Huayi eyes skillful use of animation
Print Edition
CHINESE film production company Huayi Brothers said yesterday that it plans to set up an animation unit with Hollywood veterans, part of its plan to expand internationally.
Huayi Brothers, which has a market value of 34 billion yuan (US$5.2 billion), counts among its investors high-profile Chinese firms such as Alibaba Group, Tencent Holdings Ltd and state-backed financial institutions Ping An and CITIC.
The new unit’s chief executive will be Joe Aguilar, a former producer at both DreamWorks Animation SKG and Twentieth Century Fox Film Corp, Huayi said in a statement to the Shenzhen Stock Exchange.
Aguilar helped DreamWorks to establish its India division, which has produced animations including Madagascar 3 and How to Train Your Dragon, Huayi said.
The company’s art director will be Markus Manninen, who was the visual effects supervisor of movies such as Kung Fu Panda 3. The company did not provide investment details.
“The establishment of an animation company signifies that the company will enter the animated movie industry with world class production skills,” Huayi said in the statement.
Animation has been a key focus in Chinese companies’ drive to develop the country’s film industry.
One such effort is Oriental DreamWorks, set up as a joint venture between DreamWorks Animation SKG, China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd.
In a sign of success, Oriental DreamWorks co-produced the US$330 million Kung Fu Panda 3 with US-based DreamWorks, which topped US box offices earlier this year.
Chinese authorities said this month that they would look into the potential issue of faked ticket sales, underlining teething issues still facing the fast growing market as it increasingly attracts local and overseas investment.
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