Chinese billionaire Guo Guangchang, chairman of Fosun International, is buying stakes in Warner Bros-owned Studio 8 in a move that is seen to bring Hollywood standards to China's film industry.

In a press statement, Fosun said they will be working with Studio 8 to develop and distribute TV and digital content globally, as well as facilitate the incorporation of Chinese elements and stories into any future co-productions between Studio 8 and Chinese film-makers.

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"Through this investment, Fosun plans to bring Hollywood's advanced and sophisticated film-making expertise and technique, movie concept and technology, complete production and publication system to the China market, in order to drive the development of the Chinese film industry and worldwide film growth," the statement said.

Fosun did not disclose how much it is investing into Studio 8 but said it will have a significant influence over the distribution of films in mainland China, Hong Kong, Macau and regions in Taiwan.

According to Fosun, Studio 8 will go full-blast into film production but will eventually develop materials for mobile and Internet platforms.

Shanghai-based Fosun was launched by Guo with three other Fudan University graduates in 1992 and now manages four types of businesses: direct investment, insurance, industrial operations and asset management with monies in mining, steel and pharmaceuticals.

The company is listed in Hong Kong's stock exchange. Fosun's numerous other investments include Club Med , Folli Follie,  Minsheng Bank, The Bund Finance Center, and Carlyle-Fosun Management. 

In April, Fosun International launched a venture capital branch in Silicon Valley, earmarking US$100 million to support technology startups.

In December, Fosun also bought 6% of Bona Film Group, widely perceived as Huayi's direct competitor.

Studio 8 was founded by Jeff Robinov, Warner Bros Motion Pictures Group's most recent president, who oversaw such blockbusters as Dark Knight Trilogy, Hangover films, Inception, Argo and Gravity.

Fosun's stakes in Studio 8 could provide the latter easier access to the Chinese entertainment market, one of the biggest in the world, which also happens to have the strictest quota system on foreign film releases.

TagsWarner Bros, Studio 8, Fosun International