China Fund is Hot for LABS
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Phillip Alan Epps
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China Fund is Hot for LABS
Shanghai: Hotland Film Ventures (北电红土电影基金), a newly formed China film fund, announced today it has forged a strategic joint venture with LABS (Los Angeles-Beijing Studios) worth over US$300 million for the studio’s initial China-US coproduction funding.
Hotland Board Chairman, Mr. Zhang Hong Wei (張宏伟), stated, “LABS is different from other US movie companies we’ve reviewed. At first LABS’ well-developed slate of intellectual property caught our attention and then we took some time to learn more about their management’s straightforward ‘Golden Triangle Strategy’ for China and the rest of the world: coproduction, franchisability, merchandising, which clinched our interest to invest.”
Shenzhen-based Hotland Film Ventures is financially backed in part by Shenzhen Ventures, Beijing Film Academy and the Youth Film Studio in Beijing — Shenzhen Ventures being one of China’s leading venture capital funds.
According to Zhang, the state of the Chinese film industry has reached a critical turning point. “The vast billion-person audience in China now seeks films that can offer a much richer movie experience. The key to Hollywood’s success is its comprehensive and mature structure. The challenge for China is to build a similar structure so that our filmmakers and investors can accommodate this growing market.”
Hotland’s Zhang also announced today his fund’s goal to raise a grand total of US$1.6 billion. “Hotland Film Ventures is confident now is the time, more than ever, to support studio innovations with companies like LABS who have all the makings to be a major force in the global film industry,” he said.
Zhang added, “By astutely examining successful aspects of traditional Hollywood studios and other accomplished companies like Dune, Miramax, Relativity, Legendary and Netflix, we as investment partners are primed to support a studio of the future, bringing both cultures and markets together, and that studio is Los Angeles-Beijing Studios.”
