Tencent Holdings Ltd.’s film unit is planning to spend over $295 million on film production in China and Hollywood.

Tencent Pictures attempts to expand its presence on the global entertainment business in the next two years. The investment is specifically meant for movie financing and will not include the cost of acquiring intellectual property or content for the company’s streaming businesses. The Chinese internet giant's filmmaking unit has already spent roughly $150 million on film financing in 2016.

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In September, the company has announced its 21 film title production, China Post reported. It will include “Tibet Code,” a fantasy series based on best-selling period fantasy novels by He Ma involving a hunt for ancient treasure. The said title will be developed as both TV series and mobile games.

Other film projects included are Japan’s Takashige Ichise and China’s Lu Chuan, as well as a 3D animation based on Tuzki, the popular rabbit emoticon used on WeChat. 

China's leading social media company owns messaging app services WeChat and QQ and is now preparing the foundation for a global entertainment empire. Tencent Pictures was founded in 2015 and has started to produce movies based on its popular in-house content that adopts a franchise model similar to Walt Disney Co and Marvel.

Tencent partnered with Legendary Entertainment on producing “Warcraft” and currently announced joining “Batman Begins” and “The Dark Knight” writer David S. Goyer. It has also announced that that the company is on board for Legendary’s “Kong Skull Island.”

Aside from Tencent, Alibaba, Baidu Inc., and Dalian Wanda Group also have eyes set for the Hollywood business, according to Business Insider. These Chinese leading companies are securing a good spot to gain a share of the expanding Chinese box office. 

TagsTencent, Tencent Pictures, hollywood, films, Hollywood Films, Warcraft, Legendary Entertainment, Batman Begins, WeChat, Alibaba, Baidu, Dalian Wanda