TGE's 'Scare Out' Tops $120M, Spotlighting National-Security Thrillers

PARIS, FRANCE – February 23, 2026 – In a powerful demonstration of its burgeoning influence in the film industry, The Generation Essentials Group (TGE) has announced its espionage thriller, "Scare Out," has grossed over US$120 million at the box office within its first seven days. Released during the highly competitive Chinese New Year holiday window, the film's staggering success signals not only a major victory for the AMTD subsidiary but also the potent commercial appeal of a new cinematic subgenre: the national-security film.

Featuring an all-star ensemble cast that includes Jackson Yee, Yilong Zhu, and Mi Yang, "Scare Out" captured a significant share of the holiday market. The film's performance underscores a strategic pivot for TGE and its parent companies—AMTD Group, AMTD IDEA Group, and AMTD Digital Inc.—as they expand from a financial and digital solutions base into a global media and entertainment powerhouse.

The Rise of the National-Security Thriller

"Scare Out" is being hailed as China's first major film centered on contemporary national security. The movie, reportedly based on real-life cases, delves into the high-stakes world of counterintelligence, following an elite team's race to prevent the leakage of classified military aviation data. This narrative focus places it at the forefront of a growing trend in Chinese cinema that blends blockbuster entertainment with patriotic themes.

Produced under the guidance of China's Ministry of State Security, the film taps into a cultural moment where national pride and security concerns are prominent. This genre has proven to be a reliable box office driver, following in the footsteps of recent patriotic hits like "Full River Red" and "The Wandering Earth II," which resonated deeply with mainland audiences. By framing its agents as "heroes working on the hidden front," as director Zhang Yimou described, "Scare Out" successfully merges the conventions of a Hollywood spy thriller with a distinctly Chinese state-sanctioned narrative.

While the film's commercial success is undeniable, its critical reception appears more nuanced. Audience ratings on the popular Chinese review aggregator Douban have settled in the low-to-mid range, with some reports noting "polarized evaluations" on social media. This suggests that while the high-concept premise and star power were enough to draw massive crowds, the artistic and narrative execution may have divided viewers.

Battle at the Box Office

The film's $120 million seven-day haul is impressive, but it becomes even more significant when viewed within the context of the fierce Chinese New Year box office battle. The 2026 holiday period generated a colossal US$828.65 million in total ticket sales from over 120 million admissions, making it one of the most lucrative cinema-going weeks in the world.

"Scare Out" consistently held the number two position throughout the holiday. It was second only to the racing comedy sequel "Pegasus 3," which dominated the market by earning approximately US$423 million and securing over 50% of the market share. Despite this formidable competition, TGE's film, which had already secured over US$14.5 million in pre-sales, comfortably outperformed other major releases, including the martial arts epic "Blades of the Guardians: Wind Rises in the Desert" (approx. US$116 million) and the animated family feature "Boonie Bears: The Hidden Protector" (approx. US$103 million).

Beyond the Big Screen: A Social Media Juggernaut

A key driver of the film's financial success was its unprecedented dominance of the digital landscape. According to the company's press release, promotional content related to "Scare Out" generated an astronomical 10.35 billion views across major social media platforms. On Douyin, China's version of TikTok, the film's dedicated hashtag alone amassed over 5.32 billion views, with engagement growing by more than half a billion views daily.

This social media frenzy highlights the modern playbook for film promotion in China, where online buzz and influencer engagement are as critical as traditional advertising. The film's cast, populated by stars with massive online followings, undoubtedly fueled this digital wildfire, creating a self-perpetuating cycle of hype that translated directly into ticket sales. The strategy demonstrates a sophisticated understanding of how to mobilize a young, digitally-native audience and convert online chatter into box office revenue.

AMTD's Pivot from Finance to Film

The success of "Scare Out" is a cornerstone of a larger corporate strategy for its parent conglomerate, AMTD Group. Traditionally known for its financial services, the group is aggressively diversifying into a global media and entertainment entity through its subsidiaries, AMTD IDEA Group, AMTD Digital, and TGE. This film's triumph is a powerful proof-of-concept for TGE's movie segment.

Looking ahead, TGE is already preparing a slate of new films. Scheduled for release in late 2026 and 2027 are "Raging Havoc," starring Andy Lau and Nicholas Tse, and "Dog Day Evening." TGE is serving as a lead production company on these projects, with Dr. Calvin Choi, the founder of the AMTD companies, personally taking on a producer role, signaling deep executive commitment to the division's growth.

This entertainment push is supported by what the company calls "cross-segment synergies." TGE's media brand, L'OFFICIEL, has been named a strategic media partner for the 44th Hong Kong Film Awards. Simultaneously, L'OFFICIEL is expanding its international footprint with on-site coverage at the Golden Globes and BAFTAs, with plans to extend its presence to the Oscars. This strategy aims to create a feedback loop where media outlets promote entertainment properties, which in turn elevates the global profile of the entire AMTD media ecosystem. TGE has stated it will continue to strengthen and expand its global media outreach and influential power as a core part of its business.