Chinese online game developer Giant Interactive Group inaugurated a new subsidiary to march into the film industry on Monday.
The establishment of Giant Pictures is the first big move by Giant Interactive since the U.S.-listed company got reappeared on China's A-share stock market through a backdoor listing via Shenzhen-listed Chongqing New Century Cruise Co.
Liu Wei, president of Giant Interactive, said the company already had a lot of experience in developing online literature into movies and TV series. Many of its online game products were also adapted from movies, online literature and cartoons.
China's box office was worth 6.8 billion U.S. dollars in 2015. Internet giants like Tencent and Alibaba have set up their own film companies, and expanded investment in movie production and distribution companies including ChinaVision, Huayi Brothers, Enlight Media and online video site Youku Tudou over the years.
