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Fosun, Shanghai Film Group establish foundation to bankroll movies
Online Edition
FOSUN International Ltd and Shanghai Film Group Co Ltd announced today they have jointly established an investment foundation to fund the production, distribution and screening of movies and TV series.
"We are confident about the prospects of China's film industry," said Guo Guangchang, Fosun’s chairman. "Through the partnership with Shanghai Film Group, we expect to better pinpoint the opportunities in the industry and inject new vitality into it."
It is Hong Kong-listed Fosun’s latest investment in the cultural sector. Last month, it invested in the US film production company Studio 8 and increased its stake in Bona Film Group to become its second largest shareholder.
Shanghai Film Group is among China's largest movie producers and distributors. Its subsidiaries include Shanghai Film Studio, Shanghai Animation Film Studio, Shanghai Film Technology Plant and Shanghai United Cinemas.
Fosun, established in 1992, is a leading private firm in China. It is involved in sectors ranging from real estate and tourism to pharmaceuticals and the cultural and entertainment industry.
China is now the world's second largest movie market with its box office surging an annualized 27 percent to US$3.6 billion last year.
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