Chinese conglomerate Dalian Wanda Group's Wanda Pictures business has received an investment from financial firms Puji Capital and Jupai Holdings, the companies said Monday.
Details of the size of the investment and other terms weren't disclosed.
The firms in Hong Kong launched the joint venture "focused on strategic investments in high-growth sector companies in Greater China and [the] United States." Jupai and Puji said they would look to "capitalize on the burgeoning global media and entertainment industry as well as other high-growth sector companies that have cross-border attraction in China and [the] United States," such as in the technology and consumer sectors.
The joint venture's first strategic investment was into Wanda's Chinese moviemaking subsidiary Wanda Pictures, the companies said. In January, Wanda agreed to acquire Legendary Entertainment for $3.5 billion. It recently said it plans to fold Legendary and Wanda Pictures into its publicly traded movie-theater chain, Wanda Cinema Line.
Jupai co-president Zhu Junjie said about the Wanda Pictures investment: "Given the importance and growth of China's emerging consumer demographic over the next 10-20 years, we see this joint venture [as] a cornerstone of our company's commitment to serving our clients with unique opportunities from both domestic [China] and global markets."
Said Alex Szeto, director of Puji Media: "Jupai is not only China's leading wealth management company but is a trusted brand alongside with the other blue chip cornerstone investors in Wanda. Wanda is already one of the biggest names in China and Hollywood, and we look forward to a long-term relationship working more closely with them in all facets of their business — from media and entertainment to sports, technology and lifestyle."