China’s CITIC Capital invests in Singapore IP service agency Cityneon

Visual from Citic Capital's website

CITIC Capital, the flagship investment arm of Chinese financial conglomerate CITIC Group, has invested in Cityneon Holdings, a Singapore-based service agency that creates licensed interactive exhibitions, according to an announcement.

Financial details of the deal were not immediately disclosed but Cityneon said CITIC Group’s investment provides a springboard for the company to expand its business in China and beyond.

Cityneon currently partners with major movie and gaming studios globally to secure IPs to hold exclusive exhibitions to create iconic experiences for their audience. These global studios include renowned names like Disney, Marvel, Hasbro, Universal, and Lionsgate.

The company was listed on the Singapore Exchange in 2005 and then delisted in February 2019 after a buyout by West Knight Limited, a company wholly owned by Cityneon executive chairman and group CEO Ron Tan and Hong Kong entrepreneur and investor Johnson Ko Chun Shun.

Commenting on CITIC’s investment, Tan said, Cityneon will continue to strive to deliver more exhibitions and experiences in markets with high growth potential.

To date, the Group has toured their IPs in more than 31 cities and will be making inroads to new cities such as Avengers S.T.A.T.I.O.N. exhibitions in Cardiff, United Kingdom and Santiago, Chile as well as its Jurassic World: The Exhibition in Seoul, South Korea. The Group also recently opened its Hunger Games: The Exhibition at Las Vegas, in partnership with MGM Grand, Las Vegas.

“Moving forward, we seek to partner with new studios and secure further new IPs in the second half of 2019 and 2020,” Tan added.

CITIC Capital’s investment in Cityneon comes five months after it announced raising a new $2 billion-plus fund to bolster its ability to do more deals.

The investment firm is also raising a separate fund that will invest in distressed assets in China, mainly in the real estate sector.

Founded in 2002, CITIC Capital manages over $25 billion of capital across 100 funds and investment products through its multi-asset class platform covering private equity, real estate, structured investment and finance, and asset management.

The firm has over 160 portfolio companies that span 11 sectors and employ over 850,000 people around the world.