IMAX, one of the world's leading entertainment technology companies, officially announced they are selling a 20-percent stake in its Chinese business to CMC Capital Partners and FountainVest Partners in Beijing on Wednesday, April 16, 2014.

The three sides emphasized that it was a careful consideration. IMAX emphasized their confidence in the Chinese film market. Richard Gelfond, CEO of IMAX, foresaw the company's future development in China.

"We have a backlog of about another 250 screens. So, China will be our largest market in the world in the next five years. Just to add one point; we are not only bringing foreign films into China. We are showing Chinese films in IMAX in China and exporting Chinese films outside of China. A big part of that growth is the fact that China is part of the eco-system, not just a foreign market from it."

Li Ruigang, chairman of investment fund CMC Capital Partners, and Tang Kui, CEO of FountainVest Partners, also attended the press conference for the announcement.

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