China’s Hony Capital leads $77m Series B in Linmon Pictures

Chinese private equity firm Hony Capital has led a RMB500 million ($77 million) Series B round in Shanghai-based boutique entertainment studio Linmon Pictures.

Internet giant Tencent and Mango V Foundation also participated in the round. Mango V is a philanthropic organization co-founded by Chinese broadcaster Hunan TV and China Social Welfare Education Foundation, AVCJ reported.

Linmon intends to use the new capital for expansion of its TV productions. It will also add more entertainment products to its lineup, including movies and live entertainment. Linmon is known for producing popular TV dramas, such as ‘Chronicle of Life’ and ‘To Be a Better Man’.

Tencent previously invested RMB100 million in Linmon’s Series A round last year, one of several entertainment-related moves by the company in 2015, including the acquisition of Hong Kong-listed China Jiuhao Health Industry for HK$547 million ($70.6 million), alongside Huayi Brothers and Yunfeng Capital.

Tencent had also bid alongside Alibaba Group and a private equity consortium to privatize Chinese film studio and distributor Bona Film Group, AVCJ reported.

Hony Capital and TPG Growth, a middle market and growth equity investment arm of TPG Capital, previously partnered with Hollywood producers Robert Simonds and Gigi Pritzker to set up a film studio STX Entertainment.

Hony is owned by Legend Holdings, and has about $7 billion under management.

Also read:

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Philippines: PLDT turns $15m investment in iflix into shares, now holds 7.5%

Malaysia: Europe’s Sky pumps $45m into iflix, forms strategic partnership

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.