ATIF Holdings Limited Expects Box Office Revenue to Hit Over $1 Million in Q3 2020 As Its Cinemas Officially Resume Operation from August 5

2020-08-05

Shenzhen, China, Aug. 05, 2020 (GLOBE NEWSWIRE) -- 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.