Puji Capital, Jupai Holdings invest in China Wanda Pictures

The scale of the investment was not disclosed. The JV is also looking to make other strategic investments in the media and entertainment industry, as well as targeting cross-border transactions in the technology and consumer spaces, according to a release.

In February, Dalian Wanda sought raise RMB10 billion ($1.5 billion) from domestic investors for its media unit - Wanda Media - ahead of a planned onshore listing. Wanda Media comprises Wanda's own film production and distribution business under Wanda Pictures brand, as well as Hollywood film production studio Legendary Entertainment - which was purchased by Wanda in January in a deal worth $3.5 billion.

Shanghai-based Puji was founded in 2000. It focuses on bringing family offices from Asia, Europe and the US to invest in China, as well as providing corporate financing. Previously, it was financial advisor for Wanda Group's investment in Beijing FengHong Media and the purchase of British luxury yacht manufacturer Sunseeker.

US-listed Jupai distributes third-party wealth management products and provides investment advisory services to Chinese high-net-worth individuals. As of the end of last year, it had $1.9 billion in assets under management.

"Given the importance and growth of China's emerging consumer demographic over the next 10-20 years, we see this joint venture a cornerstone of our company's commitment to serving our clients with unique opportunities from both domestic (China) and global markets," Junjie Zhu, co-president of Jupai, said in the statement. "We have already seen a dramatic increase in Chinese capital in private transactions but we feel strongly that this is only the start of more global investments."

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• Topics
• Greater China
• Media
• Expansion
• China
• Dalian Wanda Group
• Media
• Joint Venture