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Tencent Invests CNY450 Million In Huayi Brothers
May 11, 2011 |
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Comments | Category: Business
Chinese Internet company Tencent has announced that it will implement a strategic investment in the well-known film and entertainment group Huayi Brothers Media.
The investment will be reportedly completed via the large-scale trade platform of Shenzhen Stock Exchange. Tencent will invest CNY450 million to obtain a 4.6% stake in Huayi Brothers, making it the largest institutional investor for the media group.
Tencent has accelerated its steps in the investment field since it announced the establishment of a CNY5 billion fund at the beginning of this year; and it is another crucial action for the company to invest in Huayi Brothers.
Liu Chiping, president of Tencent, revealed that the strategic investment in Huayi Brothers is only the preliminary step of the cooperation between the two parties. Tencent hopes to establish a close relationship with Huayi Brothers via this investment and wants to carry out more attempts for the integration of film and new media along with Huayi Brothers.
With the cooperation, the two companies will make more interactive entertainment content. Tencent claims to have about 647 million users and its businesses cover areas like instant messaging, social networking, microblogs, games, Internet media, wireless, video, and music; while Huayi Brothers, as the first entertainment company listed in the Chinese A-share market, is an industry leading company that owns 30% share of the Chinese-made film market in 2010.
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