Song Liao Automotive had tried its luck in different industries since the mid-1990s, moving from passenger cars to spare auto parts, infant formula, medical instruments and food packaging.
But after a string of losses, the group in 2016 recreated itself yet again — this time with designs on breaking into the global entertainment business through a billion-dollar overseas acquisition.
Song Liao, which changed its name to Cultural Investment Holdings (CIH) in April, is one of scores of Chinese companies that are trying to leave behind slow growth manufacturing and leap into new sectors fashionable at home and abroad — including entertainment, pharmaceuticals and travel.
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