Beijing Business Today, 4/14/11
According to an industry insider, Chinese internet company Tencent (0700.HK) plans to invest RMB 500 mln in the filmmaking industry, and is now in talks with several film and television production companies.
The source further revealed that RMB 500 mln is an initial investment in a plan to create several new teleplays. The possibility of establishing a separate film and video production company is said not to have been ruled out, and talks are allegedly now underway with China Film Group, Huayi Brothers (300027.SZ) and several other major production companies. Other information suggests that Tencent is currently working with one domestic Chinese production company to produce an animated film scheduled to be released sometime this summer.