... but different producer than you might expect.
Conglomerate Media and Kingsway Productions produce their own take on the H.C. Anderson fairy tale, which is (of course) public domain. Which means that anybody can gin up their own version of the story.
No doubt one of the factors that went into the making of this picture is that the title is well-known. And Disney is busy re-making its back-log of animated fairy tales as live-action movies, so why the hell not? A little public confusion about what company is producing what re-do of which cartoon extravaganza could work in Conglomerate Media/Kingsways' favor. (Of course they have to steer well away from elements exclusive to the Disney blockbuster; this they appear to do).
I assume CM/KP are banking on some serious "ka-CHING" down the road because of those three words in the title.