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Hony, Tencent Inject $76 Million Into China’s Linmon

Chinese private equity firm Hony Capital and social media giant Tencent are among the financiers providing a new round of funding for boutique Chinese TV producer Linmon Pictures.

Hony, which is a backer of Shanghai Media Group, is one of the major financiers of Robert Simonds’ and Gigi Pritzker’s STX Entertainment production venture, alongside U.S.-based finance giant TPG.

Linmon was established two years ago by former SMG head of film Zhou Yuan, and co-founders Su Xiao, Chen Fei and Xu Xiao’ou. It raised a $15 million (RMB100 million) A round of capital from Tencent in 2015, was used to produce three TV dramas, including “Chronicle of Life,” and “To Be A Better Man.”

The new, B funding round, brings $76 million (RMB500) million to the company. The funding is led by Hony this time, with Mango V Foundation, a philanthropic offshoot of Hunan TV, as a co-investor.

Hony, which is an offshoot of Legend Capital and has some $7 billion under management, confirmed the Linmon deal in an email to Variety.

Chinese media reported Su as saying that the new capital will allow Linmon to diversify into movies and variety shows.

STX has another major connection with China in an 18-title film funding pact with Huayi Brothers Media.

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