A production company jointly funded by smartphone maker Xiaomi and media group Huayi Brothers Star was announced at a press conference in Beijing on Monday.

The firm marks Xiaomi's first film industry project. It will focus on screenwriting and development of talent, with several renowned Chinese directors including Gu Changwei and Guan Hu being invited to select screenplays.

"We want to promote screenwriting, and the significance of screenwriters to film projects," said co-founder Tian Yusheng, adding that young talented screenwriters could secure funding or have their scripts made into films by established directors.

Xiaomi is just the latest in a string of digital companies to invest in China's booming film industry.

China collected over 40 billion yuan ($6.1 billion) in box office sales in 2015, smashing all previous records.

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