Beijing State-owned Assets Management Co Ltd, a company specializing in cultural and creative industries, stepped into the movie industry by purchasing 60 percent of a private film maker.

The deal, with Beijing Shengshi Huarui Films Investment Co Ltd, was worth 100 million yuan ($16 million), Xinhuanet.com reported on Dec 23.

BSAM President Li Aiqing said the investment will help Shengshi Huarui secure more capital and expand faster, while strengthening BSAM's portfolio in the cultural industry.

The new company will produce, publish and run movie theaters starting next year, according to Gao Jun, general manager of Shengshi Huarui.

Related Readings:

China Jan-Nov box office hits $2.3b

Chinese film market enters busy season with 40 films

Movie industry gets lost in translation

Film companies prepare for IPOs

Policy issued to boost domestic films