Fast-expanding Chinese studio, Bona International Film Group (BIFG), has completed second round financing of $14.64 from private equity backer Matrix Partners China and a loan of $8m from Industrial and Commercial Bank of China (ICBC).
BIFG held a press conference at the on-going Shanghai International Film Festival (SIFF) to announce the company’s new board members and the loan. Matrix joins the company’s first round investors – SIG Asia and Sequoia China – which pumped $10m into BIFG in 2007.
BIFG chairman Yu Dong also explained that the loan would be used for the production and distribution of three films from BIFG’s Beijing-based affiliate, Beijing Polybona Film Distribution: Bodyguards And Assassins, Big Soldier and The Road Less Travelled.
The loan marks the first time that ICBC has invested in the film industry.
Meanwhile, BIFG subsidiary company, Beijing Bona Cinema Management, also announced that it will partner with real estate firm, Shenzhen Maoye Group, on a cinema project in Shenzhen city.
The $11.71m (RMB80m) project, which will be the sixth multiplex cinema under BIFG, is scheduled to begin operations in December 2009.