The founder of Chinese video site Tudou, Gary Wang, revealed his next project, China’s Pixar, as reported.

He planned to set up an animation studio next month in Beijing, mainly focusing on producing Chinese animation. Mr. Wang considered now good timing to blaze a trail as Chinese film distribution and copyright regulation have improved plus the increasing number of cinema and income of urban citizens. He said he’d not do it five years ago.

He disclosed a round of financing, tens of millions of U.S. dollars, from an international investment agency.

China is the second biggest film market on the planet, following the States. According to the government statistics, China’s annual box office revenue in last year was RMB 17.07 billion.

image credit: Sina Tech