Vista Group sets up a new joint venture with WePiao

Vista Group International Limited have signed an agreement with Beijing Weying Technology Co. Limited, the operator of online movie ticket booking services platform WePiao, to create a new venture to tap into the expanding China film market.WePiao will subscribe for up to 2% of new shares to be issued in Vista Group with the cash paid at the volume weighted average price of Vista shares in the month preceding this announcement.Under the terms of the agreement, Vista Group will provide the new venture with the distribution rights to all of the existing Vista Group software including Vista Cinema, Veezi, Movio, MACCS and Numero.The deal is expected to generate more than NZ$30 million for the New Zealand cinema software provider in the first year.Vista Group CEO Murray Holdaway said the cooperation with WePiao and its corporate owners WeChat and Tencent is expected to enable the group to achieve growth that Vista by itself could not.“Vista has been committed to the China market for some time and this combination will enable us to support and grow our existing cinema customer base, provide a wider range of services to the China market and ensure we can become a significant supplier to the fastest growing film market in the world.”WePiao’s CEO Lin Ning also said they look forward to potential cooperation with Vista Group in other markets in the future.WePiao is backed by Tencent Holdings, along with the China Cultural Investment Fund and other investors, including some leading Chinese cinema chains.