Taiwan-funded performing arts agency settles in Xiamen

Peng Kangyu (first from left), president of Taiwan Liangneng Holding Group, establishes a solely-funded performing arts company in Xiamen, Fujian province. [Photo/xmnn.cn]

A Taiwan-funded performing arts agency has been established in Xiamen, Fujian province, the first one of its kind in the East China's province, local media reported.

The newly-founded Xiamen Liangneng Culture and Performing Arts Co's founder Peng Kangyu, president of Taiwan Liangneng Holding Group, had always intended to set foot in Chinese mainland's cultural market.

On his visit to Xiamen this May, Peng decided to set up a company in the coastal city's free trade zone after learning that Taiwan people are allowed to manage entertainment venues by making a sole investment or establish solely-funded performing arts agencies there.

A recent move by Fujian province saw  17 measures being issued to promote cultural exchanges with Taiwan, and one in particular is of note to Peng.

It specifies that Taiwan investors are allowed to found solely-invested performing arts agencies or business entities of show places in the whole of Fujian province, not just the Xiamen Free Trade Zone, therefore this opens up opportunities for Peng and other Taiwan investors to spread their businesses provincewide in the future.

With a registered capital of 35 million yuan ($5.14 million), the newly-established company plans to produce films and entertainment programs and organize concerts with more focus on cross-Straits exchanges, according to Peng.