SHANGHAI, May 31, 2011 /PRNewswire-Asia/ -- Investor PUJI Capital, through its PUJI Media affiliate, closed an investment round of RMB 100 million into one of China's leading book publishing and distribution company, Fonghong Media Co. Ltd. Fonghong's existing shareholder Jiangsu Fonghong Publishing Group and an affiliate of Wanda Group also participated in this round.
The Beijing-based Fonghong is China's first book publishing and distribution company that was established between a state and privately owned enterprises and has since been the leader in China's book publishing industry. Fonghong's portfolio includes several best-selling books such as "China Unhappy," "Yuan Weimin and His Sport History," "Haw Love" and "You Are Better Than The Doctor." Recently, Fonghong exclusively published "Dream of Red Mansions" by Liu Xinwu that has already reached over one million books in circulation. Fonghong has the largest author database in the industry and is China's top seller in the life books category. In addition, Fonghong is a leading book distributor that has been awarded with numerous top book distribution recognitions such as the Dangdang online bookstore's best selling mark through the internet and a "five-star" Amazon supplier.
Fonghong's president, Zhang Xiaobo stated that thanks to Puji's strategic investment along with the Wanda Group's participation, China's largest movie cinema company, has accelerated Fonghong's IPO plans where it can further develop its business growth and further expand into in the film and television industry with its artists' resources and culture creations. Mr. Zhang further stated that Fonghong will capture synergistic value by further expanding into the film making industry and will also acquire different types of cultural industries to achieve an extension of industry chain, aim at to be a diversified culture corporation in the future. Fonghong has been gradually expanding into the film industry, such as the movie success of "Haw Love" that is based on one of the Company's best-seller book. Going forward, PUJI Media will further cooperate with Fonghong in the film making industry and bring strategic partners for corporation for their future development.
Jin Na, partner of PUJI Media, stated, "The success of this project not only raised qualified fund for company, but also provided the Company with a diversified development opportunity in the cultural industry." Michael Chien, partner of PUJI Capital, stated, "With the help of professional financial and strategic institutions, Fonghong will be better prepared to compete with foreign counterparts to promote China's cultural industry and to become the new driving force for our culture's development and prosperity."
About Puji
PUJI Capital engages in various strategic and financial investments across industries and through its affiliate PUJI Media focuses in various cultural and media related industry investments. The Shanghai-based PUJI Capital is an asset management and investment firm with a strong financial and strategic network that covers throughout China, Hong Kong, Japan, Taiwan, Singapore and other Asia-Pacific locations with a diversified client base that includes financial institutions, corporations and high-net-worth individuals.
