Citic Limited, SBCVC make $25,7m strategic investment in HK’s Digital Domain

China’s largest conglomerate Citic Limited and Japan’s SoftBank Group Corp’s venture capital and private equity arm Softbank China Venture Capital (SBCVC) have made $25.7 million strategic investment strategic investment in Hong Kong-based Digital Domain Holdings.

The investment that marks Citic and SBCVC’s entry into the virtual reality business was made by an acquisition of convertible notes and subscription of new shares in Digital Domain Holdings which is a creator and proprietor of visual effects content and owns the visual effects firm Digital Domain 3.0.

“The net proceeds raised from the subscription will be approximately $25.7 million, and are intended to be applied towards media entertainment segment and used for general working capital purposes of the Group,” Digital Domain said in a statement.

CITIC and SBCVC have also undertaken to the company pursuant to the subscription agreements that each shall agree to the extension of the maturity date of the convertible notes by no more than five years.

“As Digital Domain’s footprint broadens, we are always looking for opportunities to grow our media and entertainment business and further penetrate the VR market,” said company’s Executive Director and CEO Daniel Seah.

He added that the introduction of strategic investors into the company not only represents their confidence in Digital Domain’s solid business foundation, sound strategy and robust potential, but also offers Digital Domain additional funds, increasing our capital base for future business development.

Digital Domain in the past has collaborated with companies like DreamWorks Animation and Democratic National Convention Committee, while officially expanding its business to the Greater China market in 2016 through acquisition of Post Production Office, thereafter renamed as DDPO. It also concluded a strategic partnerships with media and entertainment industry giants in the region including Youku, Warner Music, and CTi TV.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.