China Media Capital, China's first cultural and media fund, said on March 8 that the Shanghai Oriental Dream Factory, a Sino-US joint venture, is still in the process of preparation. It is expected that the follow-up blueprint will be announced in mid-2012.
The company's chief investment officer (CIO) Li Huaiyu said that the company has now begun to consider raising the second phase of the fund. It is expected that the first phase of 2 billion yuan will be invested by more than 50% by mid-2012; and the investment return cycle of the Chinese Cultural Industry Fund is 5 to 7 years.
"At present, the two parties are preparing for the joint venture company, and it is estimated that there will be further announcements and subsequent blueprint descriptions by mid-2012," Li Huaiyu also pointed out, "The first phase of the fund will invest more than 50% in two years, (the second phase Fund raising) has indeed arrived, and has already begun to consider. "
The Chinese Cultural Industry Fund and other Chinese companies signed a contract with the American DreamWorks Animation Company in February 2012 to form a joint venture to set up Shanghai Oriental Dreamworks Film and Television Technology Co., Ltd. The first round of investment reached 330 million US dollars, making it the largest Sino-foreign cooperative cultural exchange investment project to date one. The project is controlled 55% by China and 45% by the US.
Li Huaiyu said that the establishment of the Oriental Dream Factory is mainly due to the huge market demand and opportunities, and the future technology, creativity and talents will be the focus of development. When asked about when the company's first film will be released, he said frankly, "We don't pursue fast, but high-quality products."
At the same time, he also believes that DreamWorks will be a win-win cooperation, "There are excellent talents in China, very good cultural heritage and stories, and great market potential, and American DreamWorks has very good technology and creativity. , Processes and teams, good works in the future will be provided to other overseas markets. "
The headquarters of Oriental Dream Factory is located in Shanghai, but it will be operated in many places in the future. Including Beijing and Los Angeles will operate; at the same time, the initial theme park will be built in China.
Founded in 2009, the Chinese Cultural Industry Fund is China's first cultural industry equity investment fund approved by the National Development and Reform Commission, with a scale of RMB 5 billion. In the first phase, 2 billion yuan has been raised. The company was initiated and invested by Shanghai Oriental Media Group (SMG), China Development Bank and China Broadband Industry Fund. Li Huaiyu said that in the future it will continue to cooperate with existing investors.
The fund has been investing since mid-2010. The announced investment projects also include the holding of Star TV, Channel V and the world's largest Chinese-language film library, which are wholly-owned by News Corporation. With regard to the project's return on investment, Li Huaiyu is expected to meet expectations.
Optimistic about tourism and performing arts and other cultural consumption fields
Against the backdrop of China's economic transformation and expanding domestic demand, Li Huaiyu believes. In the future, domestic cultural consumption areas such as tourism and performing arts are bound to flourish, and there is also an urgent need for high-quality film and television content; in addition, the fields of education and mobile Internet are also worthy of attention.
For the Chinese film market, he believes that the software in this market still needs to be improved. Including content creation, ticket booking services, online movie reviews, etc. Therefore, it is expected that there will be more investment opportunities around the software industry in the future.
"Dongfang DreamWorks will promote the comprehensive industrial environment in various aspects such as talents", but Li Huaiyu said that he has not considered investing in cinemas at this time. In addition, Li Huaiyu also pointed out that if the market can become more rational in the second half of 2012, it will not rule out that it will consider investing in e-commerce. He believes that e-commerce will occupy an important position in the retail market in the future.
China's "Twelfth Five-Year" cultural reform and development plan states that it is necessary to develop and strengthen traditional cultural industries such as publishing, film and television production; and accelerate the development of new cultural industries such as cultural creativity and digital publishing. In addition to Chinese culture, in July 2011, China's first national-level cultural industry investment fund led by the central government's capital injection announced the establishment of the China Cultural Industry Investment Fund, with a target scale of 20 billion yuan.
The Chinese Cultural Fund currently has offices in Shanghai and Beijing and currently has nearly 20 employees. The company's chairman is Li Ruigang, who previously served as the president of Shanghai Media Group.
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