China Film, Pegasus Launch Film and TV Partnership and $100 Million Fund

China Film Co. and Pegasus Media Group have launched a strategic partnership and $100 million film fund focused on U.S.-China co-productions, the two companies announced Tuesday night in Beverly Hills, California, during a week packed with U.S.-China film events.

The two companies will collaborate on the development and marketing of film and television projects, with a particular focus on U.S.-China co-productions. They will also work to develop a “pan-entertainment video production base” and an online outlet for Chinese films.

China Film and Pegasus have also teamed up with Hong Kong private equity fund Co-High Investment Management on a $100 million fund that will be used for U.S. co-productions, with some specific uses being the financing of intellectual property and payments to writers and talent.

Also Read: China Film Official Insists There's No Ban on Hollywood Movies With Chinese Villains

“The China-U.S. Film Co-production Project Development Fund will gain insight from the industrialized development system of U.S. Hollywood film projects, actively seek cooperation with excellent film producers, screenwriters, directors, actors & actresses as well as investment, production, distribution, brokerage, law, insurance and other related agencies in the United States and around the world, and systematically develop and globally operate China-U.S. film co-production projects,” Jiang Ping, China Film’s general manager, said in a statement.

“The investment evaluation criteria of the China-U.S. Film Co-production Project Development Fund are that the film co-production projects must first conform to China’s relevant national policies, the co-produced films can be released in cinemas in the U.S. and worldwide and can also be distributed in the digital way,” Pegasus President Sun Jianjun said in the statement.

Chinese investment in Hollywood has ratcheted up significantly over the last couple years, as studios from Lionsgate to Sony to STX have signed co-financing deals with partners across the Pacific, and major Chinese companies have made splashy Hollywood acquisitions — such as Dalian Wanda Group’s $3.5 billion scoop of Legendary Entertainment. That deal and others have even raised concerns in Washington about undue Chinese influence in American entertainment.

Also Read: China's Wanda Group CEO Heads to Hollywood With All Eyes on Him

But with scores of Chinese film executives in Los Angeles for events including Tuesday’s U.S.-China Film Summit, Wednesday and Thursday’s U.S, China Film and Television Industry Expo and, of course, the American Film Market, that pipeline is showing little sign of slowing.

State-owned China Film is the Mainland’s leading film distributor with 33 percent market share, thanks to its role in many Hollywood films imported under the communist nation’s revenue sharing policy. Privately-held Pegasus has been producing Chinese entertainment for 23 years.

Hollywood's 22 Biggest Box Office Champs in China (Photos)

Chinese moviegoers love to spend their hard-earned yuan on Hollywood blockbusters like "Captain America: Civil War," "Avatar" and "Star Wars: The Force Awakens." Comedies and dramas? Not so much. Read on to see which American hits have raked in the most money (according to BoxOfficeMojo) in that nation across the Pacific.
Disney/Marvel/Lucasfilm/Fox
"Furious 7" (2015)

$390.9 million

The Vin Diesel and Dwayne Johnson revved-up action flick is easily the highest-grossing Hollywood movie ever in China. The late Paul Walker remains among China's most beloved American actors.
Universal
"Transformers: Age of Extinction" (2014)

$320 million

Mark Wahlberg starred in the sci-fi movie based on the foldable toys, which was co-produced by two Chinese firms and was the first Hollywood movie to make more than $300 million in the Middle Kingdom.
Paramount
"Avengers: Age of Ultron" (2015)

$240.1 million

The superhero mashup is China's highest-grossing Marvel Cinematic Universe film, a franchise that's been embraced by the country's young-leaning moviegoers.
Marvel
"Zootopia" (2016)

$235.6 million

The buddy-cop comedy is the highest-grossing imported animated film in the history of the Chinese box office, and it played especially well in China's second- and third-tier cities.
Disney
"Jurassic World" (2015)

$228.7 million

Like "Furious 7," the dinosaur sci-fi adventure was produced by Legendary Entertainment, which was acquired by China's Dalian Wanda Group in January.
Universal
"Warcraft" (2016)

$220.8 million

Another Legendary film, this one inspired by a video game series, flopped in the U.S. but dominated the Chinese market, which is home to about half of the video game's players worldwide.
Universal
"Avatar" (2009)

