You will be redirected back to your article in seconds

Bona Film Raises $360 Million in Funding Round Led by Alibaba, Tencent

China’s two largest Internet companies, Alibaba and Tencent have led an injection of $360 million (RMB2.5 billion) into leading Chinese distribution and production company Bona Film Group.

The new funding round gives Bona an implied valuation of $2.15 billion (RMB15 billion.) That is more than double the figure when the company took itself off the NASDAQ stock market in April this year.

Other companies in the funding round include CITIC GoldStone Investment, China Development Bank Capital Corp. (CDB Capital), Zhongzhi Enterprise, CMB International, giant bank ICBC; and Macrolink Group. Existing Bona investor, Fosun International also participated.

Alibaba Pictures Group, Tencent, Fosun International, Sequoia Capital and SAIF Investments were among the investors alongside Bona’s founder Yu Dong in April’s going private maneuver.

Bona, which has production and distribution credits including “The Taking of Tiger Mountain,” the Chinese remake of “Bride Wars,” and Ang Lee’s “Billy Lynn’s Long Half Time Walk,” became the first Chinese film company to list on an overseas stock market when it joined NASDAQ in 2010. But as U.S. investors fell out of love with Chinese equities, Bona’s valuation was overshadowed by rival companies listed in China and Hong Kong, where local investors remain enthusiastic for entertainment industry properties. It is widely assumed in investment circles that Bona will attempt to relist its shares on a Chinese bourse as soon as possible.

The company pioneered the use of film funds in China and in November last year announced that, with The Seelig Group, it was to become a co-financier on a slate of Fox movies including “The Martian.” Yu is also one of the most respected analysts of the Chinese film market.

More Biz

  • Plume of black smoke rising from

    Lawsuit Expected Next Week in Response to Universal Music Fire

    A Los Angeles law firm representing several Universal Music recording artists affected by the 2008 fire that destroyed a huge number of master recordings is expected to file a lawsuit as early as next week. King told Variety that he expects to sue for negligence and other torts. He declined to identify his clients, saying [...]

  • Nicholas Sparks

    Nicholas Sparks Responds as LGBT Discrimination Claim Resurfaces

    Nicholas Sparks, the prolific author of romance novels, is facing renewed allegations that he discriminated against gay students at his Christian school in North Carolina. The allegations were first leveled by Saul Benjamin, the former headmaster of the Epiphany School of Global Studies, in a wrongful termination suit he filed in 2014. Benjamin’s suit alleged [...]

  • Tyler the Creator and DJ Khaled

    Inside the DJ Khaled-Tyler, the Creator Chart Battle

    The controversy surrounding the recent chart battle between DJ Khaled and Tyler the Creator — in which a bundle promoting Khaled’s album was disqualified from adding to its sales tally for the May 24 Billboard 200 album chart, allowing the No. 1 spot to go to Tyler’s “Igor” — has been a first-class problem for [...]

  • Cuba Gooding Jr. Diversity

    Cuba Gooding Jr. Charged with Misdemeanor Forcible Touching

    Actor Cuba Gooding, Jr., has been charged with a misdemeanor count of forcible touching following an incident at a nightclub, the New York Police Department said Thursday. Gooding turned himself in to NYPD detectives on Thursday, surrounded by a throng of media. Later in the day, he was arraigned in front of Judge Herb Moses. [...]

  • Contract Placeholder Business WGA ATA Agent

    CAA Challenges Writers Guild of America's Legal Standing in Packaging Fee Lawsuit

    CAA has challenged the Writers Guild of America’s legal standing for bringing forth the lawsuit against Hollywood’s four largest talent agencies over the issue of packaging fees. CAA’s latest legal response to the suit filed by the WGA in Los Angeles Superior Court in April asserts that the guild does not have the right to [...]

More From Our Brands

Access exclusive content