×

Asian Trio Launch Fund To Break Into China Market

Dragon Tiger fund set to expand to $100 million

HONG KONG – A trio of Asian companies has launched a film and TV production investment fund and committed to working together to break in to the China market.

Hong Kong’s Media Asia, South Korean music and talent management giant SM Entertainment and Taiwan cable TV network operator Kbro signed the deal Wednesday in the Great Hall of the People, in Beijing.

Initial capital for the Dragon Tiger fund is some $20 million, but is expected to increase to $100 million. SM and Media Asia are designated as co-managers, and Fubon, a diversified financial group that is Kbro’s parent, is named as co-founder.

The fund will invest jointly in film and TV productions, that are either made in China, or are specifically targeted at Chinese-language audiences.

The deal strengthens the connections between Media Asia and Fubon. In February this year Fubon and Kbro bought a 14% stake in Hong Stock Exchange-listed Media Asia. That puts it’s the Taiwanese pair as junior partners to Hong Hong property tycoon Peter Lam and a fund controlled by billionaire Alibaba boss Jack Ma. Media Asia CEO, Jeffrey Soong is also a former advisor to Fubon.

Since his arrival at Media Asia two years ago, Soong has aimed to create discreet slates of films that can be securitized and packaged for investors.

In addition to the production deal struck Wednesday, Media Asia will serve as the exclusive Chinese agent for SM’s talent. These include, including the bands Super Junior, f(x) and EXO.

More Biz

  • Harvey Weinstein Trial and Verdict

    Harvey Weinstein Taken to Bellevue Hospital With Chest Pains

    Harvey Weinstein was taken to Bellevue Hospital in Manhattan on Monday after complaining of chest pains, according to his representative. Weinstein was supposed to be transferred to the jail on Rikers Island, but was diverted to Bellevue. Weinstein was remanded into custody on Monday morning after a jury convicted him on charges of sexual assault [...]

  • Harvey Weinstein Trial and Verdict

    Weinstein Guilty Verdict Sends a Message to Victims and Prosecutors

    The verdict in the Harvey Weinstein trial will send a message to victims and prosecutors that difficult cases can be won, legal experts said on Monday. Weinstein was convicted on Monday morning of committing a “criminal sexual act” and third-degree rape, following a six-week trial in New York Supreme Court. He faces five to 25 [...]

  • Tarana Burke

    #MeToo Founder Tarana Burke on Weinstein Verdict: 'Implications Reverberate Far Beyond Hollywood'

    Tarana Burke, the activist who founded the “Me Too” movement, issued a statement in the wake of Harvey Weinstein’s conviction on Monday. Burke begins her statement by saying, ““Today, a jury confirmed what we all know: Harvey Weinstein committed sexual assault.” She then decries the “incredibly narrow and unjust set of laws governing sexual assault,” blaming [...]

  • Vanessa Bryant, wife of Kobe Bryant

    Vanessa Bryant Remembers Husband Kobe and Daughter Gianna in Touching Memorial Tribute

    Vanessa Bryant held back tears as she paid emotional tribute to her late husband and NBA legend Kobe Bryant and daughter Gianna at a memorial service held at the Staples Center on Monday. Vanessa began her touching speech by remembering her 13-year-old daughter, who she says was “a sweet soul,” and reflected on their friendship. [...]

  • Harvey Weinstein Trial and Verdict

    Harvey Weinstein Accusers React to Rape Conviction: 'We're Never Going Back'

    Validation, relief, gratitude and pride — those were some of the emotions expressed by a group of women who came forward with allegations of sexual assault at the hands of Harvey Weinstein in response to the disgraced producer’s conviction on Monday for rape and sexual assault. The group of more than 20 women held a [...]

  • Harvey Weinstein arrives at a Manhattan

    Hollywood Reacts to Harvey Weinstein Verdict: 'I Hope the Handcuffs Are Tight'

    Harvey Weinstein, once regarded as one of the most influential forces in the film industry, was found guilty of committing a “criminal sexual act” and third-degree rape on Monday morning. He was acquitted on two counts of predatory sexual assault. The verdict comes two years after more than a dozen women accused Weinstein of sexual [...]

More From Our Brands

Access exclusive content