Shanghai—The new fund is for media investments, focusing on companies targeting expansion in Asia, especially China, reported WSJ. Wu said that the fund will invest in small to medium-size internet, digital-media and e-commerce companies that “need China for the next wave of expansion,” added the report. 

China is home to almost 600 million internet users, according to WSJ, which also reports that China surpassed Japan last year to become the world’s second-largest movie market, according to the Motion Picture Association of America, and that in the first half of this year, box-office sales in China totalled $1.79 billion, regulator SARFT said.

The report adds that last year, Wu and his wife started an $800 million China-based fund with Harvest Alternative Investment to fund big studio projects that appeal to China and a wider Asian market. The fund, Harvest Seven Stars Media Private Equity, is fully invested, Wu said.