Silicon Dragon LA 2018 Shines Spotlight on US-China Tensions And Deals In Digital Entertainment
NOTABLE QUOTES: Speakers
"I have been motivated by wanting to see more Chinese culture exported. It's really about examining that space where we can find interesting Chinese stories. That's what I try to do in my work." producer Janet Yang, The Joy Luck Club +
"At the studio facilities that Wanda has opened in Qingdao there a really nice mix of primarily domestic product, but with some international production and more global hiring of crews. There is an opportunity for some cross-border collaboration and skills transfer, bringing different ideas to different kinds of filmmaking." Sarah Platt, Wanda Studios
"Those who don't look at China, do it at their own peril."
"If you're a writer going into tell a story to China from the U.S. perspective, that's not interesting to a Chinese audience. You really have to understand who you're making the movie for. We knew going in we were making Crazy Rich Asians for a worldwide audience."
John Penotti, Ivanhoe Pictures, producer, Crazy Rich Asians
"The China market is less interested these days in co-productions, and more interested in doing original Chinese productions. They want to bring in Americans to help them up their game. They are also interested in buying IP, and getting involved in branding and advertising." producer Julia Pierrepont (Battle in Seattle +)
"It is really hard to find a proper co-production, something that will really work in both markets, because they're so different. It's like literally taking water and oil and trying to make it fit together. it's totally different ways of life." producer Cary Woodworth, Legacy Pictures (Old Boys: The Way of the Dragon)
"There is tension between the U.S. and China and that's really affected the size of the deals that are going on. I don't think this is the end of the road, it's just a chapter in a very long book. Unfortunately ... it's a very scary chapter."
David Kaufman, Director-Global Strategies, Nixon Peabody
More next week!
Long Hill Capital in Beijing and Shanghai has a new fund of $265 million to invest in healthcare and consumer sectors. "Technology is transforming every industry in China, and nowhere is that more evident than the huge opportunities for disruption we are seeing in deep verticals such as China's $900 billion healthcare sector", said Xiaodong Jiang, Managing Partner of Long Hill Capital, which is on its second fund after raising $125 million in 2016, after Jiang left Sand HIll Road venture firm NEA, where was leading China investments.
In other fund news, China Creation Ventures formed by Wei Zhou in another spinout from Sand Hill Road, has raised $200 million to invest in China technology, finance and media startups. "We believe the era of large-scale profitability of Chinese startups has just begun," said Zhou, former KPCB China MD.
Could red tape stifle interest in the Hong Kong government's $225 million fund for startups? Read SCMP, X-Tech.
Baidu Ventures-backed Tikin Media raises $17.6 million in a Series A deal from Sequoia Capital China for the elevator projection marketing startup.
Qiming Venture co-founder Gary Rieschel has led a $10 million investment in Madaket Health in Cambridge, Mass. from the new $110 million healthcare fund he's formed in Seattle.
WeWork's subsidiary in China raises $500 million from Softbank's Vision fund and Temasek. The co-working oufit is expanding to six more cities. Silicon Dragon will hold its annual Shanghai event at WeWork's flagship space in Xintiandi on August 13.
Three Chinese tech startups made it to New York IPOs this past week, defying U.S.-China trade and IP tensions. The best known of the three is
-financed social commerce or
, which raised $1.6 billion and made the 38-year-old founder the 13th wealthiest billionaire in China after the IPO. Read
Pinduoduo plus 2
New San Francisco base for GGV Capital in a former art gallery. How trendy can you get? GGV's 996 group held a meet-up there.
Silicon Valley is clearly moving north.
FEATURED VIDEO: Edgy China-Hollywood Dealmakers