(Yicai Global) July 3 -- Entertainment-related private equity firm China Media Capital has raised nearly CNY10 billion in its A-round of financing, led by industry heavyweights.
Real estate giant Vanke Group and two founding investors Alibaba Group Holding and Tencent Holdings, as well as China Merchants Bank International Capital led this round, after which the Shanghai-based venture capital firm's valuation reached nearly CNY40 billion, online news portal 36Kr said.
China Media Capital was founded in 2015 by a well-known Chinese media person Li Ruigang who serves as its chairman and chief executive. Upon the latest round of financing, the firm has now changed its name to CMC. Its business engages mostly in movie production and distribution, sports, telecom, and lifestyle products.
One of the film-related investments includes UME Cinema, which has nearly 60 film theaters in China's first-tier cities such as Beijing, Shanghai, and Chongqing. The firm also owns Pear Video platform and invested in another one Bilibili before its initial public offering.
The company's two film production units have collaboration plans with US studios. Gravity Pictures will partner with the Warner Bros. Entertainment on an adaption of the American bestselling novel called The Meg, while the Pearl Studio will work with the Universal Pictures on animation film Abominable to be released next year.
Editor: Emmi Laine