MALIBU, Calif.--(BUSINESS WIRE)--Leading U.S. toy and consumer products manufacturer, JAKKS Pacific, Inc. (NASDAQ: JAKK), and Chinese entertainment and cultural production industry group, Meisheng Culture & Creative Corp., Ltd, (Stock Code: 002699.SZ) entered into a joint venture for the purpose of providing certain JAKKS licensed and non-licensed toys and consumer products to agreed upon territories of the People’s Republic of China. The joint venture will include a subsidiary in the Shanghai Free Trade Zone that is expected to sell, distribute and market these products, which can include dolls, plush, role play products, action figures, costumes, seasonal items, technology and app-enhanced toys and many more, based on top entertainment licenses and JAKKS’ own proprietary brands.
“Meisheng is a recognized name in the area of Chinese cultural and entertainment production, spanning many areas including animated films and derivatives, television production, media operations, online games and animation apparel,” said Stephen Berman, Chief Executive Officer, JAKKS Pacific, Inc. “Through our partnership with Meisheng, with their trusted name and strong foothold in the Chinese market, we are aiming to bring our diverse portfolio of toys and consumer products into the robust Chinese market to allow millions of families to enjoy our great brands and products.”
Mr. Berman continued, “The Chinese consumer market represents a wealth of untapped potential and we are excited by the countless new opportunities that will present themselves with this ground-breaking partnership, including new opportunities for our licensing partners to expand their brands in this market. We are committed to the success of our business, and we expect our joint venture with Meisheng to be truly transformative to our International growth and important to our strategy of expanding into new markets.”
“JAKKS Pacific is one of Meisheng’s most important partners since 2006,” stated Xiaoqiang Zhao, Chairman of Meisheng Cultural & Creative Corp., Ltd. “Our long-term partnership has brought significant economic value for both companies and we are excited to form a joint venture subsidiary with JAKKS for the Chinese market.”
Mr. Zhao continued, “JAKKS is a global leader in the toy industry, while Meisheng is at the forefront of animation clothing production and diversified cultural enterprise in China. I firmly believe that our joint-venture with JAKKS will be a win for both companies and advantageous to the development of the Chinese toy market.”
About Meisheng Culture & Creative Corp., Ltd
Meisheng Culture & Creative Corp., Ltd is the only listed enterprise (stock code: 002699) in Festive & roleplay costume industry in China. The enterprise is located in the provincial high-tech park in Xinchang, Zhejiang province. It was founded in June, 2002 with a registered capital of 205.7 million yuan. Now, it has become an integrated cultural industry group co., Ltd with two thousand staff members which is interdisciplinary, cross-industry and cross-platform. It is involved in animation films, television production, animation derivatives research & development production, media operations, online games, etc. Meisheng animation idea base project is considered the “Nation Culture Export Key Project.” In addition, the company has gained many honorary titles like Nation Culture Export Key Enterprise, Chinese customs AA class management enterprise, Zhejiang demonstration enterprise, Zhejiang culture export key enterprise, Zhejiang famous enterprise, Zhejiang credit management demonstration enterprise, etc. DSKJ(缔顺科技), one of Meisheng’s subsidiaries, was recognized as "National Animation Enterprises."
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer and marketer of toys and consumer products with a wide range of products that feature popular brands and children's toy licenses. JAKKS’ diverse portfolio includes Action Figures, Electronics, Dolls, Dress-Up, Role Play, Halloween Costumes, Kids Furniture, Vehicles, Plush, Art Activity Kits, Seasonal Products, Infant/Pre-School, Construction Toys, Ride-On Vehicles, Wagons, Inflatable Environments and Tents, Impulse Toys and Pet Products sold under various proprietary brands including JAKKS Pacific®, Road Champs®, Funnoodle®, JAKKS Pets®, Plug It In & Play TV Games™, miWorld™, Kids Only!®, Tollytots®, Disguise®, Moose Mountain® and Maui®. JAKKS is also the creator of the underlying Monsuno® property and toy line. JAKKS is an award-winning licensee of several hundred nationally and internationally known trademarks including Nickelodeon®, Warner Bros.®, DC Comics®, Saban’s Power Rangers® and Cabbage Patch Kids®. DreamPlay Toys, LLC is a joint venture between JAKKS Pacific, Inc. and NantWorks LLC to develop, market and sell toys and related consumer products incorporating NantWorks’ proprietary iD recognition technology. www.jakks.com
This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates and projections about JAKKS Pacific's business based partly on assumptions made by its management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements due to numerous factors, including, but not limited to, those described above, changes in demand for JAKKS' products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, and difficulties with integrating acquired businesses. The forward-looking statements contained herein speak only as of the date on which they are made, and JAKKS undertakes no obligation to update any of them to reflect events or circumstances after the date of this release.
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