Wanda Pictures, the film arm of Dalian Wanda Group, is to receive cash from two investment groups, Puji Capital and Chinese wealth management firm Jupai Holdings. The scale of the investment was not disclosed.
The two companies described the deal as a “joint venture” and the first joint investment in strategic high growth sector companies in China and the U.S.
“Puji will provides direct access to exclusive investment opportunities and strategic capital partners with Jupai’s trusted network of high net-worth individuals and rich experience in asset management. As of December 31, 2015, Jupai had $1.9 billion of total assets under management,” the companies said in a statement.
In January Wanda agreed a deal to acquire leading independent Hollywood producer Legendary Entertainment in a deal worth up to $3.5 billion.
Since than Wanda has sought to use Legendary as a magnet for other finance. It is now busily restructuring its film assets and last week said that Legendary would be absorbed within Wanda Cinema Line previously the group’s Chinese movie theaters arm. Wanda Cinema shares have been suspended since February.
Puji has previously been involved in Wanda’s investment into Beijing Feng Hong Media and the company’s purchase of British luxury yacht manufacturer Sunseeker.
“Jupai is not only China’s leading wealth management companies but is a trusted brand alongside with the other blue chip cornerstone investors in Wanda,” said Alex Szeto, Director of Puji Media. “Wanda is already one of the biggest names in China and Hollywood and we look forward to a long-term relationship working more closely with them in all facets of their business – from media and entertainment to sports, technology, and lifestyle.”