Bona Film Group, one of the largest film distribution companies in China, made an investment in the celebrity talent agency Hesong Media founded by China’s A-list actress Li Bingbing, becoming the agency’s second-largest shareholder, Bona said Wednesday

The deal was reached amid an increasingly prudent capital environment in the embattled sector as the nation’s box office and filmmaking revenue slumped beginning late last year, reflecting slowing economic growth and a crackdown on celebrity tax violations.

The parties signed the agreement during the Shanghai International Film Festival but did not disclose the investment amount. Hesong confirmed to Caixin that unlike a previous industry norm, there is no Valuation Adjustment Mechanism in this deal.

Hesong was established in 2009 by Li Bingbing, a well-known Chinese actress who starred in Hollywood blockbusters such as “Transformers 4: Age of Extinction" in 2014.

Analysts following the sector told Caixin that Bona’s investment is most likely based on an expectation to better coordinate the businesses and resources of film celebrities and might contribute to its planned re-listing. Bona became the first among its Chinese counterparts to list on Nasdaq in 2010, but was then privatized in 2016 and has been looking to make a new listing in China’s own stock exchanges.

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