Orange Sky Golden Harvest Denies Village Roadshow Investment

Co-CEO Kelvin Wu says Wall Street Journal ran erroneous report

BEIJING -- The Wall Street Journal on Thursday erroneously reported that Hong Kong- and Beijing-based Orange Sky Golden Harvest would invest in U.S. movie producer Village Roadshow, Kelvin Wu co-CEO of OSGH told The Hollywood Reporter.

"Currently, there are no negotiations or agreements between [OSGH] and [Village Roadshow Pictures] relating to the VRP strategic investment as stated in the [The Journal's] article," OSGH said in a statement due to be issued on Friday to the Hong Kong Stock Exchange, where OSGH is listed.

"Shareholders of [OSGH] and other investors are advised to exercise caution when dealing in the shares of [OSGH]," the statement Wu sent to THR said.

With Beijing-based co-CEO Chen Xiaowei, Hong Kong-based Wu runs OSGH, known as Chengtian in Chinese -- the Company that last month spent $25 million for a 3.3% stake in Inception producer Legendary Pictures of Hollywood.

Citing sources close to a deal in discussion, The Journal said that OSGH's next move in Hollywood would be a $100 million strategic investment in Village Roadshow, the American company 41%-owned by an Australian company of the same name in its first step toward an alleged listing in Hong Kong.

Speaking earlier this week at the Tokyo International Film Festival, Wu stressed the importance of Hong Kong serving as a gateway for Hollywood into China's booming box office and cash rich markets.

The Journal reported that sources close to discussions of such a OSGH-Village Roadshow deal said it was "far from certain" and that the discussions had been "fraught at times."