Visual effects firm to launch operations in Beijing.
Visual effects and post-production company Prime Focus is to open offices in Beijing, China later this year. The announcement was made at the Shanghai International Film Festival.
The move follows a joint venture agreement in March between Prime Focus, Hong Kong-based private equity group AID Partners and local partner Zhejiang Jingqi Wenhua Chuanbo Co.
The jv will invest $3m in a new operation that will provide 2D/3D conversion, VFX and post-production services on the mainland and in Hong Kong, Macau and Taiwan.
The new Beijing outpost adds to offices operated by Prime Focus in Los Angeles, Vancouver, New York, London and Mumbai.
“We are enthusiastic about the shared opportunities our expansion into China brings,” said Namit Malhotra, founder of Prime Focus.
“We have always recognized the advantages that globalization coupled with intense localization brings and have evolved our business strategy accordingly. After India, Europe and North America, China was the growth story waiting to happen.
“We are fortunate to have had AID Partners Capital extend the relationship beyond investment in to a formal market entry vehicle to expand our footprint in to one of the most influential markets in the world. I look forward to offering our full suite of creative and technology services to the Chinese market.”