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Korean animation creator signs 10 bln investment deal with Chinese firm

All News 15:41 July 03, 2018

SEOUL, July 3 (Yonhap) -- Korean animation "Slow Slow Sloth Neul" will be broadcast in China, following a contract between its Korean creator J. Bugs Co. Ltd and Shenzhen-based Youai Youqu Culture Communication Co. ltd, the Korea Creative Content Agency (KOCCA) said Tuesday.

Under the deal signed on June 12, the Korean firm will establish a joint venture with its Chinese partner to get 10 billion won (US$8.91 million) in investment.

The popular animation will be available on Chinese TV and in local theaters. Separately, 52 short animations will be jointly created, which are expected to air on some 600 Chinese online platforms. Moreover, the two companies will co-produce animation films and cooperate in licensing businesses.

The KOCCA has been helping Korean businesses enter and operate in the Chinese market. J. Bugs is one of the tenants of the start-up accelerator run by China's internet giant Tencent.

Company officials from J. Bugs Co., Ltd and Shenzhen-based Youai Youqu Culture Communication Co., Ltd pose for photo after signing an investment deal on June 12, 2018. (Yonhap)

jaeyeon.woo@yna.co.kr
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