Hong Kong’s TVB plans to form a joint venture with the state-owned Shanghai Media Group (SMG) to help it expand in the Chinese market. SMG’s former Chairman Li Ruigang is expected to run the venture out of Shanghai. Li’s only job title now is Chairman of Shanghai-based China Media Capital (CMC), a semi-official investment fund backed by SMG and China Development Bank (CDB). At CMC, Li impressed the industry by setting up a joint venture with U.S. filmmaker DreamWorks Animation to produce Chinese films using U.S. technology.