Mr. Yu added, "The launch of this Fund is expected to provide substantial benefits for Bona, as it will greatly enhance our production capacity, enabling us to bring not only more, but higher quality film and television projects to audiences in China and abroad. It will significantly reduce the challenges and risks associated with individual project financing, allowing us to more effectively plan the timing of future releases and shorten the pre-production process, while maintaining creative control over our films and TV series and giving us the opportunity to meaningfully increase our production market share. Moreover, the investment and production financing provided by the Fund will enable us to devote our internal capital resources to the Company's other growth engines such as the expansion of our theater network and ongoing enhancement of our film distribution capabilities. We believe that the Chinese film industry is at a critical point in its evolution, and the benefits of participating in the Fund will help bring us closer to our goal of becoming China's largest non state-owned film producer, distributor and exhibitor while leading the continued advancement of the industry and creating incremental shareholder value."
Projects financed by the Fund are expected to include theatrical releases and television series, and will include both Bona-produced films as well as films developed through co-production agreements such as those previously announced with Fox International Productions, Universal Pictures and Working Title Films. Where applicable, Bona will distribute all films in which the Fund invests, domestically and internationally. Proceeds from the Fund will be distributed to investors based on their initial investment in the Fund, as well as the Fund's internal rate of return.
The Fund expects to provide financing for such highly anticipated films as Tracks in the Snowy Forest, The Third Master's Sword and Moscow Mission, the first project under Bona's previously announced co-production agreement with Fox International Productions.
About Bona Film Group LimitedBona Film Group Limited (Nasdaq:BONA) is a leading film distributor in China, with an integrated business model encompassing film distribution, film production, film exhibition and talent representation. Bona distributes films to Greater China, Korea, Southeast Asia, the United States and Europe, invests and produces movies in a variety of genres, owns and operates twenty movie theaters and manages a range of talented and popular Chinese artists.