China’s state-owned film studio Shanghai Film Group (SFG) has announced it is to set up a joint venture with post-production group Technicolor.

The new Shanghai-based company, named Technicolor SFG, will offer one-stop post service to Asian film projects. The first priority will be to restore SFG’s 1961 animation Uproar In Heaven directed by Wan Laiming, before converting it into 3D and renaming it Monkey King.

Uproar In Heaven was produced by Shanghai Animation Film Studio, which is also a subsidiary company of SFG. Besides 3D Monkey King, Technicolor SFG will also handle restoration and 3D work of other animation films in the Shanghai Animation Film Studio library.

The announcement took place in Shanghai during the on-going Shanghai International Film Festival, which runs from June 12-20, with SFG chairman Ren Zhonglun and Technicolor president Frederic Rose as co-signatories.

“Through the cooperation with Shanghai Film Group, Technicolor hopes to jointly advance the strength of Chinese entertainment industry and build up a leading post-production center in Asia Pacific region,” Rose said.

“The establishment of the joint venture marks a step forward of SFG expanding into post-production area and build up a complete business chain in the industry from film production and post-production, distribution to exhibition services,” Ren Zhonglun said.

Shanghai Film Group owns distribution company Shanghai Eastern Film Distribution Company and a cinema circuit Shanghai United Cinema Circuit, which is among the top three biggest-grossing cinema circuits in China in 2009.

Technicolor SFG will offer post services including, digital intermediate, visual effects, sound work, film print and processing as well as animation production and game development.

Technicolor has now two ventures in China. Technicolor Beijing will place more emphasis on special effects services while the new Shanghai-based Technicolor SFG will mainly offer film processing, printing and digital restoration at the beginning stage.