The mainland's Citic Cultural and Sports Industry is co-operating with Hong Kong-listed Massive Resources International to develop entertainment and media businesses.
The subsidiary of red chip China International Trust and Investment Corp said it would either receive distribution and marketing services from Massive Resources, or the pair would form joint ventures in film, celebrity management, print media and advertising.
Citic Cultural and Sport Industry chairman Li Bolun said the initial co-operation involved an investment of about 200 million yuan (HK$187.4 million).
'We need an international network and Massive Resources is capable of providing us with that,' Mr Li said.
'The initial co-operation will span more than four to five years. The scale of the investment is about 200 million yuan and it will be shouldered by the two companies, depending on how much interest we hold in each project.
'We may expand our co-operation plan and throw in 300 million yuan to 500 million yuan if it goes well.'
Massive Resources chairman Edward Chen Chak-man said it would invest in various subsidiaries of Citic Cultural and Sports Industry, including one involved in the advertising business. Details of the plan will be rolled out by the end of this month.