CMC leads $49m round for China entertainment firm Yuehua
CMC Capital has led a RMB300 million ($49 million) Series B round of financing for Yuehua Entertainment, a Chinese music and movie producer. Gravity Media, a Chinese advertising firm, also took part in the round.
Founded in 2009, Yuehua produces and distributes music and films. It also offers artists' training, event planning and digital media promotion. Most of the funding is expected to go towards production as the company looks to make ten new movies over the coming year, according to a statement.
CMC was set up in 2010 and claims to be China's first media and entertainment-focused private equity fund approved by the National Development and Reform Commission (NDRC). Sponsors include China Development Bank, Wenhui-Xinmin United Press Group and Shanghai Media Group. Ruigang Li, CMC's founder and chairman, is the former chairman of Shanghai Broadcasting and president of Shanghai Media Group.
This is CMC's third movie industry-related transaction this year. Last month the GP led a RMB200 million Series C+ round for Gewara, a Chinese online movie ticket site. Prior to that, in April , it partnered with FountainVest Partners acquire a 20% stake in movie theater operator IMAX's China business for $80 million.
Previous investments include the purchase of New Corporation's China portfolio, separate joint ventures with Dreamworks Animation and Hong Kong broadcaster TVB, and the acquisition of a stake in OCJ, a Chinese TV shopping business. It is also backing a management buyout of Charm Communications, a US-listed Chinese advertising agency.
China eCapital served as the financial advisor to Yuehua for this transaction.
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