Wanda Group, which owns the largest cinema line in Asia, participated in the investment
SEOUL, June 21, 2011 /PRNewswire-Asia/ -- Shanghai-based 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 affiliate of Wanda Group, which owns the largest cinema line in Asia, also participated.
This accelerates Fonghong's IPO plans to further develop business growth and expand into the film and television industry with its artists' resources and culture creations. Fonghong will capture synergistic value by further expanding into the film making industry and also acquire different types of cultural industries to achieve extension of industry chain, aimed to be a diversified culture corporation in future. Going forward, Puji Media will further cooperate with Fonghong in the film making industry, arranging finance and bringing strategic partners for corporation for their future development.
Jin Na, partner of Puji Media stated, "The success of this project not only raised qualified funds 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."
Jotaro Nonaka, partner of Puji Capital added, “I believe that Fonghong Media with this new investment from Wanda Group, has secured the foundation to develop this unique business platform which integrates their own catalogue of original master rights and Wanda's vast network of the movie theaters throughout Greater China. It is expected to attract many strategic partners and investors from not only China, but also from Japan, US and Europe, and we are very happy to be a part of it.”
Fonghong's president, Zhang Xiabao said, “Thanks to the support of Puji Media and Puji Capital, this round of investment has been successfully completed.”
Fonghong Media
Established in 2009, Fonghong is China's first book publishing and distribution company that was established between a state and privately owned enterprises. Fonghong is the leading company in the publishing industry, building up the best clientele and the largest author database in the industry. With its books coping well with the trends, 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. Particularly for life books category, sales of its books rank number one in the whole nation.
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. In addition, 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.
Fonghong Group
Fonghong Group is the only cultural enterprise in the publication and culture industries in China with both total assets and sales amounting over RMB10 billion, and is the biggest and the strongest publishing group in China. Business scope covers mainly 6 sectors including publication, distribution, printing, hotel, real estate and finance. According to the National Bureau of Statistics, as of 2009, Fonghong Group is one of the top 500 enterprises in China, and ranks number one in the press and publication industry in the nation. 6 subsidiaries under the Group are rated as Grade One publishing company by the General Administration of Press and Publication, and rank top 100 publishing companies in China.
Wanda Group
Wanda Group is the largest private real estate group in China, focused on commercial real estate, high end hotels, culture industries, department stores chains and resort/tourism. The Group has the largest investment scale in commercial real estate and five-star hotel in China. The Wanda Cinema Line ranks number one in Asia, and is strategic cooperative partner with IMAX Co. and Frank [International Investment] Group in the US.
Puji
Puji Capital engages in various strategic and financial investments across industries, possesses rich expertise in asset management and equity investment, 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. Its affiliate Puji Media focuses in various cultural and media related industry investments.
