Headlines from China: How Yang Mi’s Jiaxing Media Is Affected by LeEco’s Cash Flow Crisis


Yang Mi’s Jiaxing Media is among the Companies Affected by LeEco’s Cash Flow Crisis
According to the recently released financial reports from Chinese media companies, LeEco still owes 414 million yuan in total to at least 24 film companies in China. Among the 24 companies, well-known Chinese actress Yang Mi’s Jiaxing Media is LeEco’s biggest creditor. In a recent interview, one of Jiaxing Media’s former employees revealed that the company’s first priority for 2018 is to file an IPO. It remains to be seen whether the situation with LeEco will negatively affect Jiaxing Media’s IPO next year. Read more on The Paper

Former Alipay CEO to Become New CEO of Alibaba Pictures
Alibaba Pictures’ Chairman and CEO Yu Yongfu announced on August 2 that Fan Luyuan will replace him as the new CEO of Alibaba Pictures. Fan joined Alibaba’s Alipay team in 2007 and worked his way up to the CEO of Alipay. Fan has rich experiences in product management, business development, and operations. Since the founding of Alibaba Pictures, Fan has been involved in Alibaba Pictures’ big decision makings. Fan is also the founder of Alibaba’s online ticket platform Tao Piao Piao. Read more on Ent Group

Two Chinese Films to Screen at Locarno Film Festival
As one of the film festivals that first showcased Chinese films internationally, Locarno Film Festival is celebrating the 70th Anniversary from August 2-12, 2017. This year’s lineup of the festival features two Chinese films, including ‘Dragonfly Eyes’ by acclaimed Chinese contemporary artist Xu Bing, and ‘Mrs. Fang’ by Wang Bing. Without glamorous opening and red carpet, the festival is well respected worldwide for the artistic values of the films it presents. Read more on Sohu

The Future of Sports Movies in China
While Indian sports film ‘Dangal’ was surprisingly well-received in China back in May, it’s hard to think of a popular Chinese sports movie in the history of Chinese cinema. This summer season, two, including My Other Home featuring Stephen Marbury and Who is the King produced by China Central Television (CCTV), will play in theaters in China. Will any of them have a breakthrough? Read more on Fabroa

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Will Luc Besson’s ‘Valerian’ Save Fundamental Films?
Luc Besson’s latest film Valerian and the City of a Thousand Planets will be opening in Chinese theaters on August 25. One of the major investors behind this film is China’s Fundamental Films, which invested $50 million and also became the film’s sole distributor in China. Founded in 2008, Fundamental Films was originally established as a film distribution company. The company has been actively participating in film financing and production over the past a few years, but hasn’t been able to profit from these efforts. Read more on Ent Group