STX Entertainment Eyeing Hong Kong IPO
Chairman and CEO Robert Simonds tells a newspaper that the studio is finalizing plans to open an office in the city and that it is the company's favored location for a stock market listing.
Film and TV studio STX Entertainment is eyeing an initial public offering in Hong Kong, the South China Morning Post reported on Monday.
The paper quoted chairman and CEO Robert Simonds as saying that STX was finalizing plans to open an office in the city and that Hong Kong was the company's favored location for a stock market listing. It wasn't immediately clear what other venues could be in contention.
The paper said Simonds did not detail the possible size of an IPO and a potential timeline. "The business itself is sustaining, and the last round of financing gave us the capital we needed to expand all the other businesses besides movies," the South China Morning Post cited Simonds as saying.
In that most recent fundraising round in August, Chinese technology giant Tencent and Hong Kong telecom firm PCCW took stakes in the Los Angeles-based studio. Previous investors include Chinese private equity firm Hony Capital.
STX was founded in 2014 by Simonds and Bill McGlashan. Its 2016 theatrical releases have included Bad Moms and The Boy.
STX last year also struck a landmark deal with Chinese film company Huayi Brothers. The co-financing and distribution agreement marked one of the first major investments by a Chinese company in a Hollywood studio film slate.