TGE's 'Scare Out' Box Office Haul Signals Growing Chinese National Security Film Market

Event summary

  • TGE's film 'Scare Out' generated US$120 million in box office revenue within its first seven days of release in China.
  • The film's promotional content has garnered approximately 10.35 billion views across social media platforms, with Douyin hashtag views exceeding 5.32 billion.
  • TGE has two additional films, 'Raging Havoc' and 'Dog Day Evening,' slated for release in the second half of 2026 and into 2027.
  • Dr. Calvin Choi, founder of AMTD IDEA, AMTD Digital, and TGE, is serving as a Producer on both upcoming films.

The big picture

TGE's 'Scare Out' success highlights the growing, albeit politically sensitive, market for national security-themed films in China. This venture represents a strategic expansion for AMTD Digital and its parent companies into the entertainment sector, leveraging cross-segment synergies with L'OFFICIEL to build a broader media and entertainment IP portfolio. However, the venture's profitability and long-term sustainability depend on navigating regulatory complexities and maintaining audience appeal beyond the initial success.

What we're watching

Market Dependence
The film's success is heavily reliant on the Chinese New Year window and the appeal of national security themes to Chinese audiences; future releases may not replicate this performance.
Financial Leverage
Given the complex corporate structure involving AMTD Group, AMTD IDEA Group, and AMTD Digital, the financial benefits of TGE's film success may be diluted across multiple entities.
Creative Risk
The reliance on established stars and formulaic genres ('Raging Havoc', 'Dog Day Evening') could limit TGE’s ability to innovate and attract a broader audience.