China Film Corporation plans to enter the European market: US$15 million in "Speed and Passion 8"

Chinese movies announced yesterday that they will invest $15 million in partnership with Universal Pictures Co., Ltd. to be responsible for the regional distribution of Fast and Furious 8. At the same time, a subsidiary of China Film intends to take a 15 per cent stake in French film technology company YMAGIS at a cost of no more than Rmb100m.

original title: Chinese films plan to enter the European market

Chinese films announced yesterday that they will invest $15 million in cooperation with Universal Film Co., Ltd. responsible for the regional distribution of Fast and Furious 8. At the same time, a subsidiary of China Film intends to take a 15 per cent stake in French film technology company YMAGIS at a cost of no more than Rmb100m. It also means that Chinese companies are making a big foray into the overseas film and television industry.

according to the announcement issued by China Film Co., Ltd yesterday, the board of directors considered and approved the proposal to invest in Fast and Furious 8 and take a stake in French film company YMAGIS. The company will invest US $15 million in a project partnership with Universal Pictures Co., Ltd. on Fast and Furious 8 to provide cinema distribution of the film in the region.

strong > win the release of Fast and Furious 8 / strong >

meanwhile, French film cutting-edge digital technology company YMAGIS confirmed in a statement on Thursday that it is in talks with Chinese films to take a stake. China Film also said in the announcement that China Film equipment Co., Ltd., a wholly-owned subsidiary of China Film, intends to acquire a 15 per cent stake in France's YMAGIS company and carry out business cooperation by participating in private placement and equity acquisition for no more than Rmb100m.

Chinese Film's business covers four major sectors: film production, film distribution, film projection and film and television services, and has cooperation with hundreds of film companies in more than 200 countries and regions around the world. YMAGIS was founded in 2007 and currently employs nearly 700 people in 23 countries. The company's performance has tripled since it went public in May 2013. However, despite a turnover of 158 million euros in 2015, there was still a net loss of 600000 euros.

Chinese movies said that this investment in YMAGIS will help to open up the market of film technology equipment such as "China screen" system and "China Film Light Peak" laser light source in Europe, and further enhance international competitiveness.

strong > participate in the establishment of Tianjin North Film Company / strong >

announcement also announced that in order to enhance the market competitive advantage of film and television production and distribution business, Chinese films plan to invest 30 million yuan in cash to participate in the establishment of Tianjin North Film Co., Ltd., and hold 15% equity.

in recent years, the overseas film industry has become more and more popular with mainland entrepreneurs, and Chinese predators frequently invest in the international film and television industry. As early as 2012, Wanda Group bought AMC, the second largest cinema line in the United States, for $2.6 billion, and opened the way of film and television purchase, successively acquiring companies such as Australian cinema line Hoyts, American legendary Pictures, film projection giant Carmike Cinemas Inc., and Odeon & UCI, the largest theater line in Europe.

Star International also bought a $200m stake in Studio8, a Hollywood film studio, in 2014, and in October last year, Jack Ma's Alibaba Pictures (01060) announced a partnership with Steven Spielberg's film studio Amblin Partners and said it would buy a stake in it.

Edit: yvette