Beijing, Sept. 3 (CNA) Three business groups from Taiwan, South Korea and Hong Kong signed an agreement in Beijing on Wednesday to establish a fund for joint investment in film and TV production.
The agreement was signed at the Great Hall of the People in Beijing by Peter Lam, chairman of Hong Kong's Media Asia Entertainment Group; Lee Shoo Man, chairman of South Korea's S.M. Entertainment Co.; and Leon Lu, chairman of Kbro Media Co., a subsidiary of Taiwan's Fubon Group.
The enterprises agreed to invest jointly in film and TV production in China, specifically for Chinese-language audiences. It was also agreed that Media Asia will serve as the exclusive Chinese agent for S.M.'s entertainers, including the bands Super Junior, f(x) and EXO and singer Jang Ri-in.
The seed capital of the investment fund will be US$20 million, with Media Asia Entertainment and S.M. Entertainment serving as co-managers, while Fubon Group will fill the role of a co-founder. The goal is to raise an initial US$100 million for the fund, which has been dubbed Dragon Tiger.
Lu said that Fubon Group is new to the film and TV business, having entered it just two years ago, but attaches great importance to the agreement and hopes that it will help to expand Taiwan's film and television industry.
Hong Kong star Leon Lai, who is attached to Media Asia Entertainment Group, and popular South Korean stars Choi Siwon and Kangta also attended the signing ceremony.