Chinese insurer Ping An is getting into the entertainment market in a big way -- through a strategic tie-up with leading Chinese movie company Huayi Brothers. The financial giant has agreed to throw in 30 billion yuan worth of funding to support development of Huayi Brothers.
Insurer Ping An is diversifying into the red-hot entertainment market by joining hands with movie firm Huayi Brothers.
Besides movies, Ping An will give full support to build Huayi's theme parks.
Shao said there is huge potential in the cultural and entertainment industry. Huayi earned 234 million yuan of income revenue from its theme park business. Huayi plans to build parks in 20 cities worth some 10 billion yuan.
Analysts say cooperation on such a scale between a financial institution and the entertainment industry is uNPRecedented in China, but it represents a big trend -- more capital chasing the consumer market.