(Yicai Global) Sept. 12 -- Advertising firm Beijing Spearhead Integrated Marketing Communication Group Co. [SHE:300071] plans to invest USD2.14 million (CNY14 million) to set up a film and television investment subsidiary with the Shanghai Maorong Investment Management Center.

The company's board of directors approved the subsidiary's establishment today. Spearhead IMC Group said that the subsidiary will be based in Shanghai's Minhang district and have USD3.06 million as registered capital. Spearhead IMC Group and Shanghai Maorong will hold 70-percent and 30-percent stakes, respectively.

The core businesses of the new group are investments and productions of film and TV programs. It will engage in the production of TV and internet TV series as well as advertisement and animation design.

Shanghai Maorong has experience and resources in the cultural industry. It has backed in TV series and films such as All Quiet in Peking, Tiny Times 3.0 and Nirvana in Fire. The company has also invested in sports and tourism.

Spearhead IMC Group has cooperated with famous enterprises at home and abroad including Microsoft Corp. [NASDAQ:MSFT], The Coca-Cola Co. [NYSE:KO], Lenovo Group Ltd. [HK:0992] and Inner Mongolia Yili Industrial Group Co. [SHA:600887].