Chinese private equity firm Hony Capital announced Wednesday that it will set up a joint film and television fund worth 3 billion yuan (485.3 million U.S.dollars) with SMG Pictures.

The fund will be used to invest in equities, as well as the production of films and television series, according to Hony Capital.

"Hony Capital will not only bring in capital, but also more resources," said Zhao Linghuan, CEO of Hony Capital.

Hony Capital has also worked with other media firms, including Phoenix Publishing & Media and Beijing-based Uyoung Media.

Film and television funds have been catching on in China in recent years, as they can integrate funds and the country's booming film and television industries, which have expanded at a rapid pace.

China's film industry recorded box office earnings of 16.8 billion yuan in 2012, a record high, according to official data.

Go to Forum >>0 Comment(s)