HONG KONG — Film producer and distributor Dong Ping (“Crouching Tiger, Hidden Dragon”) has quit Asian Union, the film and TV company he founded, to make way for an investment by fund management group China Broadband Capital Partners.

Telco giant China Netcom’s former CEO Edward Tian Suning becomes Asian Union chairman while Travel Channel prexy Wang Hong has been appointed CEO. Also joining the board is Li Ruigang, prexy of the China’s No. 2 media operator, Shanghai Media Group.

CBC has paid HK$423 million ($54 million) for a 23% stake in the company, amassed through purchases of shares, warrants and convertible bonds.

Listed on the Hong Kong Stock Exchange, Asian Union turned its first profits — $34 million — in 2006. Its main business is a jointly owned mainland China travel channel, stakes in advertising agencies and TV drama producers.

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CBC, which invests in outfits that expand usage of Broadband Internet, sees the company as a provider of content for IPTV and multimedia distributors.