Shanghai Film Art Academy Invested by IDG-Everbright M&A Investment Fund Acquires 5-Year Exclusive Rights to Host Venice Film Festival’s Asia-Pacific Unit
China Everbright Limited (“CEL”, stock code: 165.HK) announced that the Shanghai Film Art Academy (“Film Academy” or “Academy”), in which CEL’s IDG-Everbright Industry Fund (“the Fund”) has a controlling stake, participated in the Venice Film Festival as exclusive hosts of the “Asia-Pacific Film Art Unit” for a period of five years.
In conjunction with their agreement with the Venice Film Festival, CEL and the Academy have jointly unveiled the establishment of an international film hub in Shanghai. The Academy has also entered into an alliance with ANICA, Italy’s film industry association, as strategic partners. In addition, the Academy’s principal, Mr Jiang Po, was presented with a Special Contribution Award at the Venice Film Festival.
The Venice Film Festival, Cannes International Film Festival in France and Berlin International Film Festival in Germany are the three biggest events of their kind in Europe. Inaugurated in 1932, the Venice Film Festival is the first and oldest in the world. It has become known as the birthplace of many great filmmakers, and it is regarded as the most artistically accomplished among the three major European festivals.
The collaboration is part of CEL expansion into China’s film and cultural education industries. Mainland box office reached a total of RMB44 billion in 2015, making the country the world’s second-largest film market. The rapid development of China’s film industry has been attracting capital from Europe and the US, and CEL said it intends to also help bring Chinese capital and film culture to the international film market.