“Dragon Lady” producer and one of China’s top production and sales outfits, Fundamental Films has recently announced its intention to raise film production capital of up to $61 million, The Hollywood Reporter revealed on Wednesday.
According to the report, the Shanghai-based film production firm, owned and managed by Mark Gao and is currently in partnership with Luc Besson's EuropaCorp, will be raising the money through the issuance of more than 15 million company shares.
A past report from THR revealed that foreign film production companies like EuropaCorp apply for co-production status with Chinese production firms for their films to be dubbed as domestic films, leaving them out of the Asian country's import quota set by the State Administration of Radio Film and TV (SARFT).
The production and sales outfit has eight films, including their film collaboration with the EuropaCorp titled "Warrior's Gate" as well as Jayson Rothwell's "The Drop," which are all lined up for production this year.
The report also noted that the company has revealed an estimated budget for all eight movies that sums up to $102.2 million.
Earlier this year, Fundamental Films and EuropaCorp have already succeeded in the release of two action-packed films, such as Scarlett Johansson's "Lucy" as well as the third installment of the "Taken" trilogy starring Liam Neeson, Maggie Grace and "X-Men" movie actress Famke Janssen.
Another upcoming collaboration between the western and Asian film production firms is a reboot of the Hollywood chart-topper "The Transporter" which originally featured action star Jason Statham.
Aside from the updates in their latest movie ventures, Fundamental Films has also revealed its expansion in the United States where they recently opened a local office based in Los Angeles, California.
Their L.A. office as well as their entire U.S. operations are being run by recently appointed manager Gary Glushon.