2] - The company has faced financial difficulties in recent years, with net losses of 302,000 RMB, 2.898 million RMB, and 5.779 million RMB from 2022 to 2024, although it reported a revenue of 106 million RMB in the first half of 2025, marking a year-on-year increase of 734.61% [2] Group 3 - Key figure in the transaction is Li Ruigang, Chairman and CEO of CMC Inc., who aims to inject core assets into Shaw Brothers Holdings to fulfill his dream of an IPO [3] - CMC Inc. has not yet achieved its IPO goal despite previous announcements about potential plans for a listing in Hong Kong within one to two years [3]

Group 1 - The stock of Shaw Brothers Holdings (00953.HK) increased by over 6%, specifically rising by 6.35% to reach HKD 0.335 [1] - The trading volume for Shaw Brothers Holdings was reported at HKD 4.6092 million [1]

邵氏兄弟控股(00953)涨超6%，截至发稿，涨6.35%，报0.335港元，成交额460.92万港元。 正午阳光是国内剧集制作龙头，主要从事电视剧投资及制作，并在主流视频平台发行电视剧作品，其主 要收入来源为电视剧发行。其主要作品包括《琅琊榜》《伪装者》《山海情》《知否知否应是绿肥红 瘦》等电视剧。2025年底，正午阳光出品电影《得闲谨制》，首次进入电影圈。 消息面上，近日，邵氏兄弟发布公告称，公司与主要股东华人文化(CMC Inc.)订立买卖协议，拟以发行 代价股份方式收购华人文化旗下核心资产，交易对价达45.765亿元人民币(约合50.98亿港元)。公告显 示，相关资产主要包括知名剧集制作公司正午阳光、影视发行公司同乐影视、电影投资制作公司上海华 人影业、综艺制作公司日月星光传媒，以及运营超50家UME影城的上海思远等。 ...

Group 1 - The core point of the article is that Shaw Brothers Holdings (00953) has seen a stock increase of over 6% following the announcement of a significant acquisition deal with its major shareholder, CMC Inc. [1] - The acquisition involves the purchase of core assets from CMC Inc. for a total consideration of 4.5765 billion RMB (approximately 5.098 billion HKD) through the issuance of consideration shares [1] - The assets being acquired include several prominent companies in the entertainment industry, such as Noon Sunshine Media, Tongle Film Distribution, Shanghai Chinese Film Industry, and Daylight Star Media, as well as the operation of over 50 UME cinemas by Shanghai Siyuan [1] Group 2 - Noon Sunshine Media is recognized as a leading production company in China, primarily engaged in the investment and production of television dramas, with its main revenue source being the distribution of these dramas [1] - Notable works produced by Noon Sunshine include popular television series such as "Nirvana in Fire," "The Disguiser," "The Story of Yanxi Palace," and "Know Your Destiny" [1] - By the end of 2025, Noon Sunshine is set to enter the film industry with the release of its first movie titled "De Xian Jin Zhi" [1]