Headlines from China: Alibaba Pictures to Release New Digital Entertainment Platform


Alibaba Pictures to Release ‘Shou Quan Bao’, Connecting IP Rights Holders and Merchandise Businesses
On August 4, Alibaba Pictures announced it will release a new digital platform for IP rights holders and merchandise businesses to connect with each other. ‘Shou Quan Bao,’ as the product is know, is part of Alibaba’s strategic plan to build infrastructure for China’s entertainment industry. Alibaba aims to make available on the platform a wide variety of entertainment including movies, games, online literature, web series, and variety shows. Read more on Ent Group

Once Upon A Time Reached 100 Million Yuan at the Box Office on its First Day
The highly anticipated fantasy drama Once Upon A Time opened across China on the afternoon of August 3, and has earned 100 million yuan after only half a day in theaters. Adapted from a hit novel, the film tells the story of a romance over a period of three life times. The film is cinematographer turned director Zhao Xiaoding’s first feature film. Zhao is well known for being the cinematographer for Zhang Yimou’s films such as The Great Wall, Hero, and Curse of the Golden Flower. Read more on Mtime

Losing Popularity in Capital Market, How VR Companies Thrive
According to a report by Crunchbase, VR/AR companies worldwide received a total of $200 million in venture capital in the first quarter of 2017. During the same period in 2016, that number was $1 billion. While VR Companies are losing popularity in the capital market, there is no sign that these companies are giving up this market. At this year’s ChinaJoy conference, the VR section was packed, and the hot topic was a VR theme park. Many VR companies, of late, have been building VR theme parks to replace traditional amusement parks. Read more on TMT Post

With Funding from Tencent, Will FIRST Festival Increase Engagement with Capital Market
Xining FIRST International Film Festival is considered a ‘challenging’ film festival in China, as it aims to present innovative works and diverse voices from emerging filmmakers. Founded in 2006 with funding from Xining municipal government, the festival lost government support in 2011 due to its relatively independent and unconventional curatorial vision. This year, the festival received Tencent’s sponsorship, which greatly eased the festival’s financial situation. Yet, it remains to be seen whether the festival is willing to engage with more loaded sponsors in the future. Read more on Jiemian

Film and TV Group Great Wall to Acquire Another Marketing Agency
China’s Great Wall Film and TV Co. is well known for its active M&A activities. Without producing many films or TV shows, the company has become a top player in the field by acquiring 18 companies over the past three years. Recently, the company announced another acquisition deal with a Shanghai-based ad agency Jiu Ming. According to Great Wall’s announcement, the company’s wholly-owned subsidiary Dong Yang Great Wall will increase its stake in Jiu Ming from 76 percent to 100 percent, becoming the sole owner of the ad agency. Read more on Sohu