As executive president of the new unit, Shan will report to Maggie Huang Jingyan, MD of the pictures, entertainment and derivatives division. Huang last year brokered Fosun’s $200 million investment in Jeff Robinov’s Studio 8 startup.
Shan was most recently with LeVision Pictures, and has previously held posts at Poly Bona Films. He aims to recruit and set up a small team that will invest in and produce film and TV shows.
“We would like to be involved in at least two films per year, and build it up from there,” Shan said. “Possibly co-productions, which could be in the Chinese language or in English.”
Fosun has allocated an internal budget for the production activities that is distinct from its portfolio investment activities. Fosun has investments which range from insurance to property and pharmaceuticals.
Its recent diversification into media and cultural services has seen Fosun become the largest institutional backer of Bona Film Group, agree to take over European travel and tourism firm Club Mediterranee, and buy a 5% stake in another travel firm Thomas Cook. It has recently been reported that Fosun is one of two serious bidders for the performance art company Cirque du Soleil.