$204.1 million

The worldwide smash hit also captivated Chinese audiences, even back in 2009, when the country's box office was a fraction of the size that it is today.
Fox
"Captain America: Civil War" (2016)

$190.4 million

The latest film in the Marvel Cinematic Universe -- with an ensemble cast that includes Robert Downey Jr., Chris Evans, Scarlett Johansson and Don Cheadle -- continued the iconic comic book company's momentum in China.
Marvel
"Transformers: Dark of the Moon" (2011)

$165.1 million

The prequel to this film, 2009's "Transformers: Revenge of the Fallen," made $65.8 million in China, setting the stage for "Dark of the Moon" to be the country's highest-grossing Hollywood film since "Avatar" at the time.
Paramount
"Kung Fu Panda 3" (2016)

$154.3 million

The Mandarin-language version of the movie starring Jack Black as a friendly fighting bear had the characters reanimated so their mouths moved naturally with the translated words.
DreamWorks
"The Jungle Book" (2016)

$150.1 million

The live-action/animation hybrid was a hit in several international markets, especially India, and it also played well throughout China.
Disney
"Mission: Impossible - Rogue Nation" (2015)

$135.7 million

China's Alibaba Pictures invested in "Rogue Nation," and star Tom Cruise visited several Chinese cities to promote the film, helping it open strong and stick around in theaters even though its China debut came more than a month after its U.S. premiere.
Paramount
"Star Wars: The Force Awakens" (2016)

$124.2 million

Despite China being one of the few markets that didn't catch "Star Wars" fever -- the movie put some people there to sleep -- Disney's promotional efforts helped it clear $100 million.
Lucasfilm
"Interstellar" (2014)

$122 million

The epic space adventure starring Matthew McConaughey, Anne Hathaway and Jessica Chastain connected with Chinese audiences, even though it wasn't in the 3D format that crowds there have grown used to.

Paramount
"The Hobbit: The Battle of the Five Armies" (2014)

$121.7 million

The third and final installment in Peter Jackson's "Hobbit" series was another movie that succeeded even though it was released in China well after its U.S. premiere.
Warner Bros.
"Iron Man 3" (2013)

$121.2 million

All three movies in the Robert Downey Jr. franchise have played in China, helping build brand awareness beyond just the bankable Marvel name.
Marvel
"X-Men: Apocalypse" (2016)

$12o.8 million

Disney bought Marvel Entertainment in 2009, but Fox acquired the film rights to Marvel's "X-Men" franchise before then. It doesn't seem to matter much in China, where anything Marvel often turns into a big hit.
Fox
"Captain America: The Winter Soldier" (2014)

$115.6 million

The predecessor to this year's "Civil War," "Winter Soldier" was a hit despite its fairly political content, which is usually a negative in Chinese theaters.
Marvel
"Terminator Genisys" (2015)

$113.2 million

The fifth "Terminator" film was the franchise's lowest-grossing since the 1984 original, but it was the first in the series to get a Chinese theatrical release.
Paramount
"Pacific Rim" (2013)

$111.9 million

The futuristic sci-fi adventure, in which humans battle sea monsters, is yet another fantasy action movie that Chinese audiences loved.
Warner Bros.
"Ant-Man" (2015)

$105.4 million

Yet another Marvel Cinematic Universe movie, "Ant-Man" made just $180.2 million at the domestic box office but was a much bigger hit in China.
Marvel
"San Andreas" (2015)

$103.2 million

China knows Dwayne Johnson from the "Fast and Furious" franchise, and the earthquake disaster film he headlined last year reverberated at the Chinese box office.
Warner Bros.

1 of 23

Chinese moviegoers can’t get enough of America’s big-budget action flicks

Chinese moviegoers love to spend their hard-earned yuan on Hollywood blockbusters like "Captain America: Civil War," "Avatar" and "Star Wars: The Force Awakens." Comedies and dramas? Not so much. Read on to see which American hits have raked in the most money (according to BoxOfficeMojo) in that nation across the Pacific.

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Hollywood's 22 Biggest Box Office Champs in China (Photos)

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