Fosun to buy Meadowbrook Insurance for about $433m

A moviegoer looks at posters at a cinema in Beijing. [Photo/IC]

"At the same time, partnering with Fosun will also play an active role in the reform process of SFG," Ren said.

Last year, Shanghai issued a reform plan of large State-owned enterprises, aimed at fostering several globally competitive companies within the next five years. As one of the biggest film companies in China, SFG also is looking to head a leading film group in the international market.

SFG is building a major film studio in Shanghai in cooperation with UK-based Pinewood Studios, which is the shooting base for the James Bond films. SFG also is looking to become the nation's first State-owned film company to be listed in the A-share market.

On the other side, as China's leading private investor, Fosun also is expanding rapidly into the film sector in addition to its pharmaceutical, real estate and insurance businesses. In June, it signed an agreement to invest in Hollywood film company Studio 8; it also is the second-largest shareholder of Beijing-based Bona Film Group, with a 20.8 percent stake.

"We have always been bullish on China's cultural industry," Fosun Chairman Guo Guangchang said, adding that SFG will help the company to dig deeper into cultural pursuits.