Bruno Wu’s Seven Stars Media has formed a Chinese domestic film company, dubbed Seven Stars Constellation Film Company Ltd.

The label will focus on the development, production and distribution of Chinese language films for the Chinese market along with handling theatrical distribution for Seven Stars non-Chinese language titles as well.

Wu also announced that Seven Stars Constellation has created a joint venture with Liu Yiwei’s Joyful Film. He led the producing team on “Lost in Thailand” (pictured) and “Finding Mr. Right.”

“The recent box office successes of Chinese language films shows that the marketplace will accept and support local films as long as they satisfy the audience with subjects and characters they can relate to,” Wu said. “They need to be well made, entertaining, and appeal to the contemporary mindset of the young moviegoer.”

Wu is an executive producer on James Gray’s “The Immigrant,” which premiered at the Cannes Film Festival, and “Grace of Monaco,” starring Nicole Kidman.

During Cannes, Wu and Pierre-Ange Le Pogam at Paris’ Stone Angels announced the creation of Angel Storm, a joint venture to develop and produce action thrillers and franchises with global appeal. First projects on Angel Storm’s slate are “Shanghai,” which will go into production in early 2014, and “Triangle.”

Wu has been active in the global entertainment scene since early last year. In February 2012 he announced the creation of an $800 million film fund, with help from CAA. He also pacted with helmer Justin Lin to create Perfect Storm Entertainment; backed John H. Lee’s remake of John Woo’s “The Killer”; and launched a joint production venture with Marvel Studios founder Avi Arad to create movies based on Chinese superheroes.