Dennis Wang, founder and chairman of Chinese film conglomerate Huayi Brothers Media
, Monday said that he will invest some $16 million (RMB100 million) in the company over the next year. The move is intended to bolster confidence after the company was recently rocked by a celebrity scandal.
Wang, the elder and more reclusive of the two brothers who still head the company, made the announcement in a regulatory filing. He owns 22% of the company, and is famous for having spent $61 million on a painting by Vincent van Gogh
in December 2014.
His planned purchasing is: “based on the firm confidence in the company’s continued stable future development, and the recognition of the company’s intrinsic value, and in order to enhance investor confidence, and effectively safeguard the interests of small and medium shareholders,” the filing said.
Since the beginning of June, the company’s shares have dived 21%, following the painfully public