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Matrix Partners exits China Bona Film to Fosun

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Matrix Partners China and other undisclosed pre-IPO shareholders have exited a 6.4% stake in Bona Film Group, a NASDAQ-listed film distributor in China, to Chinese conglomerate Fosun International for $20.8 million.

Fosun will acquire 2 million ordinary shares at an average price of $10.40 apiece, or $5.20 per American Depositary Share, according to a company statement.

"This investment from Fosun represents yet another milestone for Bona's ownership structure enhancement. China's movie theater space is amid an exciting and crucial period of growth and we look forward to becoming a leading theater operator in China with the support of our investors and partners," said Dong Yu, founder and CEO of the company.

Upon completion, Matrix Patners will no longer hold an interest in Bona, while Yu's ownership will be reduced to approximately 24.1%. The transaction is expected to close in the next 10 days.

Last year, Sequoia Capital exited part of its stake in Bona to Yu for approximately $16.5 million. Following the transaction, Yu held 42% of the Chinese film distribution company, with Sequoia owning 5.42%.

Bona distributes films to Greater China, Korea, Southeast Asia, the US and Europe, operating 20 movie theaters.

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