Beijing film company looking for takeover bids

Li Ming, the 47-year-old chief executive of Beijing-based film company Galloping Horse, died suddenly of a heart attack on January 2, 2014. [Photo: ifeng.com]

Beijing Galloping Horse, one of China's most successful private-sector production companies, is now accepting takeover bids.

Entertainment publication Variety is reporting that a number of suitors are looking to take over the production house, including state-backed equity fund, China Media Capital, and state-owned Shanghai Media Group.

While initial reports by local financial media suggested that Galloping Horse was acquired by Shanghai Media Group, Variety cites a source close to negotiations that says the production house is "maybe two weeks away" from making a decision.

Galloping Horse has produced a slew of TV series and films, including Zhang Yibai's "Eternal Moments" and Ning Hao's "No Man's Land. It's currently working with director John Woo on the 50-million-US-dollar two-part 3D epic, "The Crossing,"

As of late 2013, the company was eyeing an initial public offering or backdoor listing through a takeover of another company. However, plans were derailed when Galloping Horse's founder and CEO, Li Ming, died in January of this year